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View Annual Report ReInventing Light for 110 Years Annual Report of OSRAM Licht Group Fiscal Year 2016 Contents About this Report 1 A Combined Management Report A.1 Business and Environment 3 A.2 Business Performance in 2016 10 A.3 Events After the Reporting Date 48 A.4 Report on Expected Developments and Associated Material Risks and Opportunities 49 A.5 Takeover-related Disclosures, Remuneration Re- port, and Corporate Governance Declaration 67 A.6 OSRAM Licht AG 73 B Consolidated Financial Statements of OSRAM Licht AG for Fiscal Year 2016 According to IFRS B.1 Consolidated Statement of Income 78 B.2 Consolidated Statement of Comprehensive Income 79 B.3 Consolidated Statement of Financial Position 80 B.4 Consolidated Statement of Cash Flows 82 B.5 Consolidated Statement of Changes in Equity 84 B.6 Notes to the Consolidated Financial Statements 85 C Statements and Further Information C.1 Responsibility Statement 157 C.2 Independent Auditor’s Report 158 C.3 Report of the Supervisory Board 160 C.4 Corporate Governance 166 1 About this Report This Annual Report contains the combined management report and the consolidated financial statements of OSRAM Licht AG and its subsidiaries (‘ OSRAM Licht Group’, ‘ OSRAM’ or ‘we’) for the year ended September 30, 2016 as well as further information. It complies with the annual financial reporting requirements of section 37v of the Wertpapierhandelsgesetz (WpHG—German Securities Trading Act). The combined management report includes the management report for OSRAM Licht AG in addition to the information on the OSRAM Licht Group. The combined management report also contains the › C.4.2 Remuneration Report and the › C.4.3 Corporate S Page 171 Governance Declaration. S Page 183 In view of the agreed sale of the general lighting lamps business › A.2.2.3 Other Significant Events S Page 15 Responsible for the Course of Business, OSRAM reports these activities in this financial report as a discontinued operation. Consequently, the explanations in the combined management report focus on OSRAM’s core business in the future, i.e., the continuing operations comprising automo- tive and specialty lighting, opto semiconductors, and luminaires, lighting systems, and solutions; corresponding disclosures are identified by the addition of ‘continuing operations’. Information for the entire OSRAM Licht Group is presented where this is necessary to evaluate the position of the Group, or where this is required for regulatory reasons or because separate information for continuing operations is not available. The combined management report—especially the › A.4.1 Report on Expected Developments— S Page 49 contains forward-looking statements that are based on current management estimates regarding future developments. These statements do not constitute a guarantee that these expectations will prove correct. The future performance of the OSRAM Licht Group and its affiliated compa- nies depends on numerous risks and uncertainties, many aspects of which are outside of OSRAM ’s sphere of influence. In particular, these include, but are not limited to, the circumstances described in › A.4.2 Report on Risks and Opportunities. As a result, material variances, both negative and S Page 52 positive, could arise between OSRAM’s actual results, profits, and performance and those forecast in our forward-looking statements. OSRAM does not plan and does not assume any separate obli- gation to update the forward-looking statements over and above regulatory requirements. OSRAM’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and their interpretations issued by the International Accounting Standards Board (IASB), as adopted by the European Union (EU). Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft has audited the consolidated financial statements and the combined management report. The unqualified audit opinion can be found in › C Statements and S Page 156 Further Information. Fiscal year 2016 for the OSRAM Licht Group and OSRAM Licht AG began on October 1, 2015 and ended on September 30, 2016. This document is a convenience translation of the original German-language document. Due to rounding, numbers presented throughout this report may not add up precisely to the totals Cross-references provided and percentages may not precisely reflect the absolute figures. in the text › Internal Unless otherwise stated, the number of employees is given in thousands of full-time equivalents cross-reference (within the document) (FTEs) as of the reporting date. ›› External The objective of the content and structure of this financial report is to ensure that even greater cross-reference (to another document emphasis is given to key information that is required by the regulator. or via the Internet) OSRAM Licht Group—Annual Report 2016 A Combined Management Report 2 Combined Management 1) Report A A . 1 3 A . 4 49 Business and Environment Report on Expected Develop- A.1.1 Business Activities and Structure of ments and Associated Material OSRAM Licht Group 3 Risks and Opportunities A.1.2 Performance Management 6 A.4.1 Report on Expected Developments 49 A.4.2 Report on Risks and Opportunities 52 A . 