OSRAM Analyst Day 2016

Transcription

20.01 17:00
www.osram.com
Dr. Olaf Berlien | January 2016
Light is OSRAM
Safe Harbor Statement
This presentation may contain forward-looking statements that are subject to risks and uncertainties,
including those pertaining to the anticipated benefits to be realized from the proposals described
herein. Forward-looking statements may include, in particular, statements about future events, future
financial performance, plans, strategies, expectations, prospects, competitive environment, regulation
and supply and demand. OSRAM Licht AG has based these forward-looking statements on its views
and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent
uncertainty of estimates, forecasts and projections, and financial performance may be better or worse
than anticipated. Given these uncertainties, readers should not put undue reliance on any forwardlooking statements. The information contained in this presentation is subject to change without notice
and OSRAM Licht AG does not undertake any duty to update the forward-looking statements, and the
estimates and assumptions associated with them, except to the extent required by applicable laws
and regulations.
Due to rounding, numbers presented throughout this and other documents may not add up precisely
to the totals provided and percentages may not precisely reflect the absolute figures.
2
FY 2015 has been very successful for OSRAM
Adjusted EBITA (in €m)
Revenue FY (in €bn)
26.3%
8.4%
in % of revenue
2014 8.7%
2015 10.2%
Nom. +8.4%
Comp. -1.0%
5.1
5.6
2014
2015
2014
Reported Free Cash Flow (in €m)
2014
3
2015
Share price development 2015
18%
38%
216
567
449
299
32.8
Jan 1st
2015
1) Closing price Jan 1st and Dec 30th
38.8
Dec 30th
1)
(in €)
Enhanced flexibility enabling
clear roadmap for success
Decision to reorganize OSRAM
as a holding company with clear,
decentralized mgmt. structures
Finalized
Decision to carve-out
Lamps business
In implementation
September
2015
Decision to sell Felco shares
for > € 350 mio.
Closing achieved in Dec
November
2015
Three pillar strategy to develop
OSRAM
In implementation
2020
5.1.5
Spring
2015
April
2015
4
Continuous and sustainable
value creation
Initial situation
Building on strong positions across our markets
Market
Position
Specialty Lighting
(SP)
Opto Semiconductors
(OS)
Lighting Solutions
& Services
(LSS)
1)
#1
#2
2)
#5
Performance
2015
OSRAM 2015 revenue share
a LED based company
w/Lamps
• Solid growth
• High profitability
• Strong growth
• High profitability
54%
• In transformation process
w/o Lamps
45%
Lamps
(LP)
5
#2
Carve-out
1) Automotive
2) Luminaires in Europe, Source CSIL
46%
LED-based technology
Traditional technology
55%
Right time to proactively position for the future
Performance 2015
Future Challenges / Opportunities
Specialty Lighting
(SP)
•
•
•
•
Technical transition to LED
Importance of electronics and software on higher integrated level
Market stagnation of traditional technologies
Growing aftermarket
Lighting Solutions
& Services
(LSS)
•
•
•
•
Luminaires market with significant growth
Transition from product market to solutions and services
Increasing importance of electronics and software
Integration of connectivity and Light Management features
Opto Semiconductors
(OS)
• Growing importance of „volume emitter“ technology
• Growing importance of economies of scale
• Consolidation of weaker players expected
Actions required to secure/ expand current position!
