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OSRAM Licht AG | May 3, 2018

Light is OSRAM

www.osram.com

OSRAM continues technological transformation

Q2 FY18 Earnings Release (preliminary, unaudited figures)

OSRAM Licht AG

Q2 FY18 Earnings Release (preliminary, unaudited figures) | May 3, 2018

2

Disclaimer

This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining

to the anticipated benefits to be realized from the proposals described herein. Forward-looking statements may include, in particular,

statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment,

regulation and supply and demand. OSRAM Licht AG has based these forward-looking statements on its current views and expectations

and on certain assumptions of which many are beyond OSRAM Licht AG’s control. Actual financial performance could differ materially

from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial

performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-

looking statements. The information contained in this presentation is subject to change without notice and OSRAM Licht AG does not

undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except

to the extent required by applicable laws and regulations.

This presentation includes references to non-IFRS financial measures, including, but not limited to: FCF, EBITDA, EBITA, EBITDA margin,

capital expenditure, capital expenditure as percentage of revenue, net financial debt, and net working capital. We have provided these

measures and other information in this presentation because we believe they provide investors with additional information to assess our

performance. Our use of these supplemental financial measures may vary from others in our industry and should not be considered

in isolation or as an alternative to our results as reported under IFRS.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided

and percentages may not precisely reflect the absolute figures.

OSRAM Licht AG


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“Taking a look at the first half of our fiscal year shows that

we faced tougher markets and a more challenging

environment. In addition the FX development was not in our

favor. Nevertheless, we are pushing ahead with our growth

strategy and continue to strengthen our market position as

a high-tech company.”

Pushing ahead with our growth strategy in a challenging environment

CEO statement

Highlights Q2 2018

• Currency and market effects reduce

growth

• €1,012m revenue equals +1.8%

comparable growth; adjusted EBITDA

margin at 15.1%

• High-tech growth strategy continues

• Future concept of OSRAM enters next

phase of implementation

OSRAM Licht AG


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Currency and market topics shape development of Q2 FY18

Revenue (€m) / comparable growth

+1.8%

Q2/18

1,012

Q2/17

1,051

Strong Euro

strains revenue

with approx.

€-90m

Adj. EBITDA (€m) / margin

15.1%

Q2/17

183

17.4%

153

Q2/18

-30 Adj. EBITDA

impacted by

currency effects,

ramp-up costs and

higher R&D of

approx. €-50m

Free Cash Flow (€m)

5

-132

Q2/18Q2/17

FCF as expected

reflects high

invest at OS

Earnings per share, diluted (€)

-0.35

0.46

0.81

Q2/17 Q2/18

EPS reduced due

to currency effects

and special effects

OSRAM Licht AG


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Improvement of business environment expected during the second half of

the year, driven by tailwinds from automotive sector

Development of light vehicle production (YoY comparison)

US nonresidential construction and

electric lighting orders

-10%

-5%

0%

5%

10%

15%

02/13 02/14 02/15 02/1802/16 02/17

Census Bureau US Construction Nonresidential SA, YoY

US Durable Goods New Orders Electric Lighting Equipment, 12 months rolling, YoY

Europe

2.8%

NAFTAWorld China

4.5% 4.2%

-0.1%

-4.2%

2.8%

-0.9%

6.1%

IHS actual H1/18

IHS estimate H2/18

Source: IHS report 04/2018 calendar year figures recalculated according to OSRAM fiscal year.

OSRAM Licht AG


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• Order book reflects

improvement across

customers & products

• Inventory levels of

customers normalized

• Design wins for new

innovative products

• Positive signals

especially for Projection,

Stage and Video Wall

• First sales out of Kulim

delivered as of April

2018

Automotive Industry & Mobile Devices Capacity build-up

Upturn for semiconductor business expected in H2 FY18

Aiming for double digit growth for 2nd half of FY18

OSRAM Licht AG


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OSRAM focuses on digital growth trends

JV contract with

Continental signed

Development of

segments with high

growth and margin

Acquisition of LED-

driver of Trilux

(# 3 in Germany)

Invest in VCSEL:

Technology lead

expanded

Mobility Horticulture Smart CitiesSensing

OSRAM Licht AG


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Systematic execution of the strategy at SP

Signing OSRAM Continental

GmbH

Automotive

SSL lighting

Focus Applications SP Strategy

“Drive innovation”

Front lighting,

electronics and sensor

system

Special lighting “Focus and expand ”

Entertainment

and Industry

Automotive

TRAD lighting

“Last man standing”

Market leader

(NAFTA and EMEA)

Grow share in APAC

OS LSSSP

OSRAM Licht AG


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Dynamic, High Resolution

Light Distribution

Focus Applications JV Strategy

Intelligent Lighting

Systems

“Seamless connectivity”

Exterior & Interior

Modular Subsystems:

plug & play integration

The OSRAM CONTINENTAL GmbH will be the leader in intelligent

lighting solutions, driving additional value creation for OSRAM

OSRAM Continental GmbH

revenue expectation (€bn)

