EQS-Ad-hoc: ams-OSRAM AG / Key word(s): Quarter Results
ams-OSRAM AG: ams OSRAM delivers cost savings ahead of plan, positive FCF in FY24, Q4 revenues &
profitability above mid-point of guided range and expects FCF exceeding EUR 100m in 2025
11-Feb-2025 / 07:15 CET/CEST
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transmitted by EQS News - a service of EQS Group.
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Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange
ams OSRAM delivers cost savings ahead of plan, positive FCF in FY24, Q4 revenues & profitability
above mid-point of guided range and expects FCF exceeding EUR 100m in 2025
• Q4/24: revenues of EUR 882m, 17.0% adj. EBITDA margin (each above mid-point of guided range)
• Q4/24: realized run-rate savings of EUR 110m from ‘Re-establish the Base’ (RtB) program
• FY24: revenues EUR 3.43bn and 16.8% adj. EBITDA margin
• FY24: free cash flow (incl. net interest paid) EUR 12m positive after EUR -332m in FY23
• FY24: semi-core portfolio with ~7% growth yoy
• FY24: strong cash position of EUR 1.1bn
• FY24: roughly EUR 5bn life-time-value new semiconductor business won
• Q1/25: revenues of EUR 750m – 850m and 16% +/-1.5% adj. EBITDA margin expected
• FY25: free cash flow exceeding EUR 100m expected
• FY25: improved profitability at moderate revenue development expected due to RtB
Premstaetten, Austria, and Munich, Germany (11 February 2025) -- ams OSRAM delivers cost savings
ahead of plan, EUR 12m positive FCF in FY24, Q4 revenues and profitability above mid-point of
guided range and expects FY25 - FCF exceeding EUR 100m
“Our turnaround is in full swing. Focusing on the core portfolio in our semiconductor business
proves right. This semi core grew approx. 7% compared to 2023, driven by a strong rebound in
sensors for mobile devices based on new product ramps and a resilient auto business. Savings from
our ‘Re-establish the Base’ (RtB) strategic efficiency program are ahead of plan, measures
supporting the upsized target are already detailed out. We delivered positive FCF in 2024 and
expect margin expansion and a positive FCF exceeding EUR 100 million in 2025 even though markets
remain volatile.” said Aldo Kamper, CEO of ams OSRAM.
Q4/24 financial update
Revenues stayed essentially flat at EUR 882 million quarter-over-quarter in Q4/24, above the
midpoint of the guided range of EUR 810 – 910 million. Strong seasonal auto lamps aftermarket sales
and steady semi automotive business compensated continued weakness in industrial & medical
applications and the beginning seasonal decline in semiconductor products for consumer handheld
devices. The stronger USD also helped coming in above the midpoint of the guided range.
Year-over-year, Group revenues declined by 3% due to cyclical weakness in automotive and I&M
semiconductor businesses and some end-of-life of OEM modules business in Lamps & Systems. The
relevant semi core portfolio (excluding the exited non-core portfolio) delivered a growth of
approx. 7% year-over-year.
Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) came in
at EUR 150 million, i.e. at 17.0% adj. EBITDA margin, above the midpoint of the guided range of 15%
- 18%.
Adjusted EBIT (adjusted earnings before interest and taxes) margin for the Group stood at 6.8%.
Adjusted EBIT amounted to EUR 60 million.
Key reported figures
EUR millions Q4 2024 Q3 2024 QoQ Q4 2023 YoY
(except per share data)
Revenues 882 881 0% 908 -3%
Opto Semiconductors (OS) 350 381 -8% 365 -4%
CMOS Sensors & ASICs (CSA) 258 266 -3% 262 -2%
Lamps & Systems (L&S) 275 233 +18% 279 -1%
Gross profit adj. 239 262 -9% 260 -8%
Gross margin adj. % 27.1% 29.7% -260 bps 28.7% -160 bps
Operating income (EBIT) adj.^1) 60 82 -27% 62 -3%
Operating margin (EBIT) adj. %^1) 6.8% 9.3% 250 bps 6.9% -10 bps
EBITDA adj. 150 166 -10% 150 0%
EBITDA margin adj. % 17% 18.8% -180 bps 16.5% 50 bps
Net result adj. ^ 1) 3 37 -92% -16 n/a
Diluted & undiluted EPS adj. (in EUR)^1)2) 0.03 0.37 -92% -0.34 n/a
Net result (IFRS) -58 24 n/a -82 -29%
Diluted & undiluted EPS (IFRS, in EUR) ^ 2) -0.59 0.24 n/a -1.79 -67%
Operating cash flow ^3) 79 246 -68% 34 132%
Cash flow from CAPEX ^4) -104 -102 -2% -222 -53%
FCF (incl. net interest paid) ^ 5) 2 188 -99% -125 n/a
Net debt 1,413 1,399 1% 1,312 8%
Net debt (incl. SLB) ^6) 1,854 1,840 1% 1,696 9%
^
^1)^ ^ Adjusted for microLED strategy adaption expenses, M&A-related, other transformation and
share-based compensation costs, results from investments in associates and sale of businesses.
