Yesterday (3), the German lighting manufacturer Osram released its second quarter financial report for the fiscal year 2017. From January to March 2017, it achieved revenue of 1.05 billion euros (equivalent to approximately RMB 7.897 billion), and special project adjusted EBITDA. The profit before sales was 183 million euros (equivalent to about 1.376 billion yuan).

OSRAM's second quarter financial report for the fiscal year 2017:

★ The second quarter revenue increased by about 10% compared with the same period of the previous year;

★ The adjusted profit margin before interest, tax, depreciation and amortization is 17.4%;

★ Global LED capacity expansion has been carried out smoothly.

Osram CEO Olaf Berlien said, “Osram’s growth rate has nearly doubled in the second quarter, with optoelectronics and specialty lighting business growing fastest. The company’s strategy is playing its role and is striving to achieve its ambitious goals for 2020.”

In the second quarter of fiscal 2017, OSRAM's growth rate increased significantly. Affected by the adjusted portfolio and currency effect, revenue in the second quarter of 2017 (January-March 2017) increased by approximately 10% from the same period of the previous year and also increased by approximately 12% from the same period of the previous year to RMB 1.05 billion. In the second quarter of fiscal 2016, revenue growth was approximately 6%. This growth is mainly due to the continued growth in demand for optoelectronic semiconductors and the continued strong demand in the automotive industry.

Even after continuing investment in new products and growth plans, its special project adjusted EBITDA remained at 183 million euros (previous year: 182 million euros), which is the adjusted interest rate before interest, taxes, depreciation and amortization. It was 17.4% (previous year: 19.3%). Net income from continuing operations for the second quarter of fiscal 2017 was €79 million, compared to €95 million in the same period last year. In view of the performance of the first half of FY2017 and the current market outlook, OSRAM raised its overall business forecast for FY2017.

Osram's second quarter of fiscal 2016 and the second quarter of fiscal 2017, the second quarter of the revenue / adjusted earnings before interest, taxes, depreciation and amortization

OSRAM's second quarter specific business performance

The LED business (Opto Semiconductors, OS) achieved substantial growth in the second quarter, with revenue up 24% from the same period last year. Among them, infrared products business revenue growth is particularly strong, these products are mainly used for iris scanning or fitness wristbands and smart watches. The profit margin before interest, tax, depreciation and amortization reached a high level of 29.0% (31.7% in the same period last year). In response to strong demand in various market segments, capacity expansion is well under way. The expansion of the base plant in Regensburg began in March, and the expansion of back-end capacity in Wuxi, China will begin in August. The new LED chip factory in Kulim, Malaysia will be commissioned according to plan in May. Production began in the month.

Benefiting from the continued strong demand in the automotive industry, special lighting (SP) business (including automotive lighting and professional and industrial applications) revenue growth of more than 8% in the second quarter compared to the same period last year. Adjusted profit before interest, taxes, depreciation and amortization increased to 16.2% (previous year: 15.8%).

In the case of the Lighting Solutions and Systems (LSS) business, due to the negative impact of the weak US market, revenues were basically the same as in the same period of the previous year. The adjusted EBITDA margin was -4.4% (previous year was 0.4%).

OSRAM's second quarter 2017 market segment performance

Outlook for the fiscal year 2017

As announced in the press release on the 2nd, the board of directors raised the 2017 financial forecast, currently expecting a comparable income growth of 7%-9% in FY2017, compared to the previous forecast of 5% to 7%; adjusted EBIT The profit margin before depreciation and amortization was raised from the initial estimate of not less than 16% to 16.5%-17.5%; earnings per share also increased from the originally expected 2.35-2.65 euros to 2.70-2.90 euros, free cash flow is expected to remain in revenue and expenditure. balance.

In terms of the medium-term plan, OSRAM expects to achieve operating income of 5 billion to 5.5 billion euros in 2020, adjusted profit before interest, taxes, depreciation and amortization of 900 million to 100 million euros, and earnings per share of about 5 euros.

Note: Unless otherwise stated, all figures refer to the continuous operations business (ie, excluding the general lighting business unit).

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