Yes, absolutely. It was indeed a sword of Damocles hanging over the company. We had to address it to secure the future. The breakthrough has been successful, the shackles are loosened. This is also noticeable internally: Many employees were concerned. Now we see happy faces. We can focus on implementing the strategy.

We clearly intend to further reduce the debt. Its relatively high level is due to two major issues: the acquisition of Osram by AMS four years ago and our new Micro-LED factory in Malaysia.

In this year, we will significantly reduce our investments as planned. With higher profitability, we will generate enough cash flow in the coming years to work on debt reduction. The credit rating of AMS Osram should then rise relatively quickly, making the next round of financing more favorable.

No, it's still a long way from the current "BB−" to that. 2026 is still our clear goal.

There is a difficult-to-calculate variable: We currently own 86% of Osram shares, and the rest is held by existing shareholders. We don't know when the remaining shares will be tendered to us. We would have to pay 600 million euros for all of them. Nevertheless, we expect to go below 2 before 2026.

No, because we are primarily growing with content. An example is the automotive sector, which accounts for half of our revenue. We simply add more LEDs to the car. This way, we grow by around 10% per year.

By, for example, introducing better front lighting to the market. Our new LED headlights have about 25,000 light points. This not only provides excellent visibility but also allows warnings, such as warnings about slippery roads, to be projected onto the street. This means more comfort and safety. All car manufacturers want that.

All those we presented our innovation to are enthusiastic. The new light is not cheap and will not be in every car tomorrow. But in the premium and luxury segments, I think we will achieve relatively high penetration fairly quickly.

Exactly. The car gets more and better light. Therefore, the value of our products per car will increase significantly. Another example is interior lighting, which is particularly important for young people or customers in Asia. When you get into the car, the interior lighting comes to life and can change colors. A growing number of people desire to experience the comfort of their living rooms while in their cars. Light plays a crucial role in this.

Growth is one lever, leading to higher factory utilization. This also includes selling business areas where we incur significant losses. This will improve our annual result by 150 million euros, and we will give up 300 to 400 million euros in revenue. More profit with slightly less revenue will push the margins up a bit.

We are in the process. We have presented the business to interested parties, and we expect to receive non-binding offers soon. We expect to conclude transactions following the approval processes over the course of the year.

We have only mentioned financial investors on the sidelines. We believe that the businesses would be a good addition for strategic buyers and better placed there than with us. For example, with market leaders. We have also approached such leading companies, and there is interest from around the world.

We have not yet named the others. There is a certain risk of losing employees in such uncertain times. But these are very interesting businesses.

The businesses are making a loss, so we won't get rich from a sale. However, we expect an overall high double-digit or low triple-digit million euro sum as proceeds.

Yes, although to varying degrees. An exception is the business of the new Micro-LED factory. There we have start-up costs and no significant revenues yet.

We won't take a huge step forward this year, but we do expect a slight improvement. Currently, some markets are weaker. This is evident in our industrial and consumer business. The Android-related market is picking up slightly, but we can't speak of a trend yet. Our automotive business is doing well. We also see that it will start in the new year quite well. Overall, we expect a considerably stronger performance from the company during the second half of the year compared to the first half.

We cannot talk about individual customers. But I can say that our three largest customers together account for just under 20% of revenue this year.

We don't know for sure. But after our many discussions in recent months with investors in Switzerland, where we are listed, in Austria, Germany, as well as in England and the US, I have the impression that many have supported us. And new investors have joined through the capital increase, including more conservative, so-called long-only investors. We now have Swiss shareholders again. It is important to have investors in the home financial market.

Clearly positive is the innovative strength, which is even higher than I expected. The great people in the company and the product portfolio are impressive. I was a bit surprised by the financial situation, although I had looked at everything very closely beforehand. It quickly became clear to me that 2 billion euros had to be refinanced and that also in 2023.

I know the concept of a two-member board from my time at Siltronic. And, in my opinion, it worked extremely well. I told the AMS Osram supervisory board about it. Communication is a bit easier with a two-person board. Of course, decisions must be well prepared, but they can be made more quickly.

Yes. We show the team that savings are being made from the top. Such signals can sometimes work wonders in a company.

Rainer Irle (53) has been CFO of AMS Osram since July 2023. Like CEO Aldo Kamper, who started on April 1 and came from Leoni, he stands for a new beginning. With the acquisition of the larger lighting technology company Osram, the chip and sensor manufacturer AMS had become heavily indebted. Thanks to the financing concept, the worst seems to be over. As a graduate industrial engineer, Irle also claims technical expertise. He served as the CFO of the Munich-based wafer manufacturer Siltronic for ten years before joining AMS Osram.