^2) Earnings per share are not comparable between the years due to the capital increase on 7
December 2023 whereby additional 724,154,662 shares were issued. Comparative figures were adjusted
following the 10:1 reverse share split on 30 September 2024.
^3) From Q1 2024, operating CF includes net interest paid; 2023 figures reclassified for
comparison.
^4) Cash flow from investments in property, plant, and equipment and intangibles (such as
capitalized R&D), incl. investment grants.
^5) Excl. financial investments.
^6) Incl. EUR 441m equivalent as of end of December 2024 from SLB Malaysia transaction.
Semiconductor business update
Opto Semiconductors segment (OS)
Revenues for opto-electronic semiconductors decreased by EUR 31 million to EUR 350 million in Q4/24
compared to EUR 381 million in Q3/24. Adjusted EBITDA was EUR 51 million, representing an adjusted
EBITDA margin of 14.6%, down from EUR 88m in Q3/24.
The company continues to receive non-refundable engineering payments (so called ‘NRE’) for the
development of LED technologies from certain customers on a currently recurring basis, exemplifying
its leading technology position.
CMOS sensors and ASICs segment (CSA)
Revenues for CMOS sensors and ASICs slightly decreased by EUR 8 million to EUR 258 million in Q4/24
compared to EUR 266 million in Q3/24 due to the typical seasonal softening in demand for components
for consumer handheld devices.
Adjusted EBITDA increased further to EUR 55 million in Q4/24, driven by one-off effects, portfolio
optimization and cost savings, both part of the ‘Re-establish the Base’ program, up from EUR 48
million in Q3/24, representing an adjusted EBITDA Margin of 21.3%.
Semiconductors industry dynamics
Revenues from the two semiconductor business units represented approx. 70% of Q4/24 revenues, or
EUR 608 million, compared to EUR 629 million a year ago. End-markets continued to show different
cyclicality in the fourth quarter.
Automotive:
The automotive business came in slightly better than expected against the backdrop of an inventory
correction in the semi supply chain. Momentarily customers order on very short notice, reflecting a
higher level of uncertainty at the carmakers. The company benefited from order backlog and ramping
new sensor products resulting in a 3% quarter-over-quarter increase. The year-over-year decline of
14% is in line with these inventory adjustments due to demand uncertainties seen by Tier-1 and OEM
customers, compared to the all-time high revenue in Q4/23.
Industrial & Medical (I&M):
The business showed a mixed performance, showing a seasonal (horticulture) and cyclical (industrial
automation & mass market) 14% quarter-over-quarter decline. Revenues came in 10% lower than a year
ago. However, the company believes that segments with weak demand seem to have bottomed out.
Consumer:
With the ramp of new products and healthy overall demand for consumer portable devices, the
consumer segment showed a healthy 20% year-over-year increase in revenues. Quarter-over-quarter,
the typical seasonal regression set in with an 8% quarter-over-quarter decline.
Lamps & Systems segment (L&S)
The Lamps & Systems segment represented approx. 30% of Q4/24 revenues, equaling EUR 275 million. A
typical, strong quarter-over-quarter increase of 18%, in line with the aftermarket’s seasonal
demand pattern. The slight year-over-year reduction of 3% comes mainly from discontinued OEM
products.
Adjusted EBITDA in Q4/24 came in at EUR 50 million or 18.2% adjusted EBITDA margin in line with
fall-through from operating leverage.
Automotive:
The automotive aftermarket business was in full swing in Q4/24. The OEM business came in as
expected.
Specialty Lamps:
Lower demand and partially inventory corrections in industrial and professional entertainment
markets are continuing, nevertheless revenues improved a bit quarter-over-quarter.
Q4/24 key financial figures
Gross margin
The adjusted gross margin decreased 260 basis points quarter-over-quarter with CSA coming in
stronger due to better loading and OS coming in weaker due to lower loading and lower customer
engineering payments. Year-over-year, adj. gross margin decreased 160 basis points in line with
lower revenues, product-mix and currency effects.
Net result & earnings per share
The adjusted net result came in at EUR 3 million in Q4/24 up from EUR -16 million a year ago and
down from EUR 37 million in the third quarter. Both Q4/24 adjusted basic and diluted earnings per
share came in at EUR 0.03, down compared to the EUR 0.37 in Q3/24.
The IFRS net result stood at EUR -58 million in Q4/24 after EUR 24 million in Q3/24, due to various
positive one-off effects in Q3/24. The company recorded approx. EUR 29 million positive one-offs
related to lower microLED strategy adaption expenses. Both basic and diluted IFRS earnings per
share came in at EUR -0.58 in Q4/24, after EUR 0.24 in Q3/24.
Cash flows
Operating cash flow (including net interest paid) came in at EUR 79 million in Q4/24. Cash flow
from investments into PPE and intangibles, or CAPEX, came down significantly to EUR -104 million
compared to EUR -222 million a year ago, stayed essentially flat compared to the previous quarter.
