Prospekt E Final Internet 01

7/30/2019 Prospekt E Final Internet 01

1/448

This document is not an offer for sale or a solicitation to buy securities and has not been approved by

any supervisory authority anywhere in the world. This document is in all material respects a convenience

translation of the original German-language listing prospectus, which is the legally relevant document under

German law; only the German-language version has been approved by the German Federal Financial

Supervisory Authority (Bundesanstalt fr Finanzdienstleistungsaufsicht).

Listing Prospectus

for admission to trading on the regulated market (Regulierter Markt) of the Frankfurt Stock Exchange and

the Munich Stock Exchange with simultaneous admission to the sub-segment of the Frankfurt Stock

Exchange with additional post-admission obligations (Prime Standard) of

104,689,400 no-par value registered shares(entire share capital upon effectiveness of the capital increase in connection with the spin-off of

an indirect 80.5% shareholding in OSRAM GmbH by way of transfer of all shares in OSRAMBeteiligungen GmbH to OSRAM Licht AG under issuing shares to the shareholders of Siemens AG)

each representing a notional share in the share capital of1.00 per no-par value share andcarrying full dividend rights from October 1, 2012 onwards

of

OSRAM Licht AG, Munich

International Securities Identification Number (ISIN): DE000LED4000 German Securities Identification Number: LED 400

Common Code: 089579422

June 21, 2013


2/448

TABLE OF CONTENTS

SUMMARY OF THE PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

A INTRODUCTION AND WARNINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

B THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

C SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

D RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

E OFFER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

RISKS RELATING TO OUR INDUSTRY AND OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

REGULATORY RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

RISKS ASSOCIATED WITH OUR SHAREHOLDER STRUCTURE AND THE SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . 53

RISKS RELATING TO THE COMMENCEMENT OF TRADING OF OUR SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

DOCUMENTS AVAILABLE FOR INSPECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

SUBJECT MATTER OF THIS PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57CURRENCY PRESENTATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

PRESENTATION OF SOURCES OF MARKET DATA; ADDITIONAL FINANCIAL AND NUMERICAL DATA . . . . . . . . 58

PRESENTATION OF FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

THE SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

CORPORATE STRUCTURE PRIOR TO THE SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

SPIN-OFF PROCEDURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

STATUTORY AUDITOR FOR THE SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

CONTRIBUTIONS IN KIND AND POST-FORMATION AUDIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

TRUSTEE, ALLOTMENT RATIO, ALLOTMENT, SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

ADR PROGRAM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

ADMISSION TO STOCK EXCHANGE AND COMMENCEMENT OF TRADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

SUBSIDIZED ACQUISITION OF SHARES BY EMPLOYEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

TIMETABLE FOR THE SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

DESIGNATED SPONSORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

INTERESTS OF PARTICIPATING PARTIES IN THE SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

DILUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

LISTING AGREEMENT; FEES; INDEMNITY; LOCK UP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

OTHER RELATIONSHIPS BETWEEN THE BANKS, SIEMENS AG AND THE COMPANY . . . . . . . . . . . . . . . . . . . . . 68

REASONS FOR THE SPIN-OFF; COST OF ISSUANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69REASONS FOR THE SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

COST OF ISSUANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

DIVIDEND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

GENERAL PROVISIONS RELATING TO PROFIT ALLOCATION AND DIVIDEND PAYMENTS . . . . . . . . . . . . . . . . . 71

DIVIDEND POLICY AND EARNINGS PER SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

CAPITALIZATION AND NET INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

CAPITALIZATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

NET FINANCIAL INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

FINANCIAL COMMITMENTS AND CONTINGENT LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

STATEMENT ON WORKING CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74NO SIGNIFICANT CHANGE OF FINANCIAL POSITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

i


3/448

SELECTED FINANCIAL AND OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSOF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

BASIS OF PRESENTATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

KEY FACTORS AFFECTING THE RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

NON-GAAP MEASURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

DISCUSSION OF INDIVIDUAL ITEMS IN THE COMBINED STATEMENTS OF INCOME . . . . . . . . . . . . . . . . . . . . . 103

COMPARISON OF OPERATING RESULTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

INFORMATION ON COMBINED STATEMENTS OF FINANCIAL POSITION OF OSRAM LICHT GROUP . . . . . . . . . . 133

LIQUIDITY AND CAPITAL RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

CRITICAL ACCOUNTING ESTIMATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

DISCLOSURE ABOUT MARKET AND OTHER FINANCIAL RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

INFORMATION FROM THE ANNUAL FINANCIAL STATEMENTS OF OSRAM GMBH AND OSRAM LICHT AG IN

ACCORDANCE WITH THE GERMAN COMMERCIAL CODE FOR THE FISCAL YEAR 2012 . . . . . . . . . . . . . . . 148

TECHNOLOGICAL BACKGROUND, INDUSTRY AND COMPETITIVE OVERVIEW . . . . . . . . . . . . . 149

TECHNOLOGICAL BACKGROUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149

THE GLOBAL LIGHTING MARKET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152

COMPETITION AND MARKET POSITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160

BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162

OUR HISTORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162

OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162

OUR SEPARATION FROM SIEMENS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

COMPETITIVE STRENGTHS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168

PRODUCTS AND SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172SALES AND MARKETING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175

PROCUREMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176

INFORMATION TECHNOLOGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177

PRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178

RESEARCH AND DEVELOPMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179

INTELLECTUAL PROPERTY RIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181

EMPLOYEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183

INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184

RISK MANAGEMENT AND COMPLIANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184

LEGAL AND ARBITRATION PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186MATERIAL CONTRACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193

REGULATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198

ENVIRONMENT RELATED REGULATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198

CROSS BORDER IMPORT AND EXPORT LAWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

GOVERNMENT SUBSIDIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

LIGHTING REGULATION IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS . . . . . . . . . . . . . . . . . . . . . . . . 207

RELATIONSHIP WITH THE SIEMENS GROUP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207

RELATIONSHIP WITH ASSOCIATES AND JOINT VENTURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220

RELATIONSHIP WITH MEMBERS OF THE MANAGING BOARD AND THE SUPERVISORY BOARD . . . . . . . . . . . . 221

ii


4/448

SHAREHOLDER STRUCTURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222

GENERAL INFORMATION ON THE COMPANY AND THE OSRAM LICHT GROUP . . . . . . . . . . . . . 223

GROUP STRUCTURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

REGISTERED OFFICE, FISCAL YEAR, AND DURATION OF THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

CORPORATE PURPOSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224

INFORMATION ON OUR MATERIAL INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224

STATUTORY AUDITOR OF THE FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225

NOTICES, PAYING AND REGISTRATION AGENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225

DESCRIPTION OF SHARE CAPITAL OF OSRAM LICHT AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226

DEVELOPMENT OF SHARE CAPITAL OVER THE LAST THREE YEARS AND IN THE COURSE OF THE

SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226

AUTHORIZED CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226

CONTINGENT CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227

AUTHORIZATION TO ISSUE CONVERTIBLE BONDS AND SIMILAR BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227

AUTHORIZATION TO ACQUIRE AND SELL TREASURY SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229

GENERAL PROVISIONS RELATING TO A LIQUIDATION OF THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . 231

GENERAL PROVISIONS RELATING TO A CHANGE IN THE SHARE CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . 231

GENERAL PROVISIONS RELATING TO SUBSCRIPTION RIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231

SQUEEZE-OUT OF MINORITY SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232