6
Rigorous and detailed strategy assessment process
Target markets
Value
• Growth, profit pool, extent of cyclicality,
industry ROCE
• Competitive dynamics (consolidation,
entrance of new market players, …)
• Differentiation potential by technology
Stakeholders
• Fulfilment of customers needs
• Long-term interest of our shareholders
• Employee identification and motivation
• EBITA margin
• Return on capital employed
OSRAM
Strategy
2020
Technology
Growth
Sustainable value
• Earnings per share
• Total shareholder return
Capabilities
• Experience with relevant business
models
• Customer intimacy
• Technological basis and expertise
• Necessary resources
7
A diversified strategy based on “3 pillars”
OSRAM Licht AG
Strategic Review
SP
CAGR /
market size
Market
position
Profitability
Worldwide #1 in
Automotive
LSS
OS
Catch up
attractive market
Strong worldwide
#2 in LED
2 1 3
€
Technology
Competitive
advantage
Expand
8
Expand /
new set-up
Expand
OSRAM – clear strategy for a technology player with
strongly specialized, profitable businesses
3 Pillars Strategy
9
“Diamond“
Innovation and Growth
Initiative
“5.1.5“ in 2020
Specialty Lighting: Automotive market overview
LED-based automotive market with strong growth
SP LSS OS
SP: Automotive exterior OEM light vehicles
light source and controls market1)
in EUR bn
Automotive
+9%
CAGR
4.9
Halogen
LED
HID (Xenon)
Auxiliary2)
Laser
OLED
3.2
LED based
Traditional
2015
2020
Ford F150 with OSRAM LED Module
More than 200 light sources in one verhicle
Source: OSRAM data, Frost & Sullivan
10
1) Exterior market excluding motorcycles and heavy vehicles
2) e.g. interior and exterior signal lighting
Specialty Lighting: Professional & Industrial Applications (PIA)
Broad portfolio to capture significant growth potential
Light source
Specialty Lighting markets, in EUR bn
+7%
CAGR
SP LSS OS
Professional and industrial applications
Entertainment
Projection
Medical
Industry
4.8
3.4
LED based
Traditional
2015
2020
Entertainment - fixtures
+5%
CARG
1.7
1.3
Architainment
DJ/Club
Effect/Show
Studio/Film
Theater
About 300 different sub-applications
TV
2015
2020
Source: OSRAM data
11
Specialty Lighting:
Expand leading positions in Automotive and PIA
SP LSS OS
Automotive
• Expand in LED-modules and Matrix-solutions
Automotive
• Invest in new technologies - Laser and OLED
• Forward integration with focus on LED and electronics
Professional
& Industrial
Applications
• Exploit strong and profitable position in aftermarket
© Ralph Larmann
Professional & Industrial Applications (PIA)
• Extend profitable niche business (e.g. entertainment)
SP revenue plan (organic)
in EUR bn
• Enter/Expand new niches
• Selective forward integration (e.g. entertainment
fixtures)
1.9
Selective M&A activities under investigation
to strengthen existing business fields
2015
12
2020
Lighting Solutions & Systems (LSS):
SP LSS OS
Strong growth in luminaires, service and solution markets
LS: Professional luminaires and solution product market
in EUR bn
+5%
CAGR
55
Sports&Industry
LS
43
LED based
Traditional
2020
DS: Professional components for General Illumination
+10%
CAGR
Electronic
control gears
SSL
20.5
LED modules
12.7
DS
in EUR bn
Streetlighting
LSS
2015
Office&Shops
LED modules
General Illumination control gear
Light Management Systems
Light Manag.
Systems
Trad. control gear
2015
13
2020
Source: OSRAM data, Frost & Sullivan
Lighting Solutions & Systems:
Catch up in a growing and profitable market
SP LSS OS
• “LS 800” program running for lighting
solutions
• Expand full-solutions offering including
services
• Maintain good momentum for light
controls and LED modules
• Strengthen connectivity know-how
and innovative system architecture
• Increase of electronics and system
competence
Promotion
Local
Service/
Information
Parking
Mgmt.
Navigation
Smart connected light, e.g. street lighting
LSS revenue plan (organic)
Organic and inorganic growth to
further strengthen technological
portfolio
in EUR bn
0.9
2015
14
2020
OS is well positioned in Infrared, Auto and Industry;
General Lighting to be the next growth opportunity
SP LSS OS
Market size
[€ bn]
+3.9% p.a.