Free cash flow – defined as operating cash flow including net interest paid minus cash flow from
CAPEX plus proceeds from divestments – came in at EUR 2 million in Q4/24.
Net-debt related financial figures
The gross cash position stayed flat with EUR 1,098 million in Q4/24 after EUR 1,097 million in
Q3/24. For this, the net debt position stayed also basically flat at EUR 1,413 million
quarter-over-quarter after EUR 1,399 million in Q3/24. The company repaid EUR 161 million maturing
loans and drew EUR 141 million new loans maturing in 2025 and 2026.
When including EUR 441 million equivalent from the Sale-and-Lease Back Malaysia transaction (booked
under other financial liabilities), the net debt position stayed with EUR 1,854 million in Q4/24 on
a similar level as in Q3/24.
Status of outstanding OSRAM minority shares
On 31 December 2024, the Group held approx. 86% of OSRAM Licht AG shares. The total liability for
minority shareholders’ put options reduced to EUR 585 million at the end of Q4/24 compared to EUR
604 million at the end of the previous quarter.
The company has a Revolving Credit Facility (RCF) in place. The RCF is primarily in place to cover
any further significant exercises under the 'domination and profit and loss transfer agreement
(DPLTA)’ put option and would be sufficient to fully cover all outstanding minority shareholders’
put options. It could also be drawn for general corporate and working capital purposes.
FY24 financial and business update
The Group recorded revenues of EUR 3.43 billion in FY24 after EUR 3.59 billion in FY23, due to a
decline in the L&S segment after divesting its Digital Systems business in 2023 and discontinuing
some OEM module business.
EUR millions 2024 2023 YoY
(except per share data)
Revenues 3,428 3,590 -5%
Opto Semiconductors (OS) 1,448 1,386 5%
CMOS Sensors & ASICs (CSA) 981 1,039 -6%
Lamps & Systems (L&S) 1,000 1,165 -14%
Gross profit adj. 984 1,031 -5%
Gross margin adj. %^1) 28.7% 28.7% 0 bps
Operating profit adj.^1) 241 233 3%
Operating margin adj. %^1) 7.0% 6.5% 50bps
EBITDA adj. 575 604 -5%
EBITDA margin adj. % 16.8% 16.8% 0 bps
Net profit adj.^1) 3 50 -96%
Diluted EPS adj.^1)2) 0.03 1.61 -88%
Net result (IFRS) -785 -1,613 -51%
Diluted EPS (IFRS) ^ 2) -7.94 -52.0 85%
Operating cash flow ^ 3) 435 493 -12%
Cash flow from CAPEX ^4) -502 -1,049 -52%
Free cash flow (incl. interest paid) ^5) 12 -332 n/a
Net debt 1,413 1,312 8%
Net debt (incl. SLB) ^6) 1,854 1,696 9%
^1)^ ^ Excluding microLED strategy adaption expenses M&A-related, other transformation and
share-based compensation costs, results from
investments in associates and sale of businesses.
^2) Earnings per share are not comparable between the years due to the capital increase on 7
December 2023 whereby additional 724,154,662 shares were issued. Comparative figures were adjusted
following the 10:1 reverse share split on 30 September 2024. Earnings per share in CHF were
converted using the average currency exchange rate for the respective periods.
^3) From Q1 2024, operating CF includes net interest paid; 2023 figures reclassified for
comparison.
^4) Cash flow from investments in property, plant, and equipment and intangibles (such as
capitalized R&D), incl. Investment grants.
^5) Excl. financial investments.
^6) Incl. EUR 441m equivalent from SLB Malaysia transaction.
Growth in the core-semiconductor portfolio
When launching its ‘Re-establish the Base’ program, the company identified a non-profitable,
non-core semiconductor portfolio of approx. EUR 350 million in FY23 which was decided to be exited.
During FY24, most of these product lines have been exited step by step, however, the accumulated
revenues for the year still totaled approx. EUR 200 million, which had been mostly phased-out by
end of December 2024. Taking this into account, the core semiconductor portfolio grew
year-over-year approx. 7% - broadly in line with the growth target of the company’s target
operating model.
Profitability
In 2024, the company switched its key profitability metrics to adj. EBITDA. For fiscal year 2024,
adj. EBITDA came in at EUR 575 million after EUR 604 million, resulting in a stable adj. EBITDA
margin of 16.8% for both years. The market weakness in automotive and I&M semis in the second half
of 2024 offset improvements due to RtB, i.e. lower operating expenses and the gradual exit of
non-profitable, non-core semi-portfolio, as well as customer payments for development and
deconsolidation of L&S businesses.
Adjusted EBIT improved to EUR 241 million in FY24 after EUR 233 million in the previous fiscal
year. In addition to the effects for the yoy development of adj. EBITDA, lower depreciation after
impairment of manufacturing equipment improved adj. EBIT.
In FY24, adjusted diluted earnings per share stood at EUR 0.03 and EUR -7.94 unadjusted.
