OSRAM Analyst Day 2016 - OSRAM · PDF filestrongly specialized, ... 13 OSRAM Analyst Day 2016...

www.osram.com

OSRAM Analyst Day 2016

Dr. Olaf Berlien | January 2016Light is OSRAM

20.01 17:00


This presentation may contain forward-looking statements that are subject to risks and uncertainties,including those pertaining to the anticipated benefits to be realized from the proposals describedherein. Forward-looking statements may include, in particular, statements about future events, futurefinancial performance, plans, strategies, expectations, prospects, competitive environment, regulationand supply and demand. OSRAM Licht AG has based these forward-looking statements on its viewsand assumptions with respect to future events and financial performance. Actual financial perfor-mance could differ materially from that projected in the forward-looking statements due to the inherentuncertainty of estimates, forecasts and projections, and financial performance may be better or worsethan anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without noticeand OSRAM Licht AG does not undertake any duty to update the forward-looking statements, and theestimates and assumptions associated with them, except to the extent required by applicable lawsand regulations.

Due to rounding, numbers presented throughout this and other documents may not add up preciselyto the totals provided and percentages may not precisely reflect the absolute figures.

Safe Harbor Statement


FY 2015 has been very successful for OSRAM

18%

Dec 30th

38.8

Jan 1st

32.8

Share price development 2015 (in €)Reported Free Cash Flow (in €m)

567449

26.3%

20152014

Adjusted EBITA (in €m)Revenue FY (in €bn)

8.4%

2015

5.6

2014

5.1

Nom. +8.4%Comp. -1.0%

in % of revenue2014 8.7%2015 10.2%

1) Closing price Jan 1st and Dec 30th

1)

299216

2014 2015

38%


Enhanced flexibility enabling clear roadmap for success

Decision to carve-out Lamps business

In implementationApril2015

Decision to sell Felco shares for > € 350 mio. Closing achieved in Dec

September2015

Three pillar strategy to develop OSRAM In implementation

November2015

2020 5.1.5 Continuous and sustainable value creation

Decision to reorganize OSRAM as a holding company with clear, decentralized mgmt. structures

FinalizedSpring2015


Initial situationBuilding on strong positions across our markets

Specialty Lighting (SP)

Lighting Solutions& Services (LSS)

Opto Semicon-ductors(OS)

Lamps (LP)

1) Automotive2) Luminaires in Europe, Source CSIL

Market Position

Performance 2015

#1

#5

#2

#2 Carve-out

• Solid growth• High profitability

• In transfor-mation process

46%54%

w/Lamps

Traditional technology

LED-based technology

45%55%

w/o Lamps

OSRAM 2015 revenue sharea LED based company

1)

2)

• Strong growth• High profitability


Right time to proactively position for the future

Specialty Lighting (SP)

Lighting Solutions& Services (LSS)

Opto Semicon-ductors(OS)

• Technical transition to LED• Importance of electronics and software on higher integrated level• Market stagnation of traditional technologies• Growing aftermarket

• Luminaires market with significant growth• Transition from product market to solutions and services• Increasing importance of electronics and software• Integration of connectivity and Light Management features

• Growing importance of „volume emitter“ technology• Growing importance of economies of scale• Consolidation of weaker players expected

Future Challenges / Opportunities

Actions required to secure/ expand current position !

Performance 2015


Target markets

• Growth, profit pool, extent of cyclicality, industry ROCE

• Competitive dynamics (consolidation, entrance of new market players, …)

• Differentiation potential by technology

Capabilities

• Experience with relevant business models

• Customer intimacy

• Technological basis and expertise

• Necessary resources

OSRAMStrategy

2020

TechnologyGrowth

Sustainable value

Rigorous and detailed strategy assessment process

Value

• EBITA margin

• Return on capital employed

• Earnings per share

• Total shareholder return

Stakeholders

• Fulfilment of customers needs

• Long-term interest of our shareholders

• Employee identification and motivation


A diversified strategy based on “3 pillars”

CAGR / market size

Strategic Review

Market position

Profitability

Technology

Competitiveadvantage

2 31

€

OSRAM Licht AG

OSSP LSS

ExpandExpand Expand /new set-up

Worldwide #1 in Automotive

Catch up attractive market

Strong worldwide #2 in LED


OSRAM – clear strategy for a technology player with strongly specialized, profitable businesses

