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Tuesday 22 September 2020
AMS and Osram have fixed their future relationships. Shareholders now have to agree to this. However, this is considered a formality. Anyone who still owns shares in Munich can either dispose of them with an improved offer from AMS, or accept an annual guarantee payment.
Lighting specialist Osram has reached a control and profit transfer agreement with its majority shareholder AMS. However, this must be approved by an extraordinary general meeting on November 3. In a valuation report prepared for this purpose, Osram is estimated at a good 4.3 billion euros.
“The implementation of the dominance and profit transfer agreement allows AMS and Osram to quickly and successfully integrate into a joint company that offers long-term profitable growth,” said AMS chief Andreas Everke. With the contract, AMS can rule Osram and wipe out the Munich subsidiary’s profits, but it must also make up for its losses.
On this basis, Austrian sensor specialist AMS will present a compensation offer of € 44.65 per Osram share to outstanding shareholders. That’s significantly more than the 41 euros with which AMS had previously insured 71 percent of Osram.
Osram’s share went from trading Tuesday to 43.40 euros, but rose to more than 47 euros in after-hours trading. Those who do not accept the compensation offer and keep their Osram shares should receive a guaranteed annual dividend of 2.24 euros net (2.57 euros gross), the lighting technology specialist announced. Calculated on the closing price, this would be a dividend yield of more than five percent. Osram spoke of a value increase of more than 1.8 billion euros since the IPO in 2013.
Crisis dominated better than expected
“Our growth story continues and we see a clear recovery in 2021,” said Olaf Berlien, Osram CEO. “Experts confirm that we are on the path that we have long mastered the transformation and, more recently, the depression in the auto industry and the crown crisis.” The valuation report included the fact that Osram expects comparable sales growth of between six and ten percent, an adjusted operating margin (Ebitda) of nine to eleven percent, and free cash flow that will be at least balanced and as maximum for the 2020/21 financial year beginning in September. reached a low double-digit amount in millions of euros.
After Osram overcame the crisis more lightly than expected, expectations for the 2019/20 financial year (ending September 30) were raised again recently. With a 14 percent drop in sales to around three billion euros, Osram expects an adjusted operating profit (Ebitda) of around 240 million euros.