Free cash flow
In 2023, the Group reported free cash flow (incl. interest paid) of EUR -332 million driven by
exceptionally high CAPEX levels associated with the microLED project. In 2024, this steeply
improved coming in at a positive EUR 12 million despite significant transformation cost for the
adjustment of the microLED strategy after the cancellation of the cornerstone project in February
2024. On top, the transformation costs for implementing the ‘Re-establish the Base’ program had to
be borne. Key for the significant FCF improvement yoy were savings from the ‘Re-establish the Base’
program, customer pre-payments exemplifying the company’s leading technology position, and
significantly reduced capital expenditures.
FY24 progress of ‘Re-establish the Base’ program
On 27 July 2023, the company announced its strategic efficiency program ‘Re-establish the Base’,
which aimed at focusing the company on its profitable, structurally growing core, initially
targeting approx. EUR 150 million run-rate savings by end of FY25 compared to FY23 actuals. On 7
November 2024, the company extended the program to 2026, upsizing the savings target to approx. EUR
225 million run-rate savings by end of 2026.
Until end-of-2024, the company has realized already approx. EUR 110 million savings, exceeding the
EUR 75 million run-rate savings target for FY24. Recent implementation successes are especially
evident when looking at the profitability improvement of the CSA segment. All measures to achieve
the full savings have already been defined and will be fully implemented until end of 2026.
When it comes to the company’s non-core semiconductor portfolio (approx. EUR 350 million, in 2023,
approx. EUR 200 million in 2024), it is mostly phased out by the end-of-2024. Thus, the exit is
essentially complete with (a) the sale of assets of the Passive Optical Components business to
Focuslight Inc. (2) the restructuring of the CMOS image sensor business, and (3) the end-of-life
phase out of the remaining product-lines.
Summary of transformation costs
The company excludes transformation costs amongst other items from its operational performance
measures, i.e. adj. EBITDA and adj. EBIT. Transformation costs in FY24 were mainly driven by the
adjustment of its microLED strategy and its ‘Re-establish the Base’ program.
In Q4/24, the company recorded a net gain of approx. EUR 29 million by reversing certain provisions
related to the microLED strategy adaption. In summary, total cost for adjusting the microLED
strategy came in at EUR 576 million in FY24, significantly lower than initially expected. Within
that number, there were impairment charges of EUR 490 million and transformation costs of EUR 86
million.
Transformation costs related to ’Re-establish the Base’ were approx. EUR 18 million in Q4/24. For
FY24, the total amount came in with EUR 37 million.
FY24 Strong Design-Win performance in Fiscal Year
The company continues to win meaningfully new business across a wide customer base underpinning its
structural growth targets in its core semiconductor business. The combined figure came in close to
EUR 5 billion, supported by wins across all segments of its core semiconductor portfolio. The
largest contribution came from automotive.
First quarter 2025 Outlook
The company expects muted demand for its automotive semiconductor products in Q1/25 reflecting the
persisting uncertainties and corrections in the global automotive supply chain. The demand from
industrial and medical markets also remains muted, although first small signals might indicate that
the weakness has reached its bottom. The business with its semiconductor products for consumer
handheld devices will go into its typical strong seasonal decline.
Looking at the L&S segment, the automotive aftermarket halogen lamps business will come in slightly
lower – in line with its typical, seasonal demand pattern.
As a result, the Group expects first quarter revenues to land in a range of EUR 750 – 850 million.
In line with fall-through and further savings from the ‘Re-establish the Base’ program coming into
effect, the company expects adj. EBITDA to come in at 16% +/-1.5%. The EUR/USD exchange rate is
assumed to be 1.05.
FY 2025 commentary
The company expects a meaningfully stronger second half mainly due to product ramps and to some
extent, market normalization. Furthermore, the company expects improving profitability driven by
its ‘Re-establish the Base’ program even in case of moderate revenue development, CAPEX spendings
of less than 8% of sales (including capitalized R&D and expected investment grants, e.g. from the
European Chips Act), and a positive free cash flow (incl. net interest paid) exceeding EUR 100
million due to improved earnings, lower CAPEX and similar operating NWC in FY25.
Additional Information
Additional financial information for the fourth quarter 2024 is available on the company
(1)website. The fourth quarter 2024 investor presentation incl. detailed information is also
available on the company (2)website.
ams OSRAM will host a press call as well as a conference call for analysts and investors on the
fourth quarter and full-year 2024 results on Tuesday, 11 February 2025. The conference call for
analysts and investors will start at 9.45 am CET and can be joined via webcast. The annual press
conference and call will take place at 11.00 am CET. Journalists who would like to join the press
conference in person or the call can reach out to press@ams-osram.com or investor@ams-osram.com for
further information.
About ams OSRAM:
The ams OSRAM Group (SIX: AMS) is a global leader in innovative light and sensor solutions.
With more than 110 years of industry experience, we combine engineering excellence and global
manufacturing with a passion for cutting-edge innovation. Our commitment to pushing the boundaries
of illumination, visualization, and sensing enable transformative advancements in the automotive,
industrial, medical, and consumer industries.
