Osram reported the financial results of its fiscal 2019 and 4Q19 yesterday in the same press release that backs up AMS’ takeover offer. The company reported a declined revenue in fiscal 2019 hit by the impacts of the weak Chinese automotive industry.

For fiscal 4Q19, Osram registered revenues of EUR 924 million (US$ 1.02 billion), with an on-year decline of 5.3% and 9% on a comparable basis. Adjusted EBITDA came to EUR 86 million (US$ 94.72 million), down by 43.1%YoY.

For fiscal 2019, the company posted revenues of EUR 3.464 billion (US$ 3.816 billion), which dropped by 13.1% on a comparable bases compared to fiscal 2019. Adjusted EBITDA dropped 50.6% on year to EUR 307 million (US$ 338.13 million).

In the past fiscal year, Osram have adjusted their business outlook twice and the final target set in March 2019 was met. The gloomy business performance in fiscal 2019 was attributed to touch market environment affected by ongoing political and economic uncertainties.

Among the three business segments of Osram, Automovie unit has been affected by the sharp decline in the automotive industry dropped. The adjusted EBITDA margin amounted to 7.8 percent. The profitability of the division was burdened in particular by the Osram Continental joint venture.

The company expects that its fiscal 2020 will be stabilized with moderate development. Osram also recommended it shareholders to accept AMS’ takeover offer which will due by December 5, 2019.