SHAREHOLDER REPORTING AND DISCLOSURE REQUIREMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232

MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235

OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235

MANAGING BOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236

SUPERVISORY BOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243

CERTAIN INFORMATION ON THE MEMBERS OF THE MANAGING BOARD AND SUPERVISORY BOARD;

CONFLICTS OF INTEREST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250GENERAL SHAREHOLDERS MEETING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250

CORPORATE GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251

TAXATION IN THE FEDERAL REPUBLIC OF GERMANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252

TAXATION OF THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252

TAXATION OF SHAREHOLDERS TAX RESIDENT IN GERMANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253

TAXATION OF SHAREHOLDERS NOT TAX RESIDENT IN GERMANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256

INHERITANCE AND GIFT TAX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258

OTHER TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258

CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262

FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1

RECENT DEVELOPMENTS AND OUTLOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . O-1

iii


5/448

[THIS PAGE INTENTIONALLY LEFT BLANK]


6/448

SUMMARY OF THE PROSPECTUS

Summaries are made up of disclosure requirements known as elements (Elements). These Elements are numbered inSections A E (A.1 E.7). This summary contains all the Elements required to be included in a summary for this type ofsecurities and issuer. Because some Elements are not required to be addressed, there may be gaps in the numberingsequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type ofsecurities and issuer, it is possible that no relevant information can be given regarding the Element. In this case a shortdescription of the Element is included in the summary with the mention of not applicable.

A INTRODUCTION AND WARNINGS

A.1 Warnings. This summary should be read as an introduction to this prospectus. Anydecision to invest in securities should be based on consideration of theprospectus as a whole by the investor.

A.2 Information regarding the

subsequent use of the prospectus.

Not applicable. Consent regarding the use of the prospectus for asubsequent resale or placement of the shares has not been granted.

B THE ISSUER

B.1 Legal and commercial name. The Companys legal name is OSRAM Licht AG.

The companies of the OSRAM Licht Group generally use the master brandOSRAM. Additionally, second brands are used besides the master brandOSRAM, in particular to position it against private labels and secondbrands of competitors. In North America, the brand SYLVANIA is a brandwell known by end-users and business partners.

B.2 Domicile, legal form, legislation

under which the issuer operates,

country of incorporation.

The Company has its registered seat in Munich. It is registered with thecommercial register (Handelsregister) at the local court (Amtsgericht) ofMunich under number HRB 199675. The Company is a stock corporationwith its seat in Germany and subject to German law.

B.3 Description of, and key factors

relating to, the nature of the

issuers current operations and

its principal activities, stating the

main categories of products sold

and/or services performed and

identification of the principal

markets in which the issuer

competes.

OSRAM is one of the worlds leading providers of lighting products andsolutions based on sales (source: Frost & Sullivan 2011) and in its ownassessment the only pure play, i.e., exclusively focused on the lightingindustry, integrated global lighting company. With our mission statementLight is OSRAM we deliver lighting solutions for every facet of life. Weoffer vertically integrated solutions in all relevant stages of the lightingvalue chain from light sources over ballasts and light components, tocomplete luminaires, light management systems and lighting solutions aswell as value-added services. OSRAM products cover a broad range ofapplications.

Our business is organized in separate Business Units. Our former businessunit General Lighting and its successor business units (Lamps, LightEngines & Controls, Luminaires and Solutions), respectively, coverapplications and products for both, consumer and professional customers ingeneral lighting, the business unit Specialty Lighting produces products forautomotive and in the area of projection, entertainment, industrial andmedical applications, and the business unit Opto Semiconductors deliversLED, infrared and laser components for general lighting, automotive,industrial, and consumer & communication electronics. We are engaged inall major lighting technologies, from traditional incandescent and halogento energy efficient low and high pressure discharge technology as well as tothe latest SSL (solid state lighting, a semiconductor based lightingtechnology) products. We have an extensive patent portfolio protecting ourintellectual property and our technical inventions. In our manufacturing

facilities we produce high-quality products using proprietary equipmentand technologies developed by us.

1


7/448

Our core trademark has a history of more than 100 years during which webecame in our opinion a leading global lighting manufacturer with leadingtechnology shaping the lighting market. Based on our extensive globaldistribution platform we cover all important sales channels for products inour portfolio. We have long-term relationships with important OEMs,retailers and wholesale customers throughout the world. As ofSeptember 30, 2012, we operated 39 production facilities in 15 countriesand our sales network covered more than 120 countries throughsubsidiaries, branch offices, sales support centers or local agents. Theaverage number of employees in the Fiscal Year 2012 was 40,157 FTE(full time equivalents) (Fiscal Year 2011: 40,497 FTE, Fiscal Year 2010:39,743 FTE); as of September 30, 2012, we employed 39,194 FTE(September 30, 2011: 41,380); thereof 10,027 in Germany. In the FiscalYear 2012 OSRAM generated revenue of 5,399.8 million (Fiscal Year2011: 5,031.0 million; Fiscal Year 2010: 4,679.7 million), and EBITA(earnings before interest, taxes and amortization) of 53.3 million (FiscalYear 2011: 437.0 million; Fiscal Year 2010: 582.5 million).

Our light source product portfolio includes incandescent lamps, halogenlamps, fluorescent lamps, high intensity discharge lamps (HID), lightemitting diodes (LEDs) and organic light emitting diodes (OLEDs). Inaddition, we offer electronic components such as electronic ballasts andcomplete luminaires. We also offer innovative, integrated and customizedlighting solutions for large projects including light management systems,and offer value added services such as energy audits, light design andengineering as well as maintenance services. Our products are used forillumination, visualization, sensing and special purposes in a variety ofapplications for general lighting, in particular architectural, residential,office, industrial, shop, hospitality, and outdoor. Our products appear alsoin consumer and communication applications (e.g. mobile phones). In theautomotive sector we furnish light sources and systems for forward, rear,signal and interior lighting as well as sensor technology. For thedisplay/optic market we produce light sources and systems for special

applications, such as projection, entertainment/architainment (dynamicarchitectural lighting) and medical as well as industrial applications (suchas disinfection with UV radiation).

Technologically, we divide our products into SSL products, efficienttraditional products as part of in the Environmental Portfolio and traditionalbasic products.

SSL products are included in the Environmental Portfolio andcomprise in particular semiconductor-based light sources, includingLED components and LED modules, LED light engines (combinationof a LED module and the associated electronic control gear), LEDlamps, LED luminaires, infrared emitters and detectors, OLED as wellas light management systems for such light sources.

Efficient traditional products as part of the Environmental Portfolio arebased on traditional lighting technology, but offer the end-consumer anenergy efficiency advantage compared to the respective baselinetechnology. Efficient traditional products as part of the EnvironmentalPortfolio include compact fluorescent lamps (energy saving lamps),certain modern types of halogen lamps, efficient fluorescent lamps(energy saving lamps), high intensity discharge lamps, dischargelamps for specialty purposes, as well as electronic control gearincluding light management systems.

Traditional basic products primarily include products based ontraditional lighting technology such as incandescent lamps, certain

types of halogen and halo-phosphate fluorescent lamps, basicfluorescent lamps, mercury vapor lamps, magnetic ballasts andluminaires containing such basic products.

2


8/448

Business Units and Segments

Through September 30, 2012, our business activities were divided intothree business units (each forming a segment within the meaning of IFRS(International Financial Reporting Standards) 8 for the purpose of thecombined financial statements for the Fiscal Years 2012, 2011 and 2010):General Lighting, Specialty Lighting and Opto Semiconductors. Effectiveas of the Fiscal Year 2013, we changed the structure of our business units

and simultaneously our segments within the meaning of IFRS 8. To allowfor a more distinct allocation of responsibilities and to address thetechnological transformation more efficiently, effective as of October 1,2012, the former business unit General Lighting has been divided along thelighting value chain into four new separate business units Lamps, LightEngines & Controls, Luminaires and Solutions as well as the unitsServices and OLED. For purposes of external reporting, there are two newsegments according to IFRS 8: Lamps and Light Engines & Controls formthe segment Lamps & Components and Luminaires, Solutions and Servicesform the segment Luminaires & Solutions. The research project OLED isreported as part of corporate items.