“Sense the power of light” – our success is based on the deep understanding of the potential of
light and our distinct portfolio of both emitter and sensor technologies. Approximately 19,700
employees worldwide focus on pioneering innovations alongside the societal megatrends of
digitalization, smart living and sustainability. This is reflected in over 13,000 patents granted
and applied. Headquartered in Premstaetten/Graz (Austria) with co-headquarters in Munich (Germany),
the Group achieved EUR 3.4 billion revenues in 2024 and is listed as ams-OSRAM AG on the SIX Swiss
Exchange (ISIN: AT0000A3EPA4).
Find out more about us on (3)https://ams-osram.com
ams and OSRAM are registered trademarks of ams OSRAM Group. In addition, many of our products and
services are registered or filed trademarks of ams OSRAM Group. All other company or product names
mentioned herein may be trademarks or registered trademarks of their respective owners.
Join ams OSRAM social media channels: (4)>Twitter (5)>LinkedIn (6)>Facebook (7)>YouTube
For further information
Investor Relations Media Relations
ams-OSRAM AG ams-OSRAM AG
Dr Juergen Rebel Bernd Hops
Senior Vice President Senior Vice President
Investor Relation Corporate Communications
T: +43 3136 500-0 T: +43 3136 500-0
(8)investor@ams-osram.com (9)press@ams-osram.com
Consolidated Statement of Income in accord. with IFRS (unaudited)
in EUR million Q4 2024 Full year 2024 Q4 2023 Full year 2023
(except earnings per share)
Revenues 882 3,428 908 3,590
Cost of sales -702 -2,571 -683 -2,750
Gross profit 179 857 225 840
Research and development expenses -86 -419 -107 -480
Selling, general and administrative expenses -116 -422 -138 -501
microLED adaption expenses^1) 29 -576 - -
Goodwill impairment - - - -1,313
Other operating income 2 39 26 81
Other operating expenses -6 -21 -2 -34
Results from investments accounted for using the -3 -7 -8 -24
equity method, net
Result from operations 0 -547 -4 -1,430
Net financial result -58 -205 -80 -171
Result before income taxes -58 -752 -84 -1,601
Income taxes 0 -33 2 -12
Net result -58 -785 -82 -1,613
Attributable to:
Non-controlling interests -1 1 0 1
Shareholders of ams-OSRAM AG -57 -786 -82 -1,613
Basic earnings per share (in EUR) ^2) -0.59 -7.94 -1.79 -52.00
Diluted earnings per share (in EUR) ^2) -0.59 -7.94 -1.79 -52.00
^1)^ microLED strategy adaption expenses reflect net charges (impairments and reversals of
impairments on assets and recognition of provisions) due to the cancellation of the microLED
cornerstone project on 28 February 2024.
^2)^ Earnings per share are not comparable between the years due to the capital increase on 7
December 2023 whereby additional 724,154,662 shares were issued. The figures for the comparative
periods were adjusted following the reverse stock split on 30 September 2024.
Consolidated Statement of Comprehensive Income in accordance
with IFRS (unaudited)
in EUR million Q4 2024 2024 Q4 2023 2023
Net result -58 -785 -82 -1.613
Remeasurements of defined benefit plans 4 21 -2 14
therein income tax effect -5 -4 7 5
Fair value measurement of equity instruments (FVOCI) 2 -1 -31 -36
therein income tax effect 0 0 0 0
Items that will not be reclassified in profit or loss 6 20 -32 -22
Currency translation differences 101 129 -65 -118
Fair value measurement of debt instruments (FVOCI) -2 2 -4 -4
therein income tax effect 1 -1 1 1
Derivative financial instruments for hedging purposes -12 -10 9 -8
therein income tax effect 6 5 0 4
Items that may be reclassified subsequently to profit or loss 86 121 -61 -130
Other comprehensive income (loss), net of tax 92 141 -93 -152
Total comprehensive income (loss) 35 -644 -175 -1,765
Attributable to:
Non-controlling interests 1 2 0 0
Shareholders of ams-OSRAM AG 34 -646 -175 -1,765
Consolidated Balance Sheet in accordance with IFRS (unaudited)
in EUR million 31 Dec 2024 31 Dec 2023
ASSETS
Cash and cash equivalents 1,098 1,146
Trade receivables 496 470
Other current financial assets 49 55
Inventories 809 716
Other current non-financial assets 267 230
Assets held for sale 23 3
Total current assets 2,743 2,620
Property, plant, and equipment 1,729 1,997
Intangible assets 2,054 2,249
Right-of-use assets 189 215
Investment in associates 4 11
Other non-current financial assets 58 77
Deferred tax assets 74 72
Other non-current non-financial assets 52 160
Total non-current assets 4,160 4,782
Total assets 6,903 7,401
LIABILITIES AND EQUITY
Liabilities
Current interest-bearing loans and borrowings 495 322
