2023-09-29 19:42:03
Zurich (awp) – With a combination of capital increase, borrowings and new financing instruments totaling 2.5 billion euros, AMS Osram wants to provide itself with fresh capital. On the stock market, this news was not well received and the stock subsequently fell by around 20%.
The company needed a breath of fresh air, explained financial director Rainer Irle in an interview with Finanz und Wirtschaft (Saturday edition). Equity backers said they wanted to wait until the debt problem was resolved and financial investors deplored the low equity ratio, recalled the CFO. With the capital increase and the simultaneous issuance of loans, this problem is resolved, according to him.
The issue of refinancing was a sword of Damocles hanging over the company. This matter settled, the group can now focus on business once more. We can now talk regarding the company itself, not its deadlines, emphasized the financial director.
According to him, the measures taken are sufficient to ensure the long-term stability of the group, which will post positive free cash flow from next year. With the cost savings and focus on business, the Ebit margin of 15% is expected to be reached in 2026. AMS Osram will then be able to continue reducing its debt thanks to the freed cash. And within three years, the debt level will fall back below 2.
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