Competitive Strengths

We believe that we have the following core strengths supporting our goalto expand our position as a leading integrated solution provider in thelighting industry. In our opinion, the core strengths are summarized asfollows:

Based on revenue, we are one of the global market leaders (ownassessment on the basis of our competitors revenue reports), in amarket with attractive, long-term growth prospects.

As an integrated lighting company we are positioned with a well-diversified product portfolio.

We distinguish ourselves by our market presence with strong, purelighting trademarks, local presence in all significant markets and

product and technology leadership. We have leading positions in the high-margin business of Specialty

Lighting and the LED components business of Opto Semiconductors.

The strength of our general lighting business with traditional productsis the platform for the transition to SSL based products.

We have, in our assessment, a strong management team with a proventrack record.

Strategy

Our strategy is to expand our position as, in our assessment and based onrevenue, a leading integrated solution provider in the lighting industry. In

this context, we also aim to increase our coverage of the value chain.However, we continuously analyze the possibilities for in-house productionand third party sourcing in due consideration of our core competences.Based on several factors, the lighting segment is undergoing significantchange. We are determined to respond successfully to the global growthand technology drivers that are causing these industry changes.Demographics, increasing electrification and economic developments inemerging markets are expected to result in demand for more light products.In addition, energy saving, decarbonization (creation of a low-carbonproduction and consumption environment), digitalization andemotionalization of light trends are expected to create demand for highervalue lighting products. For OSRAM, these changes provide theopportunity to shape our business model and continue to be a leader in the

changing lighting industry, as we have successfully been throughout ourlong history. This new market environment also gives us the opportunity to

3


9/448

increase our sales in higher value efficient traditional products as part ofthe Environmental Portfolio and SSL products. Likewise important is thepotential to service an expanded value chain as it shifts towards intelligentnetworked solutions and value-added services. Our strategy addresses thethree drivers in the shaping of the lighting market:

Tradition: Traditional basic products like incandescent lamps arereplaced by higher value and energy efficient products.

Transition: Both of traditional basic and more energy efficienttechnologies shift to the higher value SSL products across the entirevalue chain.

Transformation: Transformation drives standard lighting solutionsinto intelligent, networked solutions and value-added services toexploit the full potential offered by the new technologies.

Our efforts are aimed at expanding our presence by serving each driver inthe lighting industry. We strive to sell a wider variety of lighting products,solutions and services, and we plan to benefit from the projected growthopportunities in the lighting market.

In response to market trends, our long-term strategic objectives consist ofthree key elements. (1) We will strive to leverage our core strengths todefend and expand our market presence. (2) On the basis of our richtradition of lighting innovation, we plan to expand and enhance our productand service proposition. (3) In order to realize our strategic objectives, wewill strengthen our entrepreneurial corporate culture. The execution of ourstrategy is evidenced by clearly defined short- to mid-term measures. Thesemeasures are aggregated in a comprehensive initiative, named OSRAMPush Program. This initiative shall serve as foundation of sustainableperformance and fulfillment of our commitment to our shareholders withrespect to growth, profit and capital efficiency and to our otherstakeholders.

B.4a Description of the most

significant recent trends affecting

the issuer and the industries in

which it operates.

General Economic Development and Competition

Demand for our products is cyclical and the majority of our business issubject to fluctuations in the general economic development. The cyclicalnature of our business was particularly pronounced in the last years. Withregard to our fixed cost base, especially to costs relating to our productionfacilities, our earnings are usually impacted proportionately more than ourrevenue by swings in the economic development. With our OSRAM PushProgram set out in more detail below, we are striving, inter alia, for areduction of our fixed cost base.

The markets in which we operate are subject to intense competition andnew companies have entered and are entering in particular the LED market,with many companies making significant investments in LED production

equipment. Product pricing pressures exist as market participants oftenundertake pricing strategies that are specifically aimed at gaining orprotecting market share and increasing the utilization of productioncapacity. Competition is particularly intense in times of declining demandor overcapacities in the market as competitors, in order to retain or increaseutilization of production capacity, are tempted to support their salesvolumes by lowering prices (or not adjusting prices to increased cost ofgoods sold). In the Fiscal Years 2011 and 2012, many lighting suppliershad excess or underutilized factory capacity which led to an aggressivepricing environment, weighing on our margin.

Regulatory Initiatives and Resulting Hoarding Effects

The incremental phase out of energy inefficient lamps from the trade chainunder the EU Ecodesign Directive (phase out) has had and continues tohave an effect on our revenue. In September 2009, frosted inefficient lamps

4


10/448

were phased out in the EU. This resulted in shelf rebuilding in retail storeswith CFLi (energy saving lamps) and halogen lamps as replacement, whichhad a positive effect on our revenue with efficient traditional products aspart of the Environmental Portfolio. In addition, immediately prior to theeffectiveness of the implementation measures of the EU Directivebecoming effective, distributors and retailers increased their stocks ofinefficient lamps, because such products could be sold even aftereffectiveness of the implementation measures once they were introducedinto the trade chain (hoarding effect). Hoarding effects increased ourrevenue from traditional basic products in the Fiscal Year 2009. Aftereffectiveness of the implementation measures, demand for the phased outproducts from our customers ceased in all countries concerned. In addition,the stock build-up at distributors, retailers and even consumers had anegative effect on demand for efficient traditional products as part of theEnvironmental Portfolio and SSL replacement products in the Fiscal Years2010 and 2011. Other restrictions that were established in 2010 did nothave a similar effect on our revenue as the restrictions affected only lesspopular lamp categories. We experienced hoarding effects again in theFiscal Year 2011 before all 60W incandescent lamps in the EU werephased out in September 2011. However, we only benefitted to a lesser

extent from hoarding purchases because distributors and retailersincreasingly purchased such lamps from Asian low-cost competitors. Othercountries are building their regulatory initiatives based on the Europeanmodel (e.g. in the United States and Brazil first restrictions came into forcestarting in 2012) which may have a similar impact on our revenue in thefuture.

Shift to SSL and Increasing Portion of SSL Sales

The technological change from traditional lighting technologies to SSLalters the generation of electric light fundamentally and offers newtechnical opportunities regarding color, dynamics, miniaturization,application integration and energy efficiency. SSL products are expected to

become the major general lighting source in the future. Due to attractivesaving potential with respect to total cost of ownership and the pressuretowards energy efficient products, especially customers in the professionalsegment have started to replace conventional light sources with SSL.Revenue generated by us with the sale of SSL products increased from913.0 million (or 19.5% of our revenue) in the Fiscal Year 2010 to1,170.8 million (or 23.3% of our revenue) in the Fiscal Year 2011 and to1,370.8 million (or 25.4% of our revenue) in the Fiscal Year 2012. Whilethe share of SSL products in the revenue in Fiscal Year 2012 was alreadysubstantial as a result of high price levels, it was still comparatively smallin terms of installed sockets and volumes sold. We expect this to changealso in the private consumer business with further decreasing selling prices.In addition to the substitution of conventional light sources, we also access

new markets with our forward integrated SSL systems (integration of lightsources in components and/or lighting systems), such as execution of largeprojects (e.g. illumination of arenas and monuments), which are realizableonly to a limited extent with conventional light sources and systems.