17.3
20.9
Market CAGR
[2015 to 2020]
OS position
2015
2.9
2.6%
#2 player
1.8
4.0%
#1 player
Infrared (IR1))
2.5
Auto
1.4
3.4
-4.0%
selective
Consumer
incl. Backlighting
4.2
4.3
3.3%
#2 player
Industry
3.7
9.5%
So far not
heavily
addressed
8.5
General Lighting
5.4
2015
Source: IHS
15
2020
1) IR = Infrared emitters & detectors + infrared, blue and green laser applications
Limited
additional
growth
potential
Next growth
opportunity
for OS
OS: The technology shift from surface to volume
emitters is happening in all segments
Volume emitter
(sapphire)
Technologies
Technology shift
complete
Application
segment
Surface emitter
(thin film)
Technology shift in
progress
Automotive
• e.g. buttons
Consumer
• e.g. backlighting
Industry
• e.g. signs and signals
• e.g. white goods
SSL
• e.g. retrofit
• e.g. street lighting
16
Si = Silicon
Al2O3 = Sapphire
SP LSS OS
• e.g. day-time
running light
Surface emitter dominant for next ~5 years
• e.g. headlamps
• e.g. mobile flash
example
• e.g. projection
OS: The combination of leading in technology,
scale and factor costs gives us the right to win
1. Technology
2. Scale and 3. Factor Cost
The right to win
Leading in
technology
Best factor costs
and right
economies of scale
Worldwide cost
leadership
Estimated chip costs advantage
of OSRAM by 2020 vs.:
Front-end
(FE)
~17%
Kulim
(Malaysia)
+
• Best in class performance in
• Chip size & Wafer size
• Phosphor efficiency
• Deep understanding of
technology
17
SP LSS OS
~6%
“Mega“-sites for
both FE und BE in a
low-cost-location
Back-end
(BE)
Wuxi + Penang
(China + Malaysia)
Best
Chinese
Player
Best
Taiwanese
Player
OS: Modular phased investment strategy
Phase I with 370 Mio. EUR
SP LSS OS
Risk Management
1. Implementation Risk
- Top Management attention
- Monthly Board reviews
- Risk control on corporate level
- Dedicated project team
- External consultants and assessors
- Further scale up of sales & marketing resources
2. Market Risk Management
- Modular Equipment ramp-up
- Continuous monitoring of market landscape
- Conservative price decline expectations
18
Phase 1
Implement in 2016/17
€370 mio. invest
- Building
- Equipment
Phase 2
- In planning
Phase 3
- In planning
Investment decisions benchmarked
against ambitious ROCE hurdle rates
SP LSS OS
OS: Build on strong worldwide #2 position
• Expand existing profitable niche business
• Complete technology portfolio
(surface & volume emitter)
• Market leading chip competence for
General Illumination (GI)
• Leverage synergies in scale, scope &
competence
• Realize profitable double-digit growth
Leading position any
segment we compete
#1 Automotive
#2 Industry
#2 Infrared / Laser
+
Top position - LEDs for GI
OS revenue plan (organic)
in EUR bn
Balanced portfolio
in niche and volume business
to gain market share and sustain profitability
1.3
2015
19
2020
OSRAM in 2020:
Technology player with strong specialized businesses
SP LSS OS
OS revenue share, by applications; OSRAM revenue share by business unit
Opto 2015
Opto 2020
OSRAM 2020
LED for GI
~35%
~15%
OS
~15%
LSS
~85%
~65%
SP
Automotive / Industry /
Consumer1)
LED for GI
1) Mobile flash, backlighting, automotive signalling, automotive front lighting, automotive interior, infrared illumination, projection,
stage lighting, video wall, white goods
20
3 Pillars Strategy
21
“Diamond“
Initiative
“5.1.5“ in 2020
Innovation and growth initiative “Diamond” provides
the backbone for technology differentiation
“Diamond“ – innovation and growth initiative
Innovation
•
•
22
Systematic Research &
Development of smart
technologies, e.g. beacons
Technology scouting
Growth
•
We create markets (e.g.
automotive laser light)
•
We conquer leading market
positions
Increasing R&D spending to drive future
technological innovation
R&D budget
Urbanization
Demographic
Change
Digitalization
Infrastructure
Safety &
Security
Mobility
Intellectual
Property
8% p.a.1)
(of revenue)
~600 patents p.a.
~18,000 total
~2 patents per day
Selected OSRAM TOP patent fields
OS
SP
OLED
CI
Epitaxy,
Chip concepts,
conversion
Automotive SSL,
Laser
Encapsulation,
SSL,
Display
Innoventure,
Lightmgmt.,
LED modules
>6,600 patents
>2,700 patents
>1,700 patents
>1,000 patents
1) on average until 2020
23
R&D spend will increase across all 3 pillars
8% of sales for R&D in average p.a. until 2020
•
One time effect in 2016 to
push special projects
•
All 3 segments will be
supported
•
R&D spending necessary to
conquer leading market
positions in attractive
markets
•
State of the art innovation
process established to
secure value creation of
R&D
Growth rate R&D spending (illustrative)1)
+4%
CAGR
+22%
Central
LSS
SP
OS
2015
2016
2020
1) OSRAM w/o Lamps, before special items
24
Smart & digital innovation fields
SENSORS AND
SYSTEMS FOR
SMART LIGHTING
SMART
CITY
25
WIRELESS
COMMUNICATION AND
LIGHTING
SMART
BUILDINGS
HIGH
PERFORMANCE
COMPONENTS
ADVANCED
MATERIALS AND
OPTIC
CONCEPTS
3 Pillars Strategy
26
“Diamond“
Initiative
“5.1.5“ in 2020
Significant growth across all segments
from 2015 to 2020
OSRAM
Business Segments
(revenue in bn €)
(revenue in bn €)
5.0 – 5.5
1.9
3.6
1.3
0.9
SP
SP
2015
LSS
OS
2020
New holding company structure enables constant
review of performance of each pillar and ability to
take appropriate portfolio measures at any time
27
LSS
OS
2015
Pro Forma
2020
Ambition 20201
A plan that will deliver real shareholder value by 2020
Revenue, in bn €
5
2014
2015
Lamps
5.1
5.6
5.0 – 5.5
2020
EBITDA, in bn €
1
2014
2015
0.560
0.557
0.9 – 1,0
2020
EPS, in €
5
2014
2015
20202)
1.8
1.6
5.0
1) Presuming stable economic environment incl. no servere anomaly of semiconductor cycle and stable FX, without lamps
2) Including share buy back
28
Conclusion:
The right plan to deliver on our goals
1.
