OSRAM discontinues share buyback program
The Managing Board of OSRAM Licht AG (OSRAM) has resolved today to discontinue the share buyback program that has started on 10 January 2019. The decision was taken against the background of the comprehensive measures to increase the operational efficiency and to tighten administration and sales structures, which are being implemented due to the currently weak market and business situation.
As already stated at the end of March and confirmed along with the publication of the results of the 2nd quarter of the financial year on 8 May 2019, OSRAM expects for fiscal year 2019 (continued operations) a revenue decline between 11 and 14 percent, an adjusted EBITDA margin between 8 and 10 percent and a negative free cash flow of -50 to -150 million Euro. OSRAM will reduce its annual cost base by more than 200 million Euro by fiscal year 2021.