LEDs have a considerably higher life expectancy than traditional lightbulbs and therefore need to be replaced less often. The stable replacementbusiness for traditional products is therefore shifting to a first installationbusiness for SSL products. We strive to compensate for reducedreplacement business by selling higher value products in the firstinstallation business, in particular by increasing our offer of luminaires,light management systems and providing value-added services. The effecton our revenue will depend on whether and to what extent higher valuesales can compensate or exceed the decline of replacement driven revenue.

5


11/448

The fast technological development in SSL leads to shorter product lifecycles compared to traditional products and stronger fluctuation in demand.This may have a positive revenue impact due to replacement businessbefore the end of the technical product lifetime. However, it may also resultin a higher level of write-downs on inventories and other costs resultingfrom products becoming non-marketable due to technological progress orsudden drops in demand for certain products. In addition, the transition toSSL products requires high up-front R&D and marketing expenditures(especially for forward integrated SSL products) as well as capitalinvestments in more cost intensive manufacturing processes, mainly forLEDs. At the same time, the share of SSL merchandize purchased with alow gross margin increases, mainly for forward integrated SSL products.Also, we incur costs to adapt and educate our sales force to the transition toa first installation business model. Finally, competition in the SSL marketis intense. Prices for SSL products have recently decreased significantlyand we expect them to drop further in the future.

A successful transition to high quality SSL products mainly depends on thespeed of the transition and, consequently, the length of the transitionperiod. The longer the transition period persists, the longer there will be anoverlap of the product lifecycles of our traditional business with those ofthe SSL business (especially with regard to forward integrated SSLproducts). In this context, the strength of our traditional business is thebasis for the transition to SSL based products. This is in line with ourstrategy of harvesting the golden tail, which is to draw maximum benefitfrom our strong portfolio of traditional products. On the other hand, if thepenetration with SSL occurs faster than expected, we would have tointensify and accelerate our efforts and investments relating to thetransition to SSL.

Product Portfolio and Product Mix

While we have expanded our share of revenue generated by SSL productsand made substantial investments in production facilities and R&D for SSL

components, we continue to benefit from sales of our traditional basicproducts and efficient traditional products as part of the EnvironmentalPortfolio. The effect of the economic downturn in the Fiscal Year 2009 waspartly mitigated by relatively stable sales of traditional products, inparticular in the business unit General Lighting. We expect that theintroduction of forward integrated SSL products will follow differenttimelines in different customer segments and regions and that the high, butdecreasing demand will continue to be significant for efficient traditionalproducts as part of the Environmental Portfolio and in some cases eventraditional basic products. For example, in Fiscal Year 2012 we were ableto grow or maintain the level of sales of incandescent lamps in certainemerging countries such as South Africa and Russia, and also sales of basic

fluorescent lamps grew in Russia, India and Korea.Our profitability depends on the product mix that is demanded by ourcustomers. Gross margins vary significantly within our extensive portfolio.The transition from traditional products to SSL products requires highupfront costs with regard to R&D expenses and distribution (especiallywith respect to forward integrated SSL products) as well as investments innew production plants, mainly for LEDs, while the product lifecycle isshorter compared to traditional products. At the same time, our depth ofvalue added declines because the proportion of purchased, mainly forwardintegrated SSL merchandize rises. The strongly growing portfolio offorward integrated SSL products is currently still weighing on our resultswith significant negative contribution to income.

6


12/448

Transformation and Restructuring Costs

In the context of the different company programs and strategicrestructurings, significant costs have been incurred in the presentedreporting periods, namely in the Fiscal Year 2012 and in the first half of theFiscal Year 2013 and mainly in the General Lighting segment and from thebeginning of the Fiscal Year 2013 in the segment Lamps & Components,respectively. OSRAM defines these as transformation costs if the

relevant measures are associated with the fundamental change in thelighting markets. In contrast, costs incurred in connection with other, moregeneral measures are defined as other restructuring costs.

Technology Shift, OSRAM Push Program and Transformation Costs

The technology shift and the consequential fundamental changes of thebusiness environment require a strategic redirection of the OSRAM LichtGroup. To drive the required changes, OSRAM has launched an internaltransformation program called OSRAM Push in the first quarter of theFiscal Year 2012. This program aims to ensure sustainable performance bytransforming processes, operations, organization and culture. OSRAMPush Program includes the project Future Industrial Footprint that wasinitiated to realign our global production footprint by adapting production

capacities to market demand. Significant expenses have been incurred inconnection with OSRAM Push in the Fiscal Year 2012 and in the first halfof the Fiscal Year 2013. The transformation costs associated with thisprogram primarily relate to the business unit General Lighting (and fromthe beginning of the Fiscal Year 2013 to one of its successor segments,Lamps & Components, respectively), as this business unit is most affectedby the technological shift. In order to better utilize the capacity of theplants, especially the production landscape will be further adjusted by,amongst others, moving, selling or terminating production and at timesclosing some smaller locations with low production volumes as well asunprofitable locations; a reduction of production facilities is targeted. As ofSeptember 30, 2011, OSRAM had 43 production facilities; the closing of11 facilities is targeted until the Fiscal Year 2014 of which five facilities

have already been closed as of May 31, 2013. Most recently, OSRAMannounced the closing of its production facility for traditional products inTangerang, Indonesia. At the same time, OSRAM is pursuing the goal ofincreasing profitability of the business by implementing more efficientstructures in research and development, production, sales function as wellas in central functions. In this context, R&D expenses are intended to bemaintained at the level of the Fiscal Year 2012 until the Fiscal Year 2014and marketing, selling and general administrative expenses are intended todecrease compared to the Fiscal Year 2012 level. With this transformationprogram, OSRAM is targeting approximately 1 billion cumulated costsavings (gross) in total until and including the Fiscal Year 2015, reducedby transformation costs which will be incurred in an estimated mid-three-digit million euro amount in the Fiscal Years 2012 through 2014, mainly in

the Fiscal Years 2012 and 2013. The cost savings will further be reducedby other effects, especially the price decline, primarily for SSL products,wage increases and other effects of inflation. We are well on schedule withthe implementation of the measures identified in OSRAM Push. We expectthat the restructuring part of OSRAM Push will be essentially completed inthe Fiscal Year 2014. However, OSRAM estimates that the technologyshift will continue beyond 2014 which will lead to additional restructuringsin the traditional business.

In the Fiscal Year 2012 transformation costs reduced EBITA by198.5 million. In the first half of the Fiscal Year 2013, EBITA wasnegatively affected by transformation costs in an amount of126.3 million.This amount mainly comprises measures within the project Future

Industrial Footprint and costs for more efficient structures in our researchand development function, sales function and central functions.

7


13/448

The measures described above entail significant headcount reductions. Inaddition to the worldwide reduction of the level of personnel, we plan toinvest in new business segments as well as the expansion of the productionof LED based products. In Wuxi, China we are for example building a newLED assembly facility on a leased site (so called back-endmanufacturing).

General Personnel Related Restructuring Costs and Reduction of Cost

Basis

As part of our general strategy to geographically align, among other things,our production capacities with demand for our products and to strengthenproduction capacities in emerging countries, we aim to reduce personnelexpenses, in particular personnel expenses recorded under our cost ofgoods sold and services rendered. In absolute amounts, overall personnelcosts increased from 1,425.4 million in the Fiscal Year 2010 by113.6 million or 8.0% to 1,539.0 million in the Fiscal Year 2011, mostlydue to the acquisition of all shares in Siteco Lighting GmbH and also theinvestments in SSL. In the Fiscal Year 2012, personnel costs increased by201.9 million, or 13.1%, to 1,740.9 million, among other things as aresult of acquisitions as well as the transformation program. Personnel

costs as a percentage of revenue remained nearly unchanged from theprevious year at 30.6% in the Fiscal Year 2011 but increased to 32.2% inthe Fiscal Year 2012.