Trade payables 472 572
Other current financial liabilities 1,001 1,021
Current provisions 227 236
Income tax payable 45 64
Other current non-financial liabilities 274 238
Liabilities associated with assets held for sale - 0
Total current liabilities 2,514 2,455
Non-current interest-bearing loans and borrowings 2,016 2,136
Other non-current financial liabilities 587 580
Employee benefits 150 147
Non-current provisions 58 43
Deferred tax liabilities 46 58
Other non-current non-financial liabilities 296 79
Total non-current liabilities 3,153 3,042
Equity
Issued capital 998 998
Additional paid-in capital 2,090 2,130
Treasury shares -87 -103
Other components of equity 292 162
Retained earnings -2,064 -1,289
Total equity attributable to shareholders of ams-OSRAM AG 1,229 1,899
Non-controlling interests 6 6
Total equity 1,235 1,905
Total liabilities and equity 6,903 7,401
Consolidated Statement of Cash Flows in accordance with IFRS
(unaudited)
in EUR million Q4 2024 Full year 2024 Q4 2023 Full year 2023
Reclassified^1) Reclassified^1)
Operating activities
Net result -58 -785 -82 -1,613
Reconciliation between net result and cash
flows from operating activities
Amortization, depreciation, and impairment 130 942 120 1,892
Expenses from stock option plans (acc. to 7 18 24 49
IFRS 2)
Income taxes 0 33 -2 12
Net financial result 58 205 80 171
Result from sales of businesses, intangible 5 -1 -3 -11
assets and property, plant, and equipment
Result from investments in associates 3 7 8 24
Other adjustments for non-cash items - - - 0
Changes in current assets and current - - - -
liabilities
Inventories 40 -79 54 96
Trade receivables -85 -7 -65 24
Other current assets 34 11 17 32
Trade payables -16 -4 -69 -73
Current provisions -43 -14 7 -13
Other current liabilities 4 43 20 175
Changes in other assets and liabilities 15 31 -20 -30
Non-current prepayment received from a - 224 - -
customer
Income taxes paid 2 -48 -12 -85
Dividends received 0 0 0 0
Interest received 12 38 3 22
Interest paid -26 -180 -46 -181
Cash flows from operating activities 79 435 34 493
in EUR million Q4 2024 Full year 2024 Q4 2023 Full year 2023
Reclassified^1) Reclassified^1)
Investing activities
Additions to intangible assets and property, -104 -502 -222 -1,049
plant, and equipment
Acquisition of financial investments -1 -1 0 -1
Inflows from sale of investments, intangible 27 36 64 90
assets, and property, plant and equipment
Inflows from sale of businesses, net of cash - 43 -1 134
and cash equivalents disposed
Cash flows from investing activities -78 -424 -159 -826
Financing activities
Inflows from issuance of common stock - - 827 827
Inflows from bonds - 201 981 981
Transaction costs for the capital increase -3 -17 -56 -56
and the issue of bonds
Repayment of bonds - - -1,288 -1,288
Acquisition of treasury shares - - - 0
Sale of treasury shares 0 2 9 9
Inflows from loans 141 243 0 378
Repayment of loans -161 -422 -236 -481
Repayment of lease liabilities -16 -57 -13 -57
Inflows from sale and lease back financing - 10 382 382
Acquisition of non-controlling interests in -19 -25 -5 -232
OSRAM Licht AG
Dividends paid to shareholders of OSRAM - -30 - -37
Licht AG
Dividends paid to non-controlling - -1 -1 -1
shareholders
Cash flows from financing activities -56 -98 601 426
Change in cash and cash equivalents 1 -47 455 47
Effect of changes in foreign exchanges rates 56 40 -21 -45
on cash and cash equivalents
Cash and cash equivalents at the beginning 1,097 1,146 691 1,098
of the period
Cash and cash equivalents at the end of the 1,098 1,098 1,146 1,146
period
Less: Cash and cash equivalents of assets - - 0 0
held for sale at the end of period
Cash and cash equivalents at the end of the 1,098 1,098 1,146 1,146
period
^1)^ For reclassifications, see note accounting policies as well as estimates and uncertainties in
the half year report 30 June 2024.
The reclassification of interest paid resulted in a reduction in cash flows from operating
activities by EUR 180 million for the full year 2023 (EUR 46 million for the fourth quarter of
2023) and a countervailing effect on cash flows from financing activities.
The reclassification of the cash outflows for the acquisition of non-controlling interests in
OSRAM Licht AG led to a reduction in cash flows from financing activities by EUR 232 million for
the full year 2023 (EUR 5 million for the fourth quarter of 2023) and a countervailing effect on
cash flows from investing activities.
