Osram raises guidance for FY 2021 after jump in profits

(PresseBox) ( Munich, )

Revenue returns to pre-crisis level in the first quarter on a comparable basis
Adjusted EBITDA margin at a very high level over 19 percent
Strong trend in earnings across all businesses
Consistent crisis management is carrying the company through the corona pandemic
Annual guidance has been raised significantly

Despite the corona crisis and recession in many markets, Osram continues to perform well thanks to decisive crisis management and extensive measures. According to preliminary figures, the high-tech company achieved revenues of 840 million euros, comparable to the previous year’s level. Adjusted EBITDA climbed by 42 percent to 162 million euro, which corresponds to an adjusted EBITDA margin of 19.3 percent. Free cash flow at 50 million euro also showed a very positive trend. “The consistent measures that we took at the first signs of the crisis have clearly had a positive effect on the development of our business. It shows that we acted at the right time and with the necessary resolve”, said Olaf Berlien, CEO of OSRAM Licht AG. “We are convinced that this decisive action will enable us to emerge stronger from the crisis.”

Osram is making excellent progress with its initiatives to improve competitiveness. The target of 300 million euro in savings from the various Osram performance programs, initially planned for 2022, will be already achieved in the current fiscal year.

Successful fight against COVID-19

The global crisis plan and the local hygiene and operational concepts to prevent infection with the coronavirus have proved their worth at Osram. The extensive measures taken by the crisis team continue to be very successful. In 57 countries and 22 production plants there have been virtually no infections at the workplace.

Osram is making an important contribution to the fight against the pandemic through specific additions to its product portfolio. The company recently launched several new products, based on UVC light and featuring traditional and completely new LED technology, which can be used for disinfecting air, water and surfaces.

Guidance for 2021 raised

In view of current developments, the Osram Management Board is raising its guidance for the current fiscal year. On a comparable basis, year -on-year sales will grow by 10 to 14 percent. Up to now, the company had assumed a comparable increase in sales of 6 to 10 percent. The adjusted EBITDA margin is now expected to be between 12 and 15 percent; previously it was 9 to 11 percent. Whereas Osram had previously assumed Free Cash Flow to be from balanced to a positive low double-digit million euro for the current fiscal year, it is now expected to be between 70 million and 130 million euro. This guidance is subject to the proviso that the corona crisis and the measures to fight it will not have a significant impact on Osram’s business or supply chains.

Osram will present the full set of quarterly figures on February 9, 2021.


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