Other restructuring measures initiated by us led to personnel-relatedrestructuring costs of 13.1 million in the Fiscal Year 2010 and10.3 million in the Fiscal Year 2011. As set out above, in the Fiscal Year2012, we incurred personnel-related restructuring costs in an aggregateamount of69.3 million in connection with the transformation. In the firsthalf of the Fiscal Year 2013, personnel-related restructuring costs inconnection with the transformation amounted to 69.6 million.

Impairments

In the Fiscal Year 2012, in addition to impairments recorded undertransformation costs we recorded significant other impairment chargesamounting to 282.9 million on goodwill and other intangible assets, andour significant investment in Valeo Sylvania was impaired by 27.6million. Impairments of our investment in Valeo Sylvania were alsorecorded in the first half of the Fiscal Year 2013 (7.3 million).

Costs Associated with the Separation, the Planned IPO and the Spin-off;

Patent Infringement Suits

In the Fiscal Years 2011 and 2012 we incurred certain costs related to thepreparation of going public, amongst others for IT applications, externalservice providers and personnel related costs. Also included are expenses and

income related to certain patent infringement suits as such disputesexacerbated significantly when the plans of our IPO became public (PatentInfringement Suits). The net expenses (after deduction of reimbursementsreceived from Siemens) incurred as a result of the separation as well as of theintended Spin-off and the previously intended initial public offering,respectively, amounted to 30.8 million in the Fiscal Year 2012 and to3.6 million in Fiscal Year 2011. In contrast, in the first half of the FiscalYear 2013, we recognized net income in the amount of 20.7 million(including litigation related expenses and gains in connection with the PatentInfringement Suits as well as costs in connections with the separation ofOSRAM and the associated relocation of corporate headquarters).

Other Material Legal and Regulatory Matters

In the ordinary course of business OSRAM is involved in several otherlegal proceedings. In the Fiscal Year 2012, OSRAM incurred expenses in

8


14/448

connection with the settlement of a license and trademark litigation in theamount of 34.2 million. Additionally, provisions were made for othermaterial legal proceedings. In total OSRAM incurred costs of50.6 millionin the Fiscal Year 2012 arising from such other significant legalproceedings. In the first half of the Fiscal Year 2013, costs in the amount of10.5 million were incurred in connection with further material legal andregulatory matters.

Acquisitions and Divestments

Our results of operations in the periods covered by this prospectus wereinfluenced by acquisitions and divestments of certain businesses. Thebusiness combinations in the Fiscal Years 2012, 2011 and 2010 wereaccounted for under the acquisition method (IFRS 3 (revised 2008) withthe exception of the acquisition of Traxon Technologies Ltd. (IFRS 3(2004)) in the Fiscal Year 2009, being a wholly owned subsidiary sinceNovember 2011.

Other Factors

Other factors that have affected, and may continue to affect, our results ofoperations include seasonal effects, exchange rate fluctuations and the

volatility of procurement prices.

B.5 Description of the group and the

issuers position within the group.

OSRAM Licht AG will be the future parent company of a group ofcompanies, which will be reorganized in connection with a spin-off. TheSpin-off is based on a spin-off and transfer agreement (Abspaltungs- undbernahmevertrag) dated November 28, 2012, which was approved by thegeneral shareholders meeting of Siemens AG on January 23, 2013 and bythe general shareholders meeting of OSRAM Licht AG on January 21,2013. Prior to the Spin-off becoming effective, the corporate structure is asfollows:

Siemens AG

OSRAM

Licht AG

OSRAM

Beteiligungen

GmbH

OSRAM GmbH

100%

19.5% 80.5%

100%

Siemens shareholders

9


15/448

In the Spin-off, Siemens AG as transferor will transfer its shares inOSRAM Beteiligungen GmbH (which in turn holds 80.5% of the OSRAMGmbH-shares) to OSRAM Licht AG as transferee by way of spin-off forassumption (Abspaltung zur Aufnahme) under the German TransformationAct (Umwandlungsgesetz). As consideration for the transfer of the spun-offassets, Siemens shareholders will receive newly issued OSRAM Licht AGShares according to their proportional shareholding in Siemens AG. The

newly issued Shares are derived from a capital increase againstcontribution in kind (contribution of all shares in OSRAM BeteiligungenGmbH into OSRAM Licht AG). The allotment ratio (Zuteilungsverhltnis)is 10:1, i.e. Siemens AG shareholders will receive one share in OSRAMLicht AG for every 10 shares in Siemens AG. As a result of the abovesteps, following registration of the Spin-off with the competent commercialregisters (the last registration is expected on July 5, 2013), OSRAM LichtAG will hold directly and indirectly (through OSRAM BeteiligungenGmbH) 100% of the OSRAM GmbH shares, Siemens AG will hold 19.5%of OSRAM Licht AGs share capital and the Siemens shareholders willhold the remaining 80.5% of OSRAM Licht AGs share capital. Thefollowing diagram illustrates the mechanics of the Spin-off:


Siemens AG

OSRAM

Licht AG

OSRAM GmbH

19.5% 80.5%

OSRAM

Beteiligungen

GmbH

80.5%

Following registration of the Spin-off with the competent commercialregisters (the last registration is expected on July 5, 2013), the corporatestructure will be as illustrated by the following graph:

Siemens AGOSRAM

Licht AG

OSRAM GmbH

19.5%*

100%


OSRAM

Beteiligungen

GmbH

80.5%

100%

80.5%

19.5%

* Siemens AG will transfer 2.5% of the Shares in OSRAM Licht AG toSiemens Pension Trust e.V. shortly after the Spin-off becomeseffective and thus retain a 17.0% shareholding thereafter.

10


16/448

Up to now, all activities of OSRAM have been concentrated in OSRAMGmbH and its subsidiaries. Upon the Spin-off becoming effective, the newholding structure described above with OSRAM Licht AG as the parentcompany of the OSRAM Licht Group will be created. The following graphprovides an overview of the future structure of the OSRAM Licht Groupand the material direct and indirect investments of OSRAM Licht AGgiving effect to the Spin-off, namely the subsidiaries of OSRAM GmbH

(except as otherwise indicated, all shareholdings are 100%; certainsubsidiaries are owned by other subsidiaries):

OSRAM

Licht AG

OSRAM China

Lighting Ltd.

OSRAM Asia Pacific

Ltd.

Chung Tak Lighting

Control Systems

(Guangzhou) Ltd.

OSRAM Korea

Co. Ltd.

Traxon

Technologies Ltd.

OSRAM India Pvt.

Ltd.

OSRAM Kunshan

Display Opto Co. Ltd.

P.T. OSRAM

Indonesia

OSRAM Opto Semi-

conductors (MY) Sdn.

Bhd.

OSRAM Opto

Semiconductors GmbH

Radium

Lampenwerk GmbH

OSRAM S.A.S.U.

OSRAM a.s.

OSRAM S.p.A. Soc.

Riunite OSRAM Edison

Clerici

OAO OSRAM

OSRAM Cesk

republika s.r.o.

Siteco Lighting

GmbH

OSRAM

SYLVANIA Inc.

OSRAM Argentina

S.A.C.I.

OSRAM do Brasil Ltda.

OSRAM

Beteiligungen

GmbH

OSRAM GmbH

(80.5%) (19.5%)

(90%)

(58.5%)

(99.23%)

OSRAM Middle East

FZE

OSRAM Taiwan

Company Ltd.