3 Pillars Strategy “Diamond“Innovation and Growth

Initiative

“5.1.5“ in 2020


Specialty Lighting: Automotive market overviewLED-based automotive market with strong growth

SP: Automotive exterior OEM light vehicles light source and controls market 1)

in EUR bn

Halogen

HID (Xenon) Auxiliary 2)

LED

Ford F150 with OSRAM LED Module

Automotive

More than 200 light sources in one verhicle

Laser OLED

Source: OSRAM data, Frost & Sullivan

3.2

4.9

2020

+9%CAGR

2015

Traditional

LED based

1) Exterior market excluding motorcycles and heavy vehicles2) e.g. interior and exterior signal lighting

SP LSS OS


Specialty Lighting markets, in EUR bn

Specialty Lighting: Professional & Industrial Appli cations (PIA)Broad portfolio to capture significant growth poten tial

Ligh

t sou

rce

Ent

erta

inm

ent -

fixtu

res

2020

1.7+5%

CARG

2015

1.3

Source: OSRAM data

Professional and industrial applications

About 300 different sub-applications

Entertainment Projection

Medical Industry2015

+7%CAGR

2020

3.44.8

Studio/Film

Effect/Show

DJ/Club

Architainment

Theater

TV

SP LSS OS

LED based

Traditional


Specialty Lighting:Expand leading positions in Automotive and PIA

Automotive

• Expand in LED-modules and Matrix-solutions

• Invest in new technologies - Laser and OLED

• Forward integration with focus on LED and electronics

• Exploit strong and profitable position in aftermarket

Professional & Industrial Applications (PIA)

• Extend profitable niche business (e.g. entertainment)

• Enter/Expand new niches

• Selective forward integration (e.g. entertainment fixtures)

Selective M&A activities under investigation to strengthen existing business fields

Automotive

Professional & Industrial Applications

2015 2020

1.9

SP revenue plan (organic)in EUR bn

SP LSS OS

© Ralph Larmann


Lighting Solutions & Systems (LSS): Strong growth in luminaires, service and solution m arkets

SSL

Source: OSRAM data, Frost & Sullivan

LS: Professional luminaires and solution product ma rket

DS: Professional components for General Illuminatio n

20202015

55

43

+5%CAGR

20202015

20.5

12.7

+10%CAGR

in EUR bn

in EUR bn

LED modules

Light Management Systems

General Illumination control gear

Trad. control gear

LED based

Traditional

SP LSS OS

DS

LS

LSS

Electroniccontrol gears

LED modules

Light Manag.Systems

Sports&Industry

Office&Shops

Streetlighting


Lighting Solutions & Systems: Catch up in a growing and profitable market

• “LS 800” program running for lighting solutions

• Expand full-solutions offering including services

• Maintain good momentum for light controls and LED modules

• Strengthen connectivity know-how and innovative system architecture

• Increase of electronics and system competence

Organic and inorganic growth to further strengthen technological

portfolio

2015 2020

0.9

LSS revenue plan (organic)

Smart connected light, e.g. street lighting

Parking Mgmt.

Navigation

Local Service/

Information

in EUR bn

Promotion

SP LSS OS


OS is well positioned in Infrared, Auto and Industr y; General Lighting to be the next growth opportunity

2.53.4

4.3

8.5

20.9

2020

Auto

Industry

Infrared (IR1))

+3.9% p.a.

General Lighting 5.4

17.3

2015

1.8

2.9

3.7

4.2

1.4

Consumerincl. Backlighting

Market CAGR[2015 to 2020]

OS position 2015

2.6%

4.0%

-4.0%

3.3%

9.5%

#2 player

#1 player

selective

#2 player

So far not heavily addressed

Market size [€ bn]

Source: IHS

Limited additional growth potential

Next growth opportunity for OS

1) IR = Infrared emitters & detectors + infrared, blue and green laser applications

SP LSS OS


OS: The technology shift from surface to volume emitters is happening in all segments

Application segment

Technology shift complete

Technology shift in progress

Surface emitter domi-nant for next ~5 years

Industry

SSL

• e.g. buttons

• e.g. backlighting

• e.g. signs and signals

• e.g. retrofit

• e.g. day-time running light

• e.g. white goods

• e.g. street lighting

• e.g. headlamps

• e.g. mobile flash

• e.g. projection

Automotive

Consumer

Volume emitter(sapphire)

