ams-OSRAM AG (AMSSY) Q2 2023 Earnings Call Transcript

ams-OSRAM AG (OTCPK:AMSSY) Q2 2023 Earnings Conference Call July 28, 2023 5:00 AM ET

Company Participants

Juergen Rebel – Head IR

Aldo Kamper – CEO

Rainer Irle – CFO

Conference Call Participants

Janardan Menon – Jefferies

Francois Bouvignies – UBS

Sandeep Deshpande – JPMorgan

Adam Angelov – Bank of America

Sébastien Sztabowicz – Kepler Cheuvreux

Jürgen Wagner – Stifel

Juergen Rebel

Good morning. I see quite a few familiar names on the call. Very nice to meet you again. I would like to welcome all of you to our Q2 2023 Earnings Call. And with me are Aldo Kamper, our CEO; Rainer Irle, our new CFO, who started July 1. Aldo will take you through the new strategic direction of the group, and Rainer will comment on the business development during Q2, and after which, we’re happy to take your questions.

Aldo and Rainer will refer to the Q2 earnings call presentation that you find on our website besides the extended Q2 presentation. With this, I hand over to Aldo.

Aldo Kamper

Thank you, Juergen, and also good morning to everyone from my side. In our earnings call three months ago, I promised that I will take a look for the management team where the company stands. There’s no discussion around the fact that our recent performance has been lackluster and has not met our ambition. Over the last three months, we took a careful look at the prospects of each of our 20-plus business lines and the overall strategy. In particular, the outlook for some low-performing consumer applications, amongst others, requires a significant reset in view of the macroeconomic environment. Our core businesses continue to have a healthy and positive outlook.

The reduced long-term forecast for some segments resulted in a goodwill impairment of €1.3 billion. It’s obviously purely a noncash

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