Osram achieved a good performance in a challenging macroeconomic environment in the third quarter of fiscal 2013. Revenue rose 2% year over year on a comparable basis – excluding portfolio and currency effects – to almost €1.3 billion. Earnings before interest, taxes and amortization (EBITA) amounted to €22 million. The figure includes expenses from special items of €72 million, particularly transformation costs. The adjusted EBITA margin was 7.4% versus 5.8% in the prior-year period, reflecting positive effects of the company reorganization that has been underway since 2012 and which is well on track. The reported margin, including special items such as transformation costs, was 1.7%. The financial result benefited from a book gain from the planned sale of a stake in the Valeo Sylvania joint venture, resulting in net income of €14 million. In view of the developments in the third quarter, Osram is slightly raising its earnings outlook for the current fiscal year.
OSRAM Licht AG was listed on the Frankfurt and Munich stock exchanges at the beginning of July. It is now publishing preliminary quarterly results for the first time. "We can look back on a successful listing and a good third quarter. We succeeded in increasing adjusted EBITA substantially while returning to comparable revenue growth. Our transformation effort continues to make rapid progress; we are ahead of schedule regarding the planned savings. For the current fiscal year, we are raising our earnings outlook slightly and now expect a positive net income," said Wolfgang Dehen, Chief Executive Officer of OSRAM Licht AG.
Free cash flow increased 15% to €108 million. The share of semiconductor-based products ("Solid State Lighting", or SSL) rose to 31% of total revenue in the third quarter. "This underscores our leading role in the transition to LED," said Dehen.
