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Especially the announcement of the new factory had
sent down the stock price. In the fall of 2015, OSRAM
was advertising with a capital expenditure some of 1
billion Euro for the innovation offensive.
This was a misunderstanding. We are building the
factory by way of modules, the first one for 370 million
Euro. Only when the capacities there will be utilized, the
second model will be added – depending on the market
development. There is no automatism.
In spite of it, in a recession the factory will probably
not be fully utilized. Then the fixed costs would be
quite a burden.
Critical voices have drawn parallels to the business with
general semi-conductors, especially with storing chips.
But there are, though, already big differences. From the
beginning, we will produce at Kulim premium products,
which had strong demand over the last 15 months, as
well as the new chips for the general lightning. This,
from the beginning produces a good rise in capacity
utilization. But clearly, there is the risk that capacities will
not be fully utilized, when it comes to a little downturn.
Is this in the meantime clear to your shareholders?
Yes, they have understood this. OSRAM, by the way, has
a changed shareholder-base. Those, who have invested
in the restructioring story, have already left. We are
now switching over to growth and for this, we have
found a few new investors who do want this and who
understand our business model.
And what is with Siemens, still largest shareholder?
You must ask Siemens. I refer to the voting results in our
general meeting in February. They were very good.
The Board of Management got approval with 99.96 %
of the votes. In the year before, however, Siemens has
voted against the CEO Olaf Berlien. This was a clear
confrontation.
Our relationship to Siemens at the moment is very good.
We are now switching over to growth
and for this, we have found a few new investors
OSRAM lately has acquired two smaller corporations.
Will this continue?
We have looked around in all our three divisions. Where
are we strong, where can we still improve. For our
special lightning, to which especially counts the lights
for cars, the electronic technology and the software are
especially important. Here, we are looking around, also
internationally, for acquisition targets or partners.
And the opto semi-conductors?
There, we invest ourselves very much, especially in
Malaysia. Acquisitions will be interesting. We could
thereby improve our market access. Because for the
general lightning, in which we step in, there are different
sales channels. In addition, and lately, we have a quiet
alliance package from a Japanese producer.
Remains still LSS, the division with solutions and
systems.
There, we are especially looking at the service business.
This is attractive with higher margins. In the USA we
have therefore acquired in February the service provider
Manieri- Agraz.
This was a relatively small acquisition. Up to which
sales number can you imagine a new acquisition?
It is still possible that we look at an acquisition target
corporation with sales up to 500 million Euro. In order to
achieve economies of scale, size can play an important
role. But at the moment there are no concrete plans.
Financially, you could lift this?
Yes, we have a strong balance sheet. From our financing
point of view, acquisitions are therefore less of a
challenge. With the sale of Ledvance, our bulb business,
we now receive around 500 million Euro – before taxes.
We thus have much fire power and the possibility to act.
But we do not make the mistake now to buy something
only because we can do so.
How are you financing the new factory in Malaysia?
From our cash-flow.
We have much fire power and the possibility to
act. But we do not make the mistake now to buy
something only because we can do so
OSRAM at the end of the past business year had only
42 million Euro long term corporate debt, and an
equity of almost 2.5 billion Euro. From the tax point of
view, isn’t this unfavorable, also with the view to the
low interest rates?
Lately, we have taken up a loan of 200 million Euro from
the European Investment Bank for 8 years and had a
very good effective interest rate. With this, and when
there is a need, we can for example finance the capital
expenditures. But it is true: In the past, OSRAM had a
very conservative balance sheet-structure.
Why?
My predecessor has made sure that the pension
provisions are funded. Presently, we have a funding by
100 %. I am happy that I have this inherited. But our
balance sheet structure has certainly leeway.
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