from Ams-OSRAM AG (isin : AT0000A3EPA4)
EQS-Adhoc: 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
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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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 (except per share data) | Q4 2024 | Q3 2024 | QoQ | Q4 2023 | YoY |
| 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 (except per share data) | 2024 | 2023 | YoY |
| 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 website. The fourth quarter 2024 investor presentation incl. detailed information is also available on the company 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 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.
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For further information
Investor Relations Media Relations
ams-OSRAM AG ams-OSRAM AG
Dr Juergen Rebel Bernd Hops
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Investor Relation Corporate Communications
T: +43 3136 500-0 T: +43 3136 500-0
investor@ams-osram.com press@ams-osram.com
Consolidated Statement of Income in accord. with IFRS (unaudited)
| in EUR million (except earnings per share) | Q4 2024 | Full year 2024 | Q4 2023 | Full year 2023 |
| 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 expenses1) | 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 equity method, net | -3 | -7 | -8 | -24 |
| 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 2023Reclassified1) Full year 2023
Reclassified1) 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 IFRS 2) 7 18 24 49 Income taxes 0 33 -2 12 Net financial result 58 205 80 171 Result from sales of businesses, intangible assets and property, plant, and equipment 5 -1 -3 -11 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 customer - 224 - - 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
Reclassified1) Full year 2023
Reclassified1) Investing activities Additions to intangible assets and property, plant, and equipment -104 -502 -222 -1,049 Acquisition of financial investments -1 -1 0 -1 Inflows from sale of investments, intangible assets, and property, plant and equipment 27 36 64 90 Inflows from sale of businesses, net of cash and cash equivalents disposed - 43 -1 134 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 and the issue of bonds -3 -17 -56 -56 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 OSRAM Licht AG -19 -25 -5 -232 Dividends paid to shareholders of OSRAM Licht AG - -30 - -37 Dividends paid to non-controlling shareholders - -1 -1 -1 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 on cash and cash equivalents 56 40 -21 -45 Cash and cash equivalents at the beginning of the period 1,097 1,146 691 1,098 Cash and cash equivalents at the end of the period 1,098 1,098 1,146 1,146 Less: Cash and cash equivalents of assets held for sale at the end of period - - 0 0 Cash and cash equivalents at the end of the period 1,098 1,098 1,146 1,146
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)
in EUR million Issued capital Additional paid-in capital Treasury shares Other components of equity Retained earnings Total equity attributable to shareholders of ams-OSRAM AG Non-controlling interests Total equity Balance as of
January 1, 20223 274 2,036 -121 280 358 2,826 7 2,833 Capital increase 724 73 797 797 Net result -1,613 -1,613 1 -1,613 Other comprehensive income (loss), net of tax -118 -33 -151 -1 -152 Total comprehensive income (loss) 0 0 0 -118 -1,647 -1,765 0 -1,765 Share based payments 30 30 30 Acquisition and sale of treasury shares -8 17 8 8 Dividends paid -1 -1 Reissuance of treasury shares 2