At Osram, the lights switch to red

July 31, 2019 //By Christoph Hammerschmidt
At Osram, the lights switch to red
Against the backdrop of continuing weakness in the automotive business, the Osram lighting group slipped into the red. In its report for the third quarter, the company speaks of a weak market development without short-term hopes of a turnaround. And what about the upcoming takeover bid from Bain and Carlyle? The management has a dedicated opinion on this.

In the midst of a weak automotive market, Osram's turnover fell by 14.9 % compared to the same quarter of the previous year to only €850 million. The Opto Semiconductors division was hit even harder, with sales slumping by 21 % to € 361 million. The adjusted EBITDA margin of the entire company was burdened by the lower profitability in the automotive business and reached 6.8 %. Instead of a profit, the figures showed a loss of € 35 million - in the prior-year quarter the company had posted a profit of € 138 million.

At least the performance programs in the Opto Semiconductors division are now taking effect, said CEO Olaf Berlien. "In the short term, we are not seeing any significant recovery in the markets. But we took countermeasures in good time and are now seeing the first successes of our measures". At the same time, Berlien confirmed the downward revision of the annual forecast in March.

In any case, the lighting group does not expect the economic situation to brighten up quickly in the future. Visibility is said to be severely restricted in the medium and long term. Against this background, the Supervisory Board and Management Board regard the takeover offer from the investors Bain Capital and The Carlyle as attractive. Osram's management recommends that shareholders accept the offer.

Related articles:

Osram’s worth under takeover reaches 4 billion euros

ams denies interest in Osram takeover

Osram sends SOS, seeks investor

 


Vous êtes certain ?

Si vous désactivez les cookies, vous ne pouvez plus naviguer sur le site.

Vous allez être rediriger vers Google.