This is the right time to implement the new 3 pillars strategy
in order to stay ahead of the market
2.
The investments across all three pillars deliver the best overall
outcome on long term for the shareholders
3. Balanced portfolio over three pillars
29
www.osram.com
Opto Semiconductors
Aldo Kamper | January 2016
Light is OSRAM
OS is a strong player in all its markets
and a key profit generator for Osram
Automotive #1 player, ~50% of Revenues1)
Forward Lighting
Safety & Comfort
Industry #2 player, ~25% of Revenues1)
Video Walls
Projection
Consumer ~10% of Revenues1)
Bio Monitoring
General Lighting ~15% of Revenues1)
Outdoor Lighting
1) Percent of total OS Revenues in FY 2014/15, including both visible and infrared products
31
Handsets / Monitors
Residential Lighting
Our integrated business model covers the entire LED
value chain, allowing end-to-end optimization
Substrate etc.
Front-end
Process
Chip processing
Epitaxy
Phosphor
Back-end
Process
Coating &
structuring
LED chips
Singulation,
testing
Processing
Bonding
Conversion1)
Packaged LED
Sawing,
testing
Broadest technology base in the industry,
all colors from infrared to visible light, applied in LED & Laser
1) In order to make a white LED, it is common to convert blue LEDs with phosphors to white LEDs
32
Building on strength: OS is the #2 global player for over
10 years, continuously delivering healthy margins
Market share in optoelectronic
components (2014)
OS Revenue (€ m) and EBITA margin
(2005-2015)
22%
11%
Nichia
16%
7%
Osram Opto
18%
17% 18%
14%
14%
12%
6%
Samsung
12%
8%
1,125
1,018
5%
Lumileds
2%
5%
Everlight
LG Innotek
4%
SSC
4%
4%
Cree
MLS
3%
Avago
3%
Source: IHS 2015
33
Average
1,293 14%
858
899
743
Market size
€ 16.2 bn
(2014)
452
501 519 529 468
’05
’06
Source: Osram
’07
’08
’09
’10
’11
’12
’13
’14 ’15
Fiscal Year
OS is well positioned in Infrared, Auto and Industry;
General Lighting to be the next growth opportunity for OS
Market CAGR
[2015 to 2020]
Market size
[€ bn]
OS Position
[2015]
3.9%
20.9
17.3
(IR1))
2.5
Auto
1.4
Consumer
incl. Backlighting
4.2
Industry
3.7
Infrared
2.9
2.6%
#2 player
1.8
4.0%
#1 player
3.4
-4.0%
selective
4.3
3.3%
#2 player
9.5%
So far not
heavily
addressed
8.5
General Lighting
5.4
2015
2020
Source: IHS 2015
1) IR = Infrared emitters and detectors going into consumer, automotive and industry applications
34
Limited
additional
growth
potential
Next growth
opportunity
for OS
OS core technology (surface emitter) is challenged by lower
cost technology (volume emitter) in several applications
Share of volume and surface emitter in total LED market
2015
Surface
emitter
(thin film)
Surface
emitter
Volume
emitter
Volume
emitter
(sapphire)
Si = Silicon
Al2O3 = Sapphire
Source: IHS 2015, Osram
35
2020
Surface
emitter
Volume
emitter
– Good cost efficiency helped sapphire to become mainstream
technology for the General Lighting market
– Performance of volume emitter increasingly “good enough”
for “classical” surface emitter applications, e.g. street lighting
– Surface emitting technology however still a valuable differentiator in
applications that need specific characteristics for the optical system
(e.g. projection, stage lighting, headlamps, µAFS)
Investment in General Lighting is increasingly value
accretive - generating up to €200m annually by 2020
With this investment, OS can deliver >15% EBITA margin over the cycle
36
Value levers
Financial impact by 2020
Profitability of the
General Lighting opportunity
€ 50-100 million EBITA per year once
new fab is fully up and running
+
+
General Lighting synergy benefits
with niche businesses
€ 50-100 million EBITA
of synergies per year
=
=
Long term sustainable success
Over the cycle:
OS EBITA margin >15%
Timing of our GL investment is right: Overcapacity will
be sharply reduced by the time our fab goes online
Industry needs to invest ~5 bn € until 2020 to meet increasing demand
LED demand
Surplus
LED supply
