AMS 오스람, 중요 고객 상실로 주가 거의 절반이 하락

AMS Osram shares lose almost half as it loses key customer The lighting company is said to be losing its most important customer for its new technology - that customer is said to be Apple. AMS Osram has built a new factory for a micro-LED order worth 800 million euros. Munich. AMS-OSRAM Chief Executive Officer Aldo Kemper tried to calm employees down on Thursday. The news of the loss of a large order for the new micro-LED technology was very disappointing, he told a hastily convened town hall meeting. But: "Our core business is strong. We expect structural growth over the next few years."This did not calm the stock market. AMS shares plunged 45% to 1.21 Swiss francs in the biggest price drop in the company's history. Finally, to account for this large order, the company built a new 8-inch wafer plant in Kulim, Malaysia, which was scheduled to begin operations this year.It appears that this valuable project will remain empty for the time being. “It will also be possible to service smaller orders from other customers in Regensburg,” said one insider. "We've made very good progress developing this new technology and we've learned a lot," Camper said during a staff video conference. So we will analyze the possible next steps in detail before making a decision.According to industry relations, the customer was Apple. But smartphone manufacturers don't talk about their suppliers publicly and generally keep a low profile. “It was a clear mistake to rely too heavily on a single customer for the new plant,” the insider said. However, this is still a legacy from the time when AMS Osram's former CEO, Alexander Eberke, was CEO of AMS Osram.Inside the group, it was judged to be an excessive reaction from the market. Growth plans will have to be scaled back slightly. Essentially, the focus is primarily on business with the industrial and automotive sectors. Pixel-sized LEDs that could be used in smartwatch displays, for example, were "just the icing on the cake."

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AMS Osram estimated the plant's investment costs in Kulim to be around 800 million euros, costs that are currently being written off without profit. AMS Osram will therefore record a waste of 600 million to 900 million euros for the project in the first quarter, the company said. As a result of the order cancellation, the future use of all assets under the Micro-LED strategy will be questioned, especially the new 8-inch LED plant in Kulim. To raise funds, the new board, led by Aldo Camper and CFO Rainer Ile, sold the new plant for 450 million euros and leased it back - the lease payments continue even without the plant being used.Growth is lower Now Osram has to slightly revise its medium-term plans. Sales growth in its core business is now expected to be 6 to 8 percent, up from 6 to 10 percent, the company said.There will be a profit shortfall of 30 to 50 million euros. This is because research and development costs are understated and subsidies are no longer expected. Therefore, AMS Osram is said to be considering further reduction measures in addition to its ongoing cost program to make up for lost profits. Industry sources say hundreds of employees could be affected in development and planned production after the major project ends. It's still unclear what will happen.For CEO Camper, the bad news arrived at an inopportune time. Since taking office last year he has spent trillions and raised funds from a high mountain of debt. The combined group is sitting on a high mountain of debt after smaller Austrian rival AMS saddled Osram's traditional German group with debt. Last fall, Camper reached an agreement with banks on a refinancing concept that would include financing and new loans.The new start is expected to be successful in 2024. But now the shadow of the past has returned to AMS Osram. According to industry sources, the micro-LED disaster could have further consequences: "There will be no return to business as usual." One of the last senior employees to take charge in the merged group is Mark Hammers, who still works as AMS Osram's head of strategy. He left the board last year but still serves as head of strategy at AMS Osram.Osram has already had to adjust its medium-term plans. Instead of the expected 6 to 10 percent sales growth in its core business, the company said it can now expect only 6 to 8 percent.Total and pre-tax profits are 30-50 million euros short. This is because research and development costs are understated and subsidies are no longer expected. Therefore, AMS Osram is said to be considering further reduction measures in addition to its ongoing cost program to make up for lost profits. Industry sources say hundreds of employees could be affected in development and planned production after the major project ends. It's still unclear what will happen.For CEO Camper, the bad news arrived at an inopportune time. Since taking office last year he has spent trillions and raised funds from a high mountain of debt. The combined group is sitting on a high mountain of debt after smaller Austrian rival AMS saddled Osram's traditional German group with debt. Last fall, Camper reached an agreement with banks on a refinancing concept that would include financing and new loans.The new start is expected to be successful in 2024. But now the shadow of the past has returned to AMS Osram. According to industry sources, the micro-LED disaster could have further consequences: "There will be no return to business as usual." One of the last senior employees to take charge in the merged group is Mark Hammers, who still works as AMS Osram's head of strategy. He left the board last year but still serves as head of strategy at AMS Osram.