Surface emitter(thin film)

Si = Silicon Al2O3 = Sapphire example

Technologies

SP LSS OS


OS: The combination of leading in technology, scale and factor costs gives us the right to win

Best factor costs and right

economies of scale

“Mega“-sites forboth FE und BE in a

low-cost-location

Kulim(Malaysia)

Wuxi + Penang(China + Malaysia)

Front-end(FE)

Back-end(BE)

Leading in technology

• Best in class performance in

• Chip size & Wafer size

• Phosphor efficiency

• Deep understanding of technology

1. Technology 2. Scale and 3. Factor Cost

SP LSS OS

Best Chinese Player

~6%

Best Taiwanese

Player

~17%

Worldwide cost leadership

+

The right to win

Estimated chip costs advantage of OSRAM by 2020 vs.:


OS: Modular phased investment strategyPhase I with 370 Mio. EUR

1. Implementation Risk- Top Management attention- Monthly Board reviews- Risk control on corporate level- Dedicated project team- External consultants and assessors- Further scale up of sales & marketing resources

2. Market Risk Management - Modular Equipment ramp-up- Continuous monitoring of market landscape- Conservative price decline expectations

Risk Management

- Building- Equipment

Phase 1� Implement in 2016/17� €370 mio. invest

- In planningPhase 2

- In planningPhase 3

Investment decisions benchmarked against ambitious ROCE hurdle rates

SP LSS OS


OS: Build on strong worldwide #2 position

• Expand existing profitable niche business

• Complete technology portfolio (surface & volume emitter)

• Market leading chip competence for General Illumination (GI)

• Leverage synergies in scale, scope & competence

• Realize profitable double-digit growth

Balanced portfolioin niche and volume business

to gain market share and sustain profitability

2020

1.3

2015

OS revenue plan (organic)

Leading position anysegment we compete

#1 Automotive

#2 Industry

#2 Infrared / Laser

Top position - LEDs for GI

+

in EUR bn

SP LSS OS


OSRAM in 2020: Technology player with strong specialized businesses

OS revenue share, by applications; OSRAM revenue share by business unit

~85%

~15%

~65%

~35%

Opto 2015 Opto 2020

LED for GI

Automotive / Industry / Consumer1)

~15%

SP

LSS

LED for GI

OS

OSRAM 2020

1) Mobile flash, backlighting, automotive signalling, automotive front lighting, automotive interior, infrared illumination, projection, stage lighting, video wall, white goods

SP LSS OS




Initiative

“5.1.5“ in 2020


Innovation and growth initiative “Diamond” provides the backbone for technology differentiation

Innovation

“Diamond“ – innovation and growth initiative

Growth

• Systematic Research & Development of smart technologies, e.g. beacons

• Technology scouting

• We create markets (e.g. automotive laser light)

• We conquer leading market positions


Increasing R&D spending to drive future technological innovation

R&D budget8% p.a.1)

(of revenue)

Intellectual Property

~600 patents p.a.~18,000 total~2 patents per day

Selected OSRAM TOP patent fields

>6,600 patents >2,700 patents >1,000 patents

OSEpitaxy,

Chip concepts, conversion

CIInnoventure, Lightmgmt.,

LED modules

SPAutomotive SSL,

Laser

Demographic Change

Urbanization DigitalizationSafety &Security

MobilityInfrastructure

>1,700 patents

OLEDEncapsulation,

SSL, Display

1) on average until 2020


R&D spend will increase across all 3 pillars

20202015 2016

LSS

OS

+22%

SP

Central

+4%CAGR

8% of sales for R&D in average p.a. until 2020

Growth rate R&D spending (illustrative)1)• One time effect in 2016 to push special projects

• All 3 segments will be supported

• R&D spending necessary to conquer leading market positions in attractive markets

• State of the art innovation process established to secure value creation of R&D

1) OSRAM w/o Lamps, before special items


Smart & digital innovation fields

SMARTCITY

SMART BUILDINGS

ADVANCED MATERIALS AND

OPTIC CONCEPTS

SENSORS AND SYSTEMS FOR

SMART LIGHTING

WIRELESS COMMUNICATION AND

LIGHTING

HIGH PERFORMANCE COMPONENTS




Initiative

“5.1.5“ in 2020


Significant growth across all segments from 2015 to 2020

OS

1.3

LSS

0.9

SP

1.9

20202015 OS

2020

5.0 – 5.5

2015Pro Forma

3.6

SP

LSS

OSRAM(revenue in bn €)Business Segments

(revenue in bn €)

