LEDVANCE transformation and restructuring continue, future prospects remain optimistic
Mulinsen issued the “Issuance of Shares and Payment of Cash to Purchase Assets and Raise Matching Funds and Related Party Transaction Report (Draft)â€, updating the financial data related to LEDVANCE2017H1.
LEDVANCE transformation and restructuring continued, and losses were still in the first half of the year. Due to the strategic transformation of the company's business, LEDVANCE has incurred a large amount of restructuring-related expenses, so both gross profit margin and net profit have declined. In particular, the gross profit margin was significantly affected by the shrinkage of the traditional light source market and seasonal factors in the first half of the year, from 34.27% to 31.83%. From 2015 to 2017H1, the restructuring costs incurred were 535 million, 729 million, and 347 million yuan respectively.
The future restructuring costs of 430 million euros have been accrued and will not affect future profit and loss in the future. Taking the LEDVANCE consolidating time point as the dividing line, the previous reorganization expenses are included in the current year's profit and loss, and then the reorganization expenses are accrued at the time of consolidation. Based on 2017.06.30, the estimated future restructuring cost of 430 million euros has been amortized to the next ten years, without affecting future profit and loss for the future.
The proportion of traditional light sources has decreased, and the proportion of LEDs has continued to increase. 2017H1, LEDVANCE realized the income of traditional light source of 3.872 billion yuan, the income of LED light source was 1.932 billion yuan, the income of OTC lamps was 734 million yuan, and the income of smart home electronics and service was 723 million yuan. Among them, the proportion of traditional light source revenues has further declined, while the revenue of LED light source and OTC lamps has grown rapidly, and will become the main growth of LEDVANCE business in the future. It is expected that in 2018, LED revenue will exceed traditional light source revenue.
The LEDVANCE income structure adjustment target is clear and the future prospects are good. The company will gradually withdraw from the traditional light source business, and at the same time increase the investment in LED, OTC lamps, smart home electronics business. In the process, the company will gradually turn losses into profit by continuously increasing the global LED penetration rate and the trend of consumption upgrading. With the increase of LEDVANCE's research and development of new business, its technological advantages and scale advantages will gradually appear, and the gross profit margin will resume and stabilize.
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