Consolidated Statement of Changes in Equity in accordance with
IFRS (unaudited)
Total equity
Additional Other attributable
in EUR million Issued paid-in Treasury components Retained to Non-controlling Total
capital capital shares of equity earnings shareholders interests equity
of ams-OSRAM
AG
Balance as of
January 1, 274 2,036 -121 280 358 2,826 7 2,833
20223
Capital 724 73 797 797
increase
Net result -1,613 -1,613 1 -1,613
Other
comprehensive -118 -33 -151 -1 -152
income (loss),
net of tax
Total
comprehensive 0 0 0 -118 -1,647 -1,765 0 -1,765
income (loss)
Share based 30 30 30
payments
Acquisition and
sale of -8 17 8 8
treasury shares
Dividends paid -1 -1
Reissuance of 2 2 2
treasury shares
Balance as of
December 31, 998 2,130 -103 162 -1,289 1,899 6 1,905
2023 = January
1, 2024
Net result -786 -786 1 -785
Other
comprehensive 129 11 140 0 141
income (loss),
net of tax
Total
comprehensive 129 -775 -646 2 -644
income (loss)
Share based 9 9 9
payments
Acquisition and
sale of
treasury shares
Reissuance of 16 16 16
treasury shares
Non-controlling
interests – Put -49 -49 -49
Option
Dividends paid -1 -1
Total equity as
of December 31, 998 2,090 -87 292 -2,064 1,229 6 1,235
2024
Segment reporting
Business segments are the business units (BUs) in accordance with their independent operating
activities and internal reporting structure. At the beginning of 2024, ams OSRAM adjusted its
corporate structure to promote the entrepreneurial approach at business unit (BU) level and to
strengthen innovation by decentralizing certain functions. The change in the corporate structure is
reflected in the internal reporting structure, with each BU representing a separate operating and
reporting segment in accordance with IFRS 8.
Group activities are now managed via three business units (BUs):
1. BU Opto Semiconductors (OS) with focus on emitters
2. BU CMOS Sensors and ASICs (CSA) with a focus on sensor technology and analog mixed-signal
chips. BU CSA bundles the business activities of the previous BUs Advanced Optical Sensors
(AOS) and Image Sensor Solutions (ISS).
3. BU Lamps & Systems (L&S) specializing in traditional lamps and lighting products with a focus
on the automotive, industrial and medical end markets.
From 2024, the costs of corporate functions that are not directly attributable to the BUs, as well
as functions shared in the Semiconductor business are no longer allocated to the BUs, but are
recorded centrally and now reported as corporate items. This and a harmonization of cost allocation
within the Group led to an adjustment of the cost allocations reported in the previous year (BU
Lamps & Systems: EUR 13 million lower expenses, BUs in semiconductors business: EUR 10 million
lower expenses, corporate items: EUR 23 million higher expenses).
In addition, the segment indicator “segment result” was adjusted in line with internal reporting
and now includes gross profit, research and development expenses, selling, general and
administrative expenses, expenses for the microLED strategy adaption and other operating income and
expenses as well as the results from investments in associates. Depreciation, amortization and
impairment losses are not included in the segment result.
The previous year's figures have been adjusted to reflect the new corporate structure.
Business Segments
in EUR million
Business segments OS CSA L&S Corporate Items Summe
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Consolidated revenues 1,448 1,386 981 1,039 1,000 1,165 - - 3,428 3,590
Segment result 168 242 102 58 156 198 -31 -36 395 463
Material Items:
Research & development expenses -212 -227 -163 -205 -29 -31 -15 -17 -419 -480
Therein: depreciation, -43 -49 -23 -49 -1 -1 -1 -1 -68 -100
amortization and impairment
Depreciation, Amortization and -728 -250 -153 -248 -61 -69 -1 -2 -942 -569
Impairment^1)
Goodwill impairment - -1,019 - -294 - -11 - - - -1,323
MicroLED adaption expenses -576 - - - - - - - -576 -
Therein: depreciation, -491 - - - - - - - -491 -
amortization and impairment
1. Excluding impairment of goodwill, but including net impairment on microLED-related assets
Reconciliation of the segment result to earnings before income taxes
in EUR million
2024 2023
Segment result 395 463
Depreciation, amortization and impairment -942 -1,892
Net financial result -205 -171
Result before income taxes -752 -1,601
Segment assets include only those assets that can be directly allocated to the respective segment,
such as segment-specific tangible and intangible assets, and rights of use under leases.
Segment assets
in EUR million
Business segments OS CSA L&S Total
2024 2023 2024 2023 2024 2023 2024 2023
Segment assets 2,907 3,160 1,153 1,063 722 953 4,782 5,177
Reconciliation to the consolidated financial
statements
Cash and cash equivalents 1,098 1,146
Trade receivables 496 470
tax assets 74 72
Assets held for sale 23 3
financial assets 58 77
Investment in associates 4 11
Other non-allocated assets 368 446
Total assets 6,903 7,401
In terms of geographical regions, the Group is broken down into the following three regions: EMEA
(Europe, Middle East, and Africa), Americas (North and South America), and Asia/Pacific. Revenue is
allocated to these regions based on customers’ geographical location (billing address). The highest
revenues are generated by a customer common to the OS and CSA segments. They account for more than
10% of revenues (2023: more than 10%).
