2016 was an extraordinary year for OSRAM: the controversy with Siemens, the changes in the board of directors, the sale of the light source business in the Kulin chip factory, and a series of decisions led to the industry's high attention and many conjectures. Recently, Dr. Olaf Berlien, CEO of OSRAM, answered questions from analysts, employees and consumers on relevant issues.
Morgan Stanley Equity Analyst Lucie A. Carrier: You have been CEO of Osram for nearly two years. How did you further improve the interests of shareholders?
Dr. Olaf Berlien, CEO of OSRAM: In the past 2 years, we have succeeded in making the most important strategic changes in the company's development process. This year is our second consecutive record year, and we have brought Osram back to a track of continued growth. To achieve this goal, we have proposed the Diamond Program and Growth Plan over the past year. At the same time, we split and sold the light source business, and in a short period of time started and operated this large company with a revenue of 2 billion euros per year. The split business is now operating under the name LEDVANCE, and OSRAM continues to retain its high-tech business. When we look closely at the operational status of each department, it is clear that our choice is successful. For example, the revenue growth of the high-end LED business far exceeds 10%. Therefore, the sale of light source business will accelerate the growth of Osram and achieve greater profits.
SebasTIan Growe, Industrial Analyst, Commerzbank, Germany: Although the Opto Semiconductors Business Unit (OS) has established a high industry position for OSRAM and brought attractive profits, especially in the automotive/industrial application terminal market, general lighting (GI) ) but continue to suffer serious losses. Under such circumstances, is it not too risky to invest in building LED chip factories in Kulim, Malaysia?
Dr. Olaf Berlien, CEO of OSRAM: As with the sale of light source business, the Kulim Investment Factory is also a key strategic decision for us in recent years, and we fully support this decision. Our equipment in Malaysia guarantees our leading position in the LED market. Compared to our competitors in Asia, we can produce higher quality products more efficiently and at lower cost. We are further exploring the market for general-purpose LED lighting and are becoming a leader in LED cost. At the same time, we continue to develop high-end LED business, invest in high-tech technologies such as lasers, and continue to expand our technical expertise. All of this shows that the development of OSRAM is inseparable from several pillars. Of course, investment in Kulim is also an indispensable part of the company's development. Innovation helps us to provide our customers with the highest quality products and helps us to strengthen our market position.
Jeffrey Reilly, Jeffrey's stock analyst: 2016 was an extraordinary year for OSRAM: the controversy with Siemens, the board's changes, and the decision to build a chip factory in Kulin. Will the shareholders' meeting hope for a more stable 2017?
Dr. Olaf Berlien, CEO of OSRAM: There is no doubt that we have indeed experienced several periods of turmoil. The lighting market is growing rapidly, and if you don't move forward, you will fall behind. This is why we chose to make a bold, decisive and sustainable restructuring of the entire group to achieve the “5.1.5 goal†of 2020 – annual revenues of more than 5 billion euros and profits (EBITDA) of 1 billion euros per share. Earn about 5 euros. The good news is that the three pillars and the diamond program provide us with a framework in which we can continue to grow until 2020.
LS SMK Public Training Trainee Lisa Huber: How important is sustainability for you?
Dr. Olaf Berlien, CEO of OSRAM: As a leading supplier to the global lighting industry, our strategic decision-making is based on a comprehensive concept of the three pillars of sustainable development: economic, environmental and social. These all provide an overall framework for our thoughts and actions. We pay special attention to environmental issues. First of all, OSRAM has made active and efficient contributions to environmental protection issues using its own products. Today, the energy consumption of smart lighting systems and modern luminaires is a small fraction of traditional lighting a few years ago. Another factor is the environmental awareness in our production process. At OSRAM, environmental management includes the sustainable use of energy, water, waste and chemicals, as well as monitoring of emissions. The strategic importance of sustainability is also reflected in the behavior of investors, who increasingly use this factor as one of the criteria for investment decisions. At this point our concept has been successful, as we have repeatedly been included in the most important sustainability index, the Dow Jones Global Sustainability Index.