Siteco

Beleuchtungstechnik

GmbH

EMEA AMERICASAPAC

B.6 Persons who, directly or

indirectly, have a (under German

law notifiable) interest in the

issuers capital or voting rights or

have control over the issuer.

At the date of this prospectus, Siemens AG holds all shares in OSRAMLicht AG.

Different voting rights. Not applicable. Each share in the Company carries one vote at theCompanys shareholders meeting. Shareholders that hold shares prior tothe Spin-off are not entitled to different voting rights.

Whether the issuer is directly or

indirectly owned or controlled

and by whom and description of

the nature of control.

Prior to the Spin-off becoming effective, Siemens AG holds all shares inOSRAM Licht AG und thus controls it. Upon the Spin-off becomingeffective, Siemens AG will hold 19.5% of the Companys share capital(17.0% upon transfer of 2.5% to Siemens Pension Trust e.V. shortly afterthe Spin-off becoming effective), and the remaining 80.5% will be held bythe Siemens-shareholders. At that point in time, Siemens AG will only holdthe rights vested with such a minority shareholding.

11


17/448

B.7 Selected key historical financial

information.

The financial data shown in the tables below for the Fiscal Years 2012,2011 and 2010 has, unless otherwise indicated, been taken or derived fromour audited combined financial statements for the Fiscal Years endedSeptember 30, 2012, 2011 and 2010 included in the financial section of thisprospectus, or taken from our accounting records. The financial data for thesix months ended March 31, 2013 and March 31, 2012 has been taken orderived from the unaudited condensed interim combined financial

statements for the six months ended March 31, 2013 or taken from ouraccounting records. The combined financial statements for the Fiscal Years2012, 2011 and 2010 were prepared in accordance with InternationalFinancial Reporting Standards as adopted by the EU (IFRS) and havebeen audited in accordance with Section 317 of the German CommercialCode (HGB) and generally accepted German audit principles defined bythe Institute of Public Auditors in Germany (Institut der Wirtschaftsprfer IDW) and in supplementary compliance with International Standards onAuditing (ISA) by Ernst & Young GmbH Wirtschaftsprfungsgesellschaft,Stuttgart (Munich office, Arnulfstr. 59, 80636 Munich), Germany (Ernst& Young), who issued an unqualified audit opinion thereon. Thecondensed interim combined financial statements for the six months endedMarch 31, 2013 (interim combined financial statements) of OSRAM Licht

Group have been prepared in accordance with IFRS for interim financialreporting (IAS 34), and are unaudited.

These combined financial statements are the first financial statements ofOSRAM Licht Group in accordance with IFRS 1.3. The OSRAM LichtGroup prepared the combined financial statements using IFRS 1.D16(a)(predecessor accounting method). OSRAM Licht Group used the sameaccounting policies and valuation methods for the preparation of thesecombined financial statements as those used by the OSRAM companies forthe preparation of the financial information included in Siemensconsolidated financial statements, unless such accounting policies andvaluation methods are not in accordance with IFRS when presentingOSRAM Licht Group as a group of companies independent of Siemens.

Since IFRS do not provide any guidance for the preparation of combinedfinancial statements, IAS 8.12 has to be used for the preparation ofcombined financial statements. IAS 8.12 requires that the latestpronouncements of other standard setters, other accounting literature andaccepted industry practice should be considered. The combined financialstatements of the OSRAM Licht Group have been derived from theaggregation of the net assets of OSRAM Licht AG, OSRAM BeteiligungenGmbH as well as OSRAM GmbH and its direct or indirect subsidiaries. Allintra-group balances, income, expenses and unrealized profits and lossesarising from transactions between companies belonging to OSRAM LichtGroup were eliminated when preparing the combined financial statements.In addition, the investments of the holding companies in the OSRAM Licht

Group were eliminated against the equity of the respective subsidiaries.Transactions with Siemens AG and Siemens Group companies, which donot belong to the OSRAM Licht Group, have been disclosed as transactionswith related parties.

Effective as of the Fiscal Year 2013, we have changed the structure of ourbusiness units and simultaneously our segments according to IFRS 8. Theformer business unit General Lighting (forming a segment) has been splitup into four new separate business units, namely Lamps, Light Engines &Controls, Luminaires and Solutions as well as the units Services andOLED. For purposes of external reporting, there are two new segmentsaccording to IFRS 8: Lamps and Light Engines & Controls form thesegment Lamps & Components and Luminaires, Solutions and Services

form the segment Luminaires & Solutions. The research project OLED willbe reported as part of corporate items. Accordingly, at segment level ourcondensed interim combined financial statements for the six months ended

12


18/448

March 31, 2013 (with comparable data for the respective prior year period)are not directly comparable to our combined financial statements for theFiscal Years ended September 30, 2012, 2011 and 2010.

As of October 1, 2012 IAS 19 Employee Benefits (revised 2011;IAS 19R) was early adopted. The amendments set out in the following havea significant impact on OSRAMs interim combined financial statements:IAS 19R requires that the return on pension plan assets should be

calculated based on the discount rate which is used to discount post-employment benefit obligations, as opposed to the expected return on planassets. This gives rise to a homogeneous return of the pension obligationsand plan assets which will be disclosed as net interest. The net interestsdifference between the discount rate and the actual return on plan assets isrecorded in the combined statements of comprehensive income.Retrospective application and presentation of IAS 19R is required.Accordingly, the opening balance sheet as of October 1, 2011 as well as theprior year figures presented in the interim combined financial statementsfor the first half of the Fiscal Year 2013 were adjusted. The adjusted itemswill also be presented in the consolidated financial statements as ofSeptember 30, 2013 as prior year figures. The presentation of financial datarelated to the statements of financial position for the Fiscal Years endedSeptember 30, 2012 and September 30, 2011 in the following tables doesnot reflect the adjustments resulting from the first-time adoption of IAS19R.

Where financial data in the following tables is presented as audited, thismeans that it was taken from the audited combined financial statements ofthe OSRAM Licht Group mentioned above. Where financial data ispresented as unaudited, it indicates that the financial data has beenderived from the audited combined financial statements or been taken orderived from the unaudited condensed interim combined financialstatements of OSRAM Licht Group or been taken from OSRAMsaccounting records. The tables in this section also include certain non-

GAAP measures (neither defined under IFRS nor under the GermanCommercial Code), used as key figures by our management to monitor theperformance of the OSRAM Licht Group. If such non-GAAP measures arenot included as such in the combined financial statements, they are labeledin the respective tables as unaudited. On the other hand, if non-GAAPmeasures are included in the combined financial statements, they arelabeled audited. Unless otherwise indicated, all financial data presentedin the text and tables in this section of the prospectus is shown in millioneuros ( million), commercially rounded to one decimal point. Unlessexpressly otherwise noted, the percentage amounts that are stated in thetables have likewise been commercially rounded to one decimal point.Because of this rounding, the figures shown in the tables do not in all casesadd up exactly to the respective totals.