New holding company structure enables constant review of performance of each pillar and ability to take appropriate portfolio measures at any time


Revenue, in bn €

EBITDA, in bn €

EPS, in €

5.65.1

0.5570.560

5.0

1.81.6

20142015

2020

20142015

2020

20142015

20202)

5.0 – 5.5

0.9 – 1,0

Lamps

Ambition 2020 1

A plan that will deliver real shareholder value by 2020

5

1

51) Presuming stable economic environment incl. no servere anomaly of semiconductor cycle and stable FX, without lamps2) Including share buy back


Conclusion:The right plan to deliver on our goals

This is the right time to implement the new 3 pilla rs strategy in order to stay ahead of the market

1.

The investments across all three pillars deliver th e best overall outcome on long term for the shareholders

2.

Balanced portfolio over three pillars3.

www.osram.com

OSRAM Analyst Day 2016Opto Semiconductors

Aldo Kamper | January 2016 Light is OSRAM


OS is a strong player in all its marketsand a key profit generator for Osram

Outdoor Lighting Residential LightingVideo Walls Projection

Bio Monitoring Handsets / Monitors Forward Lighting Safety & Comfort

1) Percent of total OS Revenues in FY 2014/15, including both visible and infrared products

Industry #2 player, ~25% of Revenues1) General Lighting ~15% of Revenues1)

Consumer ~10% of Revenues1)Automotive #1 player, ~50% of Revenues1)


Bonding Conversion1) Sawing, testing

Front-end Process

Back-end Process

Our integrated business model covers the entire LED value chain, allowing end-to-end optimization

Substrate etc. Chip processing

Epitaxy Coating & structuring

Singulation, testing

Broadest technology base in the industry, all colors from infrared to visible light, applied in LE D & Laser

LED chips

Phosphor Processing Packaged LED

1) In order to make a white LED, it is common to convert blue LEDs with phosphors to white LEDs


Building on strength: OS is the #2 global player fo r over 10 years, continuously delivering healthy margins

Source: IHS 2015

1,125

17%16%

’05

452

12%

’13

1,018

12%

743

22%

’09

468

2%

’08

529

14%

’07

519

18%

’06

501

14%

1,293

’15

18%

899

’12

8%

’10 ’14’11

858

3%

MLS 3%

Avago

Cree

Everlight

Samsung

5%

5%Lumileds

4%

4%

SSC

4%

LG Innotek

11%Nichia

Osram Opto 7%

6%

Fiscal Year

Average 14%

Source: Osram

OS Revenue (€ m) and EBITA margin (2005-2015)

Market share in optoelectronic components (2014)

Market size € 16.2 bn

(2014)


OS is well positioned in Infrared, Auto and Industr y; General Lighting to be the next growth opportunity for OS

Source: IHS 20151) IR = Infrared emitters and detectors going into consumer, automotive and industry applications

2.53.4

4.3

8.5

20.9

2020

Auto

Industry

Infrared (IR1))

General Lighting 5.4

17.3

2015

1.8

2.9

3.7

4.2

1.4

Consumerincl. Backlighting

Market CAGR[2015 to 2020]

OS Position[2015]

2.6%

4.0%

-4.0%

3.3%

9.5%

#2 player

#1 player

selective

#2 player

So far not heavilyaddressed

Market size [€ bn]

Limited additional growth potential

Next growth opportunity for OS

3.9%


OS core technology (surface emitter) is challenged by lower cost technology (volume emitter) in several applica tions

2015

Volume emitter

Share of volume and surface emitter in total LED ma rket

– Good cost efficiency helped sapphire to become mainstream technology for the General Lighting market

– Performance of volume emitter increasingly “good enough” for “classical” surface emitter applications, e.g. street lighting

– Surface emitting technology however still a valuable differentiator in applications that need specific characteristics for the optical system (e.g. projection, stage lighting, headlamps, µAFS)

Surfaceemitter(thin film)

Volume emitter(sapphire)

2020

Surfaceemitter

Volume emitter

Surfaceemitter

Si = Silicon

Al2O3 = Sapphire

Source: IHS 2015, Osram


Investment in General Lighting is increasingly valu e accretive - generating up to €200m annually by 2020