Billion sq. mils of LED
Surplus
25%
350,000
300,000
20%
250,000
15%
200,000
150,000
100,000
5%
50,000
0%
0
2015
2016
2017
Source: IHS Dec 2015 (already includes OS‘ announced investments in Kulim)
37
2018
2019
2020
Low oversupply
10%
OS will reach cost leadership through technology,
scale and factor costs once Kulim fab is up & running
Up to 10% chip cost advantage expected
over largest fab in China by 2020
Between 10 to 20% chip cost advantage
expected over best Taiwanese fab by 2020
-5%
9%
6%
3%
-10%
5%
0%
Scale
1
6%
5%
5%
5%
Wafer
Effi- Factor Subsidy3) Best
Size1) ciency2) costs
Chinese
player
2
3
4
Scale
1
Wafer
Effi- Factor Subsidy3) Best
Size1) ciency2) costs
Taiwanese
player
2
3
Competitive against the best, better than the rest
Estimates based on OS model
1) Incl. tool and process optimization
38
17%
2) On chip- and phosphor level
3) Advantage vs. OS subsidies
4
OS cost advantages in detail (1/2)
1
Economies of scale (2020 view)
Estimated cost advantage of OS Kulim Fab due to scale versus:
Largest
Fabs1)
Large
Fabs1)
Other Fabs1)
> 10%
OS Kulim fab with relevant cost
advantage due to larger scale
versus ~2/3 of the worldwide
LED capacity in 2020
5 to 10%
0 to 5%
35%
25%
40%
Cum. % of worldwide LED capacity in these fabs
2
Wafer size & optimized equipment and processes
• 6” wafers have 2.2x more chips than 4” wafers and 9x more chips
than 2” wafers
• Processing costs (besides Epitaxy) and wafer handling are little
depending on wafer size but mostly on wafer numbers, resulting
in cost advantage of 6” vs. 4”
• Newest and homogeneous state-of-the-art equipment optimized
for large scale production
39
OS‘ 6“ technology with
leading processing costs
Source: Osram Estimates
1) „Largest Fabs“ = Fabs with more than 10 kWSPW 6“ equivalent,
„Large Fabs“ = 5 to 10 kWSPW, „Other Fabs“ with less than 5 kWSPW
OS cost advantages in detail (2/2)
3
Chip and phosphor efficiency
• Higher chip and phosphor efficiency result in smaller chip sizes
for same brightness, i.e. in lower chip costs
• 1% higher efficiency equals to 3 ~ 5% lower chip costs
• OS with technological advantage due to superior R&D spending,
highly experienced team and strong IP
Efficiency vs. best competitors for volume emitters [%]:
> ~105
~105
~100
Competitor 1
(today)
Competitor 2
(today)
~100
OSRAM
(today)
OS is reaching quickly best-in-class
efficiencies, enabling smaller
– and thereby cheaper – chips for
same brightness levels
OSRAM
2016
4 Factor costs
Location-specific relative costs per wafer (in 2020)
111%
109%
106%
100%
Kulim Malaysia
40
China
Taiwan
Korea
OS benefits from lower factor
costs in Kulim vs. fabs of our
main competitors
Only OS and one other player have the necessary scale in
niche businesses to realize large synergy benefits
Niche revenues1) of integrated players
[2014]
General Lighting synergy benefits for OS niche businesses
•
•
•
•
•
OS
A
B
Source: OS Analysis based on IHS 2015
1) Sum of automotive and industry revenues
41
C
D
E
F
Chip volume all in one fab
Operational and purchasing
synergies lowering surface
emitter chip costs
R&D synergies
Overhead cost degression
Use of volume emitter chips in
industry and automotive
applications
Synergy Potential: € 50 – 100m
EBITA annually
OS is strong enough to accelerate General Lighting invest
without diminishing the drive for niche businesses…
Sum of 5 years period
[in € bn]
∑ Investment in
Niche Businesses
∑ Investment in
General Lighting
R&D
FY’11-FY’15
FY’16-FY’20
CAPEX
~ €½ bn higher
invest in Niche
€1+ bn higher
invest in
General Lighting
… while still generating significant FCF over the period
42
OS has a proven track record of building and operating
large fabs in Asia
Regensburg, Germany
Penang, Malaysia
~ 2,000 Employees
– OS HQ
– Innovation fab for all
technologies
– R&D Center
– Since 1972
Wuxi, China
Kulim, Malaysia
~ 1,400 Employees
– Greenfield LED backend plant for assembly
of visible and Infrared
LEDs