13


19/448

Data from the Combined Statements of Income of OSRAM Licht Group

Fiscal Year ended September 30, Six months ended March 31,

2012 2011 2010 2013 2012

(audited unless otherwise indicated) (unaudited)in million in million

Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,399.8 5,031.0 4,679.7 2,678.3 2,730.7Cost of goods sold and services rendered . . . . . . . . . . . . . . . . . . . (3,997.5) (3,418.5) (3,082.1) (1,903.4) (2,013.4)Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,402.3 1,612.5 1,597.6 774.9 717.3

Research and development expenses . . . . . . . . . . . . . . . . . . . . . . (339.1) (300.9) (259.5) (173.1) (161.8)Marketing, selling and general administrative expenses . . . . . . . (1,054.9) (905.6) (774.7) (525.5) (502.9)Other operating income (expense), net (unaudited) . . . . . . . . . . . (268.1) 11.2 1.1 13.7 (130.6)Financial result(1) (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (86.5) (41.5) (54.8) (37.5) (67.3)Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . (346.3) 375.7 509.7 52.5 (145.3)Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32.0) (129.6) (175.1) (4.0) (181.7)Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (378.3) 246.1 334.6 48.5 (327.0)

Attributable to:Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 3.1 6.4 2.8 (0.7)Siemens Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (379.2) 243.0 328.2 45.7 (326.3)

(1) Includes gain (loss) from investments accounted for using the equity method, net, interest income, interest expense and other financial income(expense), net.

Data from the Combined Statements of Financial Position of OSRAM Licht GroupSeptember 30, March 31,

2012 2011 2010 2013


Assets

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.2 43.7 18.2 50.5Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 823.2 851.4 651.2 917.4Receivables from Siemens Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 956.2 538.5 605.2 941.2

thereof from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 619.4 535.8 486.7 939.4Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,043.7 1,118.2 916.0 1,000.2Miscellaneous current assets(1) (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167.8 135.3 107.0 210.6Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.7 238.2 129.6 37.0Other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106.8 162.3 83.8 99.0

Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,336.3 1,532.0 1,390.5 1,234.9Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397.4 315.4 374.4 405.7Miscellaneous assets(2) (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.8 193.3 174.8 180.6Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,068.1 5,128.3 4,450.7 5,077.1

Liabilities and equity

Short-term debt and current maturities of long-term debt . . . . . . . . . . . . . . . . . . . . 47.2 22.4 24.7 53.0Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 609.2 586.0 552.1 579.9Payables to Siemens Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,209.5 1,498.0 859.5 966.7

thereof from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,198.1 1,343.7 596.3 957.0Miscellaneous current liabilities(3) (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593.2 542.7 521.9 644.1Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 3.9 4.5 Pension plans and similar commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 489.8 833.7 880.8 469.1Miscellaneous liabilities(4) (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171.7 184.9 137.5 181.3Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,121.9 3,671.6 2,981.0 2,894.1Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,946.2 1,456.7 1,469.7 2,183.0Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,068.1 5,128.3 4,450.7 5,077.1

(1) Includes available-for-sale financial assets, other current financial assets, income tax receivables, other current assets and noncurrent assets held forsale.

(2) Includes investments accounted for using the equity method, other financial assets and other assets.

(3) Includes other current financial liabilities, current provisions, income tax payables, other current liabilities and liabilities associated with noncurrentassets held for sale.

(4) Includes deferred tax liabilities, provisions, other financial liabilities and other liabilities.

14


20/448

Data from the Combined Statements of Cash Flow of OSRAM Licht Group

Fiscal Year ended September 30,Six months ended

March 31,

2012 2011 2010 2013 2012


Cash flows from operating activities

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (378.3) 246.1 334.6 48.5 (327.0)

Amortization, depreciation and impairments . . . . . . . . . . . . . . . . . . 655.2 253.1 247.6 157.1 325.5Income taxes(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.0 129.5 175.1 4.0 181.7Change in current assets and liabilities

(Increase) decrease in inventories . . . . . . . . . . . . . . . . . . . . . . . . . 95.3 (171.4) (148.7) 35.9 19.1(Increase) decrease in trade receivables . . . . . . . . . . . . . . . . . . . . 37.2 (58.2) (66.7) (98.7) (27.5)(Increase) decrease in other current assets . . . . . . . . . . . . . . . . . . (11.6) (17.1) (21.4) (1.4) 11.9Increase (decrease) in trade payables . . . . . . . . . . . . . . . . . . . . . . 17.8 8.5 156.2 (18.9) (12.9)Increase (decrease) in current provisions . . . . . . . . . . . . . . . . . . . 20.8 19.6 7.3 27.5 27.9Increase (decrease) in other current liabilities . . . . . . . . . . . . . . . 0.2 (14.9) 43.2 (0.7) (51.2)

Change in other assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . (3.2) (65.5) (52.6) (2.8) (6.9)Change in pension plans due to contribution of plan assets . . . . . . . (499.5) (499.5)Income taxes paid(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (91.8) (96.9) (50.9) (33.9) (43.5)Other adjustments to reconcile net income (loss) to net cash

provided by (used in) operating activities(2) (unaudited) . . . . . . . 90.5 35.7 67.4 52.8 73.5Net cash provided by (used in) operating activities . . . . . . . . . . . (35.4) 268.5 691.1 169.4 (328.9)

Cash flows from investing activities

Additions to intangible assets and property, plant andequipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (187.2) (312.4) (253.2) (78.1) (81.1)

Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . (40.3) (125.2) (35.6) 0.5 (40.1)Purchases of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23.6) (10.6) (41.1) (15.1) (11.1)Proceeds and payments from sales and disposals(3)

(unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.0 6.5 4.5 29.1 8.5Net cash provided by (used in) investing activities . . . . . . . . . . . (203.1) (441.7) (325.4) (63.6) (123.8)

Net cash provided by (used in) financing activities (4) . . . . . . . . . 224.4 199.5 (362.6) (86.6) 432.7

(1) Income taxes were determined based on the assumption that the companies of the OSRAM Licht Group were separately taxable entities. This

assumption implies that the current and deferred income taxes of all companies and of tax groups within the OSRAM Licht Group are calculatedseparately and the recoverability of the deferred tax assets is assessed accordingly. Due to the fact that certain entities of the OSRAM Licht Groupdid not file separate tax returns in previous years, the respective tax receivables and payables, as well as deferred tax assets on loss carryforwards,are deemed either contributed or distributed to shareholders not being part of the OSRAM Licht Group in the respective Fiscal Year. The combinedstatements of cash flow of the combined financial statements present taxes actually paid by the OSRAM Licht Group; the deemed contributions ordistributions have not been included. In the Fiscal Year 2012, all companies of the OSRAM Licht Group were either separately taxable entities orwere part of an income tax group within the OSRAM Licht Group. Receivables and payables between OSRAM GmbH and Siemens arising fromthe VAT group have been disclosed under other tax receivables / payables.

(2) Includes interest (income) expense, net, (gains) losses on sales and disposals of businesses, intangibles and property, plant and equipment, net,(gains) losses on sales of investments, net, (income) loss from investments, other non-cash (income) expenses, dividends received and interestreceived.

(3) Includes proceeds and payments from sales of investments, intangibles and property, plant and equipment and proceeds and payments fromdisposals of businesses.

(4) Includes in the first half of the Fiscal Year 2012 a cash contribution of

499.5 million by Siemens AG for the funding of certain pension benefits ofthe OSRAM Licht Group.

15


21/448

Segment Information

In this prospectus, the terms business unit, segment and entity do not have a synonymous meaning. OSRAMstructures its business into business units with its own management. Effective as of the Fiscal Year 2013, we have changedthe structure of our business units and simultaneously our segments according to IFRS 8. The former business unit GeneralLighting (forming a segment) has been split up into four new separate business units, namely Lamps, Light Engines &Controls, Luminaires and Solutions as well as the units Services and OLED. For purposes of external reporting, there aretwo new segments according to IFRS 8: Lamps and Light Engines & Controls form the segment Lamps & Components

and Luminaires, Solutions and Services form the segment Luminaires & Solutions. The research project OLED is reportedas part of corporate items. The other business units Specialty Lighting and Opto Semiconductors each continue to form asegment.

