Munich The lighting company Osram has cashed in on his forecast for the current fiscal year 2019/20 (September 30) due to the corona crisis. The corporate goals could probably not be achieved, Osram announced on Wednesday evening.
The pandemic and countermeasures – particularly the increasing number of shutdowns by Osram’s customers and disruptions in global logistics chains – had a major impact on the global economy and the global automotive industry, Osram argued. The Osram chip division and the automotive business would suffer as a result. These represent around 50 percent of the sales of the ex-Siemens subsidiary.
Osram announced a month ago that sales would decrease by up to three percent or increase by up to three percent. Adjusted operating return on sales will be between nine and eleven percent. This forecast is no longer valid. Osram had issued several profit warnings in recent years.
The Munich group announced further austerity measures. So one takes short-time working into consideration. The temporary closure of own production facilities is also conceivable. Osram is currently about to be taken over by sensor technology specialist AMS. However, the Austrians have difficulties with the financing after a fall in their share price: The takeover is to be financed in part with the help of a capital increase, which should bring 1.65 billion euros. In financial circles it is now doubted that this can still be placed.
AMS was confident on Wednesday. “We are still as convinced of the takeover of Osram as we were at the beginning of the year and are working towards closing, and we are on track,” said a group spokeswoman for the Handelsblatt. The November takeover bid and financing remained secured. In industrial circles it was also emphasized that the Austrians had secure bridge financing. In any case, this enables them to pay the bid even without a capital increase.
AMS already holds a good 23 percent of the shares. With its takeover offer of EUR 41 per share, the group also secured a majority. The purchase has not yet been completed.
The group, based in the Styrian town of Premstätten, produces chips and sensors. The most important customer is the cell phone manufacturer Apple, which represents a large part of the turnover. Apple has been suffering from the consequences of the global corona crisis for weeks. AMS is currently only valued at around EUR 750 million on the stock exchange. The share had lost around two thirds of its value within a month.
More: Fall in price at AMS raises doubts about capital increase for Osram purchase