With this investment, OS can deliver >15% EBITA mar gin over the cycle

Value levers

Profitability of the General Lighting opportunity

General Lighting synergy benefits with niche businesses

Long term sustainable success

+

=

Financial impact by 2020

€ 50-100 million EBITA per year once new fab is fully up and running

€ 50-100 million EBITA of synergies per year

Over the cycle: OS EBITA margin >15%

+

=


Timing of our GL investment is right: Overcapacity will be sharply reduced by the time our fab goes online

Industry needs to invest ~5 bn € until 2020 to meet i ncreasing demand

Source: IHS Dec 2015 (already includes OS‘ announced investments in Kulim)

0%

5%

10%

15%

20%

25%350,000

300,000

50,000

100,000

200,000

250,000

150,000

0

2015 2016 20202018 20192017

LED demand Surplus

LED supply

Billion sq. mils of LED Surplus

Low

over

supp

ly


Up to 10% chip cost advantage expected over largest fab in China by 2020

Competitive against the best, better than the rest

OS will reach cost leadership through technology, scale and factor costs once Kulim fab is up & runni ng

3%

5%

Effi-ciency2)

Wafer Size1)

-5%

Subsidy3)Factor costs

9%

Best Taiwanese

player

17%

Scale

5%

Subsidy3)

5%

Best Chinese player

6%

6%

-10%

0%

Effi-ciency2)

Scale Factor costs

5%

Wafer Size1)

Estimates based on OS model1) Incl. tool and process optimization

2) On chip- and phosphor level3) Advantage vs. OS subsidies

1 2 3 4 1 2 3 4

Between 10 to 20% chip cost advantage expected over best Taiwanese fab by 2020


OS cost advantages in detail (1/2)

Estimated cost advantage of OS Kulim Fab due to sca le versus:

0 to 5%5 to 10%

> 10%

35% 25% 40%

Cum. % of worldwide LED capacity in these fabs

Largest Fabs 1)

Large Fabs 1)

Other Fabs 1)

Source: Osram Estimates1) „Largest Fabs“ = Fabs with more than 10 kWSPW 6“ equivalent,

„Large Fabs“ = 5 to 10 kWSPW, „Other Fabs“ with less than 5 kWSPW

• 6” wafers have 2.2x more chips than 4” wafers and 9x more chips than 2” wafers

• Processing costs (besides Epitaxy) and wafer handling are little depending on wafer size but mostly on wafer numbers, resulting in cost advantage of 6” vs. 4”

• Newest and homogeneous state-of-the-art equipment optimized for large scale production

Economies of scale (2020 view)

Wafer size & optimized equipment and processes

1

2

OS Kulim fab with relevant costadvantage due to larger scale versus ~2/3 of the worldwide

LED capacity in 2020

OS‘ 6“ technology with leading processing costs


OS cost advantages in detail (2/2)

Location-specific relative costs per wafer (in 2020)

100%

111%109%106%

Competitor 1(today)

Competitor 2(today)

OSRAM(today)

OSRAM2016

~105

• Higher chip and phosphor efficiency result in smaller chip sizes for same brightness, i.e. in lower chip costs

• 1% higher efficiency equals to 3 ~ 5% lower chip costs• OS with technological advantage due to superior R&D spending,

highly experienced team and strong IP

~100 ~100> ~105

Kulim Malaysia China Taiwan Korea

Efficiency vs. best competitors for volume emitters [%]:

Chip and phosphor efficiency

Factor costs

3

4

OS is reaching quickly best-in-classefficiencies, enabling smaller

– and thereby cheaper – chips forsame brightness levels

OS benefits from lower factor costs in Kulim vs. fabs of our

main competitors


Only OS and one other player have the necessary sca le in niche businesses to realize large synergy benefits

Niche revenues 1) of integrated players[2014]

Synergy Potential: € 50 – 100mEBITA annually

General Lighting synergy bene-fits for OS niche businesses

• Chip volume all in one fab• Operational and purchasing

synergies lowering surface emitter chip costs

• R&D synergies• Overhead cost degression• Use of volume emitter chips in

industry and automotive applications

E FOS B C DA

Source: OS Analysis based on IHS 20151) Sum of automotive and industry revenues


OS is strong enough to accelerate General Lighting invest without diminishing the drive for niche businesses…