Michaela Kupfer, Trainee of Strategic Marketing and Planning / Communications, Opto Semiconductors: In recent years, OSRAM has been linked to restructuring and uncertainty to some extent. What prompted me to follow Osram and try to ensure that my first job was a long-term job?
Dr. Olaf Berlien, CEO of OSRAM: For us, efficiency is not an end in itself, but a way to promote development in a rapidly changing lighting market. That's why we shouldn't limit our thinking; every department must continue to make money. We firmly believe that only when a company is healthy and profitable will it be an attractive employer; we also understand that our employees and their innovative spirit are our most important assets. That is why we firmly believe that OSRAM is on the right path. With a firm belief, you should join us for a long-term job here. Only with your help will we grow and we will do our utmost to ensure that you and us succeed together.
Antonio Marino, Sales and Marketing, Italy: Does Osram sell its light source business and lose some of its soul?
Dr. Olaf Berlien, CEO of OSRAM: Osram's tradition is not just about making light sources. Osram has always been good at designing and successfully marketing engineering and high quality lighting technology. One hundred years ago, this was the light source. Today it means digital lighting, which is why we are currently working in this area. We are using three pillars – special lighting (SP), lighting solutions and systems (LS and DS) and optoelectronic semiconductors (OS) – to create a solid future for OSRAM, and we provide the latest lighting concepts for today's market. And proud. As a result, we have continued the tradition of being an innovative lighting company. We know that this is cruel to many people. However, we are convinced that this is absolutely necessary from a strategic perspective, and we believe that the light source business has also found good buyers. The Consumer Alliance is made up of reliable companies that can expand their business.
Dr. Frank Schmid, Director of Systems Engineering, Deere Aviation Co., Ltd.: What actions will you take to ensure that you are at the forefront of innovation?
Dr. Olaf Berlien, CEO of OSRAM: Innovation helps us to provide our customers with the best quality and helps to strengthen our position. We listen carefully to customer needs, which means increasing our research and development with the support of further investment. Specifically, for example, we are working hard to move forward and develop laser technology. We are currently investing in the development and innovation of high-end LEDs that are used in visualizations such as virtual reality or iris recognition. Last but not least, we consolidated our position in the US market by acquiring Novità Technologies. In short, we are in an ideal position in terms of innovation.
Gerd Bahnmüller, Vice President, Automotive Lighting Business Research and Development: How do you compete with your competitors in all areas, especially in lighting design?
Dr. Olaf Berlien, CEO of OSRAM: Our leadership in automotive lighting has been maintained for many years, bringing the best products and highest quality to our customers around the world. We also spent years working closely with reliable partners. For example, OSRAM is currently the only company in the world to offer mass-produced headlamp laser modules to the market. Several automakers are working with us in this area to build this technology in automotive lighting, and the demand for laser systems is growing steadily.
For many years, we have been developing and producing “matrix headlights†for many car manufacturers. This technology ensures that the driver has a constantly adaptive high beam that does not cause glare to the oncoming vehicle driver. Another growing market is assisted driving, and in the mid-term, there are also driverless cars, although these are all technologies that will be realized in the future. This technology relies on high-performance optical sensors that will drive automotive lighting in a new direction. This upcoming technology opens up an interesting new perspective for our customers and partners.
Environmental lighting designer Christoph Lay: In the future, what added value will lighting bring to our building?
Dr. Olaf Berlien, CEO of OSRAM: We will focus more on the needs of “smart cities†and “smart buildings†to meet the growing demand for smart connected lighting solutions. OSRAM has shown its professionalism in many such projects. The most notable examples include the illumination of the SisTIne Chapel and the lighting of the Marienplatz square in Munich. Another outstanding benchmark project is undoubtedly the lighting of the Shanghai Tower. Our lighting control system uses 22,000 LED lights to turn the world's tallest building into a landmark that can be seen within miles. However, we still have a lot to do, which is why we launched the ambitious LS 800 growth plan. The goal of this program is to double revenue by 2020 and achieve a profit margin of 8%.
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