2 10 Business Performance in 2016 A . 5 67 A.2.1 Overall Assessment by the Takeover-related Disclosures, Managing Board of the Current Remuneration Report, and Cor- Economic Situation 10 porate Governance Declaration A.2.2 Events and Developments Responsible for the Course of Business 13 A.5.1 Takeover-related Disclosures 67 A.2.3 Results of Operations 17 A.5.2 Remuneration Report 72 A.2.4 Financial Position 23 A.5.3 Corporate Governance Declaration 72 A.2.5 Net Assets 28 A.2.6 Sustainability 30 A.2.7 Reconciliation of Key Performance Indicators 43 A . 6 73 OSRAM Licht AG Disclosures in Accordance with the HGB A.6.1 Business and Operating Environment 73 A . 3 48 A.6.2 Results of Operations 74 Events After the Reporting Date A.6.3 Net Assets and Financial Position 75 A.6.4 Opportunities and Risks 76 A.6.5 Outlook 76 1) The combined management report includes the management report of OSRAM Licht AG in addition to the information on the OSRAM Licht Group. A.1 Business and Environment A.1 Business and Environment A COMBINED MANAGEMENT Report 3 _ A.1 Business and Environment A . 1 Business and Environment A.1.1 Business Activities and Structure of OSRAM Licht Group A.1.1.1 Business Model OSRAM is one of the world’s leading lighting manufacturers and has a history dating back more than 100 years. We see ourselves as a focused lighting technology provider in the areas of auto- motive and specialty lighting, opto semiconductors, luminaires, lighting systems, and solutions. Our product portfolio ranges from high-tech applications using semiconductor-based technolo- gies, such as infrared and lasers, to networked, intelligent lighting solutions for buildings and urban areas. The operating activities covered by our business model are organized into four Business Units: Specialty Lighting, Opto Semiconductors, Digital Systems, and Lighting Solutions. On July 1, 2016, we separated our former Lamps Business Unit, which primarily consisted of the general lighting lamps business, under the name LEDVANCE as planned as part of the stra- tegic realignment of our business model. We then signed an agreement for the sale of this busi- ness in the fourth quarter of the fiscal year › A.2.2.3 Other Significant Events Responsible for the S Page 15 Course of Business. LEDVANCE’s activities are reported in our consolidated financial statements as a discontinued operation. The disclosures in the combined management report focus on the continuing operations (Specialty Lighting, Opto Semiconductors, Digital Systems, and Lighting Solutions); corresponding disclosures are identified by the addition of ‘continuing operations’. Specialty Lighting (SP) The SP Business Unit offers a broad range of lamps and systems for various sectors and special applications. In terms of revenue, SP’s largest business is automotive lighting using LED prod- ucts and products based on traditional technologies, as well as products using innovative OLED and laser technologies. Specialty lamps for stage, cinema, and studio lighting form another area of business. SP also serves further niche applications such as those that employ light for purposes other than illumination, for example lamps for cleaning that use high-intensity UV light to disinfect the surfaces, gases, or fluids that they irradiate. Since the start of fiscal year 2016, the activities in connection with specific pre-materials (e.g. the production of fluorescent materials), which were previously reported in the former LP Business Unit (now LEDVANCE, discontinued operation), have been allocated to SP. SP is active in specialty lighting markets that typically have a smaller number of competitors than markets such as general lighting. In the automotive lighting business, SP is the market leader in all regions; its main competitors are Lumileds, General Electric, and Nichia. OSRAM and our competitor Ushio are the market leaders in specialty lighting and lamps for stages, cinemas, and studios. OSRAM Licht Group—Annual Report 2016 A COMBINED MANAGEMENT Report 4 _ A.1 Business and Environment SP employed a total of around 6.6 thousand people as of September 30, 2016. Its products are marketed globally; the largest share of revenue is generated in our EMEA reporting region › A.1.1.2 S Page 5 Organization and Reporting Structure and the market with the greatest growth potential is APAC › A.1.1.2 Organization and Reporting Structure. S Page 5 Opto Semiconductors (OS) The OS Business Unit develops, produces, and markets products relating to opto semiconductor technology. This includes both LEDs, which generate visible light for a wide range of lighting appli- cations, and other opto semiconductors, which emit invisible light or receive incoming light and convert it into signals. The main sources of demand for OS products are the automotive industry, industrial and end-customer applications, and, increasingly, the general lighting sector.
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