Fiscal Year ended September 30, Six months ended March 31,

2012 2011 2010 2013 2012


Total revenue by segment

General Lighting(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,387.2 3,164.0 2,943.9Lamps & Components (unaudited)(1) . . . . . . . . . . . . . . . . . . . . . . 2,785.7 1,362.9 1,450.3Luminaires & Solutions (unaudited)(1) . . . . . . . . . . . . . . . . . . . . . 602.1 275.7 308.1

Specialty Lighting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,404.6 1,243.5 1,173.8 728.0 694.6Opto Semiconductors(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 899.1 858.4 743.3 470.4 415.8Total revenue segments (including intersegment revenue) . . . . . 5,690.9 5,265.9 4,861.0 2,837.0 2,868.8Corporate items and pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.3 26.6 28.3 9.5 12.2Eliminations, corporate treasury and other reconciling items . . . . . (314.4) (261.5) (209.6) (168.2) (150.3)Total revenue OSRAM Licht Group . . . . . . . . . . . . . . . . . . . . . . . 5,399.8 5,031.0 4,679.7 2,678.3 2,730.7

EBITA by segment(3)

General Lighting(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (184.2) 106.7 232.1Lamps & Components (unaudited)(1) . . . . . . . . . . . . . . . . . . . . . . (75.7) (14.6) (9.5)Luminaires & Solutions (unaudited)(1) . . . . . . . . . . . . . . . . . . . . . (81.6) (40.3) (38.8)

Specialty Lighting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227.1 209.8 192.9 126.4 123.6Opto Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75.9 118.2 165.6 47.1 23.6Total segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118.8 434.7 590.6 118.6 98.9Corporate items and pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (64.9) (11.7) (7.6) (16.7) (60.6)

Eliminations, corporate treasury and other reconciling items . . . . . (0.6) 14.0 (0.5) (0.3) (0.3)EBITA OSRAM Licht Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.3 437.0 582.5 101.6 38.0

(1) At segment level the condensed interim combined financial statements of OSRAM Licht Group for the six months ended March 31, 2013 (withcomparable data for the respective prior year period) are not directly comparable to our combined financial statements for the Fiscal Years endedSeptember 30, 2012, 2011 and 2010 due to the changed segment structure. For information purposes, revenue and EBITA (as defined in footnote 3below) have been determined for both new segments for the Fiscal Year 2012; these figures have not been taken from the combined financialstatements for the Fiscal Years 2012, 2011 and 2010 but from our accounting records and are, therefore, unaudited.

(2) Total revenue of Opto Semiconductors includes external revenue in the amount of584.7 million, 596.9 million and 533.7 million for the FiscalYears 2012, 2011 and 2010, respectively, and intersegment revenue in the amount of 314.4 million, 261.5 million and 209.6 million for theFiscal Years 2012, 2011 and 2010, respectively. In the first half of the Fiscal Years 2013 and 2012, total revenue includes external revenue in theamount of 302.2 million and 265.5 million, respectively, and intersegment revenue in the amount of 168.2 million and 150.3 million,respectively.

(3) EBITA (shown in the segment information of the combined financial statements or interim combined financial statements) represents EBIT(earnings before interest and tax) before amortization and impairments of intangible assets (as defined below). EBITA is used by OSRAMmanagement as key financial measure to assess the operating performance of our segments. EBITA is not a recognized term under IFRS and doesnot purport to be an alternative to data from the combined statements of income of the OSRAM Licht Group prepared in accordance with IFRS.EBITA should not be construed as an alternative to net income (loss) determined in accordance with IFRS. There is no uniform definition ofEBITA, which means, that EBITA shown by other companies may not necessarily be comparable with EBITA of the OSRAM Licht Group.

16


22/448

Selected Other Key FiguresFiscal Year ended September 30, Six months ended March 31,

2012 2011 2010 2013 2012

(unaudited unless otherwiseindicated)

(unaudited)

in million unless otherwiseindicated

in million unless otherwiseindicated

Gross profit margin(1) in % . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.0% 32.1% 34.1% 28.9% 26.3%EBIT(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (259.8) 417.2 564.5 90.0 (78.0)

Amortization(3) (for full fiscal years audited) . . . . . . . . . . . . . . . . . . . 313.1 19.8 18.0 11.6 116.0EBITA(4) (for full fiscal years audited) . . . . . . . . . . . . . . . . . . . . . . . 53.3 437.0 582.5 101.6 38.0

including(*):Transformation costs(**) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198.5 126.3 140.0Costs associated with the separation (net)(***) . . . . . . . . . . . . . . 30.8 3.6 (20.7) 25.8Siemens one-time special remuneration(****) . . . . . . . . . . . . . . . 21.6 Trademark litigation (*****) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.2 22.1Total(******) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263.5 25.2 105.6 187.9

EBITA margin(5) in % . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0% 8.7% 12.4% 3.8% 1.4%Depreciation(6) (for full fiscal years audited) . . . . . . . . . . . . . . . . . . . 342.1 233.3 229.6 145.5 209.5EBITDA(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395.4 670.3 812.1 247.1 247.5Net debt(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595.3 789.8 119.9 19.4 Adjusted net debt(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095.6 1,624.5 1,006.6 499.0 Net debt/EBITDA(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.2 0.1 0.0 ROCE(11) in % . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.0)% 10.3% 14.7% 4.2% (17.7)%Equity ratio(12) in % . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.4% 28.4% 33.0% 43.0% Intangible assets/equity(13) in % . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4% 27.5% 14.5% 6.2% Free cash flow(14) (for full fiscal years audited) . . . . . . . . . . . . . . . . . (222.6) (43.9) 437.9 91.3 (410.0)Capital expenditures (capex)(15) (for full fiscal years audited) . . . . . . 187.2 312.4 253.2 78.1 81.1Capex in % of revenue(16) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5% 6.2% 5.4% 2.9% 3.0%Capex in % of amortization and depreciation (17) . . . . . . . . . . . . . . . . 44.8% 123.4% 102.3% 49.7% 36.1%

(1) Gross profit margin is defined as the ratio of gross profit to revenue, i.e. 1,402.3 million, 1,612.5 million and 1,597.6 million in relation to5,399.8 million, 5,031.0 million and 4.679.7 million for the Fiscal Years 2012, 2011 and 2010, respectively. In the first half of the FiscalYear 2013 and 2012, the ratio is calculated as 774.9 million and 717.3 million in relation to 2,678.3 million and 2,730.7 million.

(2) EBIT (earnings before interest and taxes) represents income (loss) before financial result (i.e. gain (loss) from investments accounted for usingthe equity method, net, interest income, interest expense and other financial income (expense), net) and income taxes. EBIT is not a recognized

term under IFRS and does not purport to be an alternative to data from the combined statements of income of OSRAM Licht Group prepared inaccordance with IFRS. There is no uniform definition of EBIT, which means that EBIT shown by other companies may not necessarily becomparable with EBIT of the OSRAM Licht Group.

(3) Amortization (shown in the segment information of the combined financial statements or interim combined financial statements) representsamortization and impairments of goodwill and other intangible assets, net of reversals of impairments.

(4) EBITA (shown in the segment information of the combined financial statements or interim combined financial statements) represents EBITbefore amortization (both as defined above). EBITA is used by OSRAM management as key financial measure to assess the operatingperformance of our segments. EBITA is not a recognized term under IFRS and does not purport to be an alternative to data from the combinedstatements of income of OSRAM Licht Group prepared in accordance with IFRS. EBITA should not be construed as an alternative to netincome (loss) determined in accordance with IFRS. There is no uniform definition of EBITA, which means that EBITA shown by othercompanies may not necessarily be comparab

Prospekt E Final Internet 01

Documents

Transcript of Prospekt E Final Internet 01