– Since late 2014
43
~ 5,600 Employees
– LED chips and
components
– General Lighting HQ
– R&D center for LED
assembly
– Since 1978 Packaging
– Since 2010 Chip
Production
Goal: ~1,500 Employees
– Greenfield LED frontend plant for epitaxy
and chip production
– Worldwide largest
6’’ fab
– From 2017
Scaling in 3 steps to >20k WSPW 6” by 2020
More facts about the new LED fab in Kulim
• Primarily for volume emitters
• Located in Kulim Hi-Tech Park, next to numerous
technology and semiconductors fabs, e.g. Infineon
• ~40km to existing Penang plant and headquarters of
OS General Lighting business segment
Total investment: € 1bn until FY20
(thereof € 370m in the first step)
Timeline
Q2-16
Start of
Construction
Module 1
Capacity
(WSPW)
44
Q2-17
Ready for
Equipment
Module 1
Q3-17
Start of
Construction
Module 2
Q4-17
Ramp
Module 1
6k
Q3-18
Q1-19
Ready for
Equipment
Module 2
Ramp
Module 2
13k
20k
The General Lighting investment enables OS to continue
to deliver strong growth and healthy profit margins
ILLUSTRATIVE
OS Revenues
OS EBITA Margin
[% of Revenues]
With General
Lighting invest
17%
17%
13%
13%
0%
’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15
’20
’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15
Fiscal Year
OS revenues to rapidly grow in both
Niche and General Lighting, benefiting from
improved over-all competitiveness
45
’20
Fiscal Year
Improved General Lighting margins, combined with
the synergy impact of the investment on existing
Niche business results in EBITA margins in the
~15% range once fab is up & running
Assumes no major changes in the general economic situation
In summary, OS is uniquely positioned
to be an industry winner
1
Financial strength to build scale –
Very few others could make this investment
2
Execution experience to deliver sustainable growth –
Long history of competing and operating in Asia
3
Low cost leadership gives competitive advantage –
Technology, scale and factor costs combine ideally
4
Ability to realize synergies is a point of differentiation –
Our business mix means we can deliver synergy benefits that others cannot
It’s right, it’s viable and it will work for OSRAM
46
Disclaimer
This presentation contains certain non-IFRS measures. FCF, EBITDA, EBITA, EBIT, EBITA margin, capital expenditure, capital
expenditure as percentage of revenue and other operating income, net financial debt, net working capital and certain other items
included herein are not recognized measures in accordance with IFRS and should not be considered as an alternative to the
applicable IFRS measures. We have provided these measures and other information in this presentation because we believe they
provide investors with additional information to measure our performance. Our use of the terms FCF, EBITDA, EBITA, EBIT,
EBITA margin, capital expenditure, capital expenditure as percentage of revenue and other operating income, net financial debt,
net working capital varies from others in our industry and should not be considered as an alternative to net income (loss), cash
flows from operating activities, revenue or any other performance measures derived in accordance with IFRS as measures of
operating performance or to cash flows as measures of liquidity. FCF, EBITDA, EBITA, EBIT, EBITA margin, capital expenditure,
capital expenditure as percentage of revenue and other operating income, net financial debt and net working capital have
important limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as
reported under IFRS.
Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded
according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if
numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying
(unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures
may not add up exactly to the totals contained in the respective tables and charts.
47

OSRAM Analyst Day 2016

Transcription

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