Revenue by Region
in EUR million
Business segments^1) OS CSA L&S Summe
2024 2023 2024 2023 2024 2023 2024 2023
EMEA 394 447 183 233 347 449 924 1,129
thereof Austria 21 25 9 1 15 14 45 40
thereof Germany 207 253 64 111 68 84 339 449
Americas 257 180 50 52 439 465 747 697
thereof USA 213 138 32 37 370 387 615 563
Asia / Pacific 797 757 748 754 213 253 1,757 1,764
thereof Greater China^2) 521 481 699 662 106 116 1,326 1,260
Total 1,448 1,386 981 1,039 1,000 1,165 3,428 3,590
1. The revenue distribution by region and segment was updated as part of the change in corporate
structure, resulting in changes to the figures reported for the previous year.
2. The Greater China line combines China, Hong Kong and Taiwan.
Non-current Assets by Region
in EUR million
2024 2023
EMEA 1,942 2,299
Americas 453 458
Asia / Pacific 1,578 1,704
Total 3,972 4,461
thereof Austria 324 442
thereof Germany 1,309 1,526
thereof Malaysia 993 1,088
Reconciliation from adjusted figures to reported figures in accordance with IFRS
in EUR million Q4 2024 Full year 2024 Q4 2023 Full year 2023
Gross profit – adjusted 239 984 260 1,031
Acquisition-related expense^1) -10 -44 -20 -82
Share-based compensation -1 -3 -8 -9
Transformation costs -48 -79 -7 -35
Asset restructuring^2) - - 0 -65
Gross profit – IFRS reported 179 857 225 840
Gross margin in % – adjusted 27 % 29 % 29% 29%
Gross margin in % – IFRS reported 20 % 25 % 25% 23%
Operating expenses – adjusted -179 -743 -198 -798
microLED adaption expenses^3) 29 -576 - -
Goodwill impairment - - - -1,313
Acquisition-related expense^1) -9 -40 -14 -71
Share-based compensation -5 -15 -16 -40
Transformation costs -7 -21 -7 -43
Asset restructuring^2) - - - -
Result from the sale of businesses -5 -2 14 18
Result from at-equity investments -3 -7 -8 -24
Operating expenses – IFRS reported -180 -1,405 -229 -2,270
Result from operations (EBIT) – adjusted 60 241 62 233
microLED adaption expenses^3) 29 -576 - -
Goodwill impairment - - - -1,313
Acquisition-related expenses^1) -20 -84 -34 -152
Share-based compensation -7 -18 -24 -49
Transformation costs -56 -100 -15 -78
Asset restructuring^2) - - 0 -65
Result from the sale of businesses -5 -2 14 18
Result from at-equity investments -3 -7 -8 -24
Result from operations (EBIT) – IFRS reported 0 -547 -4 -1,430
EBIT margin in % – adjusted 7 % 7 % 7% 6%
EBIT margin in % – IFRS reported 0 % -16 % 0% -40%
Result from operations (EBIT) – adjusted 60 241 62 233
Amortization, depreciation, and impairment (excluding 87 370
acquisition-related expense)^1) 90 334
EBITDA – adjusted 150 575 150 604
in EUR million Q4 2024 Full year 2024 Q4 2023 Full year 2023
EBITDA – adjusted 150 575 150 604
microLED adaption expenses^3^) 20 -85 - -
Acquisition-related expenses^1) -1 -5 -4 -35
Share-based compensation -7 -18 -24 -49
Transformation costs -25 -62 -11 -51
Result from the sale of businesses -5 -2 14 18
Result from at-equity investments -3 -7 -8 -24
EBITDA – IFRS reported 130 395 116 463
EBITDA margin in % – adjusted 17 % 17 % 16% 17%
EBITDA margin in % – IFRS reported 15 % 12 % 13% 13%
Result from operations (EBIT) – adjusted 60 241 62 233
Net financing result -58 -205 -80 -171
Income tax result 0 -33 2 -12
Net result – adjusted 3 3 -16 50
Basic adjusted earnings per share (in EUR)^4) 0.03 0.03 -0.34 1.61
1. Acquisition-related expense include amortization, depreciation and impairment of purchase price
allocated assets, integration, carve-out and acquisition related costs.
2. Starting with the year 2024, asset restructuring costs are included in transformation costs
3. microLED strategy adaption expenses reflect charges (e.g. impairments of assets and provisions)
due to the cancellation of the microLED cornerstone project on 28 February 2024.
4. Basic adjusted earnings per share for the comparative periods were adjusted following the
reverse share split on 30 September 2024.
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End of Inside Information
═══════════════════════════════════════════════════════════════════════════════════════════════════
11-Feb-2025 CET/CEST News transmitted by EQS Group. www.eqs.com
═══════════════════════════════════════════════════════════════════════════════════════════════════
Language: English
Company: ams-OSRAM AG
Tobelbader Straße 30
8141 Premstaetten
Austria
Phone: +43 3136 500-0
E-mail: investor@ams-osram.com
Internet: https://ams-osram.com/
ISIN: AT0000A3EPA4
WKN: A118Z8
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart, Tradegate Exchange; BX, SIX, Vienna Stock
Exchange (Vienna MTF)
EQS News ID: 2084047
End of Announcement EQS News Service
2084047 11-Feb-2025 CET/CEST
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