FY’11-FY’15 FY’16-FY’20

∑ Investment in Niche Businesses

∑ Investment in General Lighting

CAPEX

R&DSum of 5 years period [in € bn]

~ €½ bn higher invest in Niche

€1+ bn higher invest in General Lighting

… while still generating significant FCF over the pe riod


OS has a proven track record of building and operat ing large fabs in Asia

Regensburg, Germany

Wuxi, China

Penang, Malaysia

Kulim, Malaysia

~ 2,000 Employees– OS HQ– Innovation fab for all

technologies– R&D Center– Since 1972

~ 1,400 Employees– Greenfield LED back-

end plant for assembly of visible and Infrared LEDs

– Since late 2014

~ 5,600 Employees– LED chips and

components – General Lighting HQ– R&D center for LED

assembly– Since 1978 Packaging– Since 2010 Chip

Production

Goal: ~1,500 Employees– Greenfield LED front-

end plant for epitaxy and chip production

– Worldwide largest 6’’ fab

– From 2017


Start of Construction Module 1

Ready for Equipment Module 1

Start of Construction Module 2

RampModule 1

Ready for Equipment Module 2

RampModule 2

Q2-16 Q3-17 Q4-17 Q3-18 Q1-19Q2-17Timeline

More facts about the new LED fab in Kulim

Scaling in 3 steps to >20k WSPW 6” by 2020

• Primarily for volume emitters• Located in Kulim Hi-Tech Park, next to numerous

technology and semiconductors fabs, e.g. Infineon• ~40km to existing Penang plant and headquarters of

OS General Lighting business segment

Total investment: € 1bn until FY20 (thereof € 370m in the first step)

Capacity (WSPW)

6k 13k 20k


’05 ’14 ’15 ’20’07 ’10 ’12’11’08 ’09 ’13’06 ’09’08’05 ’06 ’07 ’15’12 ’13 ’14’10 ’11 ’20

The General Lighting investment enables OS to conti nue to deliver strong growth and healthy profit margins

OS Revenues OS EBITA Margin[% of Revenues]

13%

Fiscal Year Fiscal Year

17%

Assumes no major changes in the general economic situation

0%

With General Lighting invest

ILLUSTRATIVE

13%

17%

OS revenues to rapidly grow in bothNiche and General Lighting, benefiting from

improved over-all competitiveness

Improved General Lighting margins, combined withthe synergy impact of the investment on existingNiche business results in EBITA margins in the

~15% range once fab is up & running


In summary, OS is uniquely positioned to be an industry winner

Financial strength to build scale –Very few others could make this investment

1

Execution experience to deliver sustainable growth –Long history of competing and operating in Asia

2

Low cost leadership gives competitive advantage –Technology, scale and factor costs combine ideally

3

Ability to realize synergies is a point of differen tiation –Our business mix means we can deliver synergy benefits that others cannot

4

It’s right, it’s viable and it will work for OSRAM


This presentation contains certain non-IFRS measures. FCF, EBITDA, EBITA, EBIT, EBITA margin, capital expenditure, capitalexpenditure as percentage of revenue and other operating income, net financial debt, net working capital and certain other itemsincluded herein are not recognized measures in accordance with IFRS and should not be considered as an alternative to theapplicable IFRS measures. We have provided these measures and other information in this presentation because we believe theyprovide investors with additional information to measure our performance. Our use of the terms FCF, EBITDA, EBITA, EBIT,EBITA margin, capital expenditure, capital expenditure as percentage of revenue and other operating income, net financial debt,net working capital varies from others in our industry and should not be considered as an alternative to net income (loss), cashflows from operating activities, revenue or any other performance measures derived in accordance with IFRS as measures ofoperating performance or to cash flows as measures of liquidity. FCF, EBITDA, EBITA, EBIT, EBITA margin, capital expenditure,capital expenditure as percentage of revenue and other operating income, net financial debt and net working capital haveimportant limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results asreported under IFRS.

Certain numerical data, financial information and market data (including percentages) in this presentation have been roundedaccording to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or ifnumbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying(unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figuresmay not add up exactly to the totals contained in the respective tables and charts.

Disclaimer

OSRAM Analyst Day 2016 - OSRAM · PDF filestrongly specialized, ... 13 OSRAM Analyst Day 2016...

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