Adj. EBITDA margin

Target range JV

12 – 14%

“Shaping the future of

mobility lighting”

Holistic approach:

sensing-thinking-lighting

20222018

~0.5

OS LSSSP

LED ModuleElectro

-nicsSystem Fixture

OSRAM Continental GmbH

~1

OSRAM Licht AG


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Automotive

SSL lighting


“Drive innovation”

Front lighting,

electronics and sensor

system


Entertainment

and Industry

Automotive

TRAD lighting

“Last man standing”

Market leader

(NAFTA and EMEA)

Grow share in APAC

Systematic execution of the strategy at SPOS LSSSP

Joint venture with

Continental

Acquisition of Fluence

OSRAM Licht AG


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Acquisition of Fluence opens growth opportunities in horticulture


OS LSSSP

Fluence Revenue

expectation (€m)

Adj. EBITDA margin

Target range

>15%

>30

>80ComponentsConnected

Hardware

Farm / Light

Control

Applications on

IoT Platform

Fluence2018 2022

OSRAM

OS


Entertainment

and Industry

OSRAM Licht AG


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Focus Applications

Visualization

and Sensing

General Lighting

Premium,

IR Emitter, Laser

OS Strategy

“Shape the future”

Win in new

business opportunities

“Gain competitive scale”

“Mega”-sites in

low-cost-locations

(Kulim, Wuxi)

“Grow the core”

Strengthen techno-

logy leadership

Systematic execution of the strategy at OSOS LSSSP

Acquisition of Vixar

3D Sensing incl.

Face Recognition

Gesture/Driver Monitoring

Surveillance Military Medical

OSRAM Licht AG


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OS offers the broadest product portfolio in the industry including

VCSELOS LSSSP

Consumer

Mobile

3D Sensing incl.

Face Recognition

Autofocus

Smart Glasses

Automotive

Industry

Gesture/Driver Monitoring LIDAR

Surveillance Military Medical Machine vision

VCSEL with multiple applications

exemplary

VIXAR acquisition allows full light emitter offering

Vixar acquisition

LED EEL1) VCSEL

Osram OS existing business

1) EEL = Edge emitting laser.

OSRAM Licht AG


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Industry

Focus VCSEL strategy

“Drive existing other Vixar business”

Continue specialized business at Vixar

Develop new business opportunities for OS

High potential for profitable growth

Consumer Mobile

& Automotive“Strengthen OS product/technology offering”

Build upon strong know-how & market access

Make use of in-house & sourcing capabilities

EPI Chip Package Module

Foundries

VCSEL value chain: in-house and external capabilities in target state

Design capabilities from EPI to package

OS LSSSP

VCSEL Revenue expectation

(€m)

Adj. EBITDA margin

Target range

>25%

200-300

>15

2018 2022

OSRAM Licht AG


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New business

Beyond Lighting

“Buy and Build”

Digital Lumens,

Beaconsmind, …

DS

Smart Components

Focus Applications LSS Strategy

“Selective expansion”

Organic and

inorganic growth

LS

General Lighting

“Get profitable”

Portfolio streamlining

Cost structure,

Footprint

Systematic implementation of the strategy at LSSOS LSSSP

Digitale ElektronikM&A process started for

service business in the

US

Acquisition

BAG Electronics of

Trilux-Group

OSRAM Licht AG


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Driving OSRAM’s profitability

Performance ProgramsStrategy

Structure

New structure

for countries

and BU

sales &

distribution

Differentiation

of HQ and BU

end-to-end

functions

„Lean HQ“

-20%1)

Streamlining

structures

within BUs

Transformation

of

production sites

1) Target of overhead cost reduction (gross savings before cost inflation).

OSRAM Licht AG


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Efficiency program initiated to support OSRAM’s long-term profitability

Targeted Gross

Savings1)

~ € 40 – 50 million

Drivers Focus

Manufacturing productivity

• Consolidation of SP manufacturing footprint

(“Last Man Standing Strategy“ SP)

• “Future Footprint Concept”

(SP, LSS)

Overhead cost reduction

• Benchmark costs in supporting functions

(e.g. Finance, IT, etc.)

• Address “Stranded Cost” from Ledvance carve-out

• Improve overhead productivity in LSS and SP

FX headwinds

Improve overhead

productivity

Transition towards

high-tech company

Cost of program expected between € 60 – 70 million2)

1) Estimate (before cost inflation).2) Timing pending consultation process; expected within CY 2018 (before tax).

OSRAM Licht AG


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OSRAM – the long-term growth trend continues

Mid- to long-term:

Global growth trends remain strong for OSRAM

LED-share keeps rising thanks to segments with high

growth and margin

(e.g. Automotive and Smartphones)

OSRAM is excellently positioned as a high-tech player

in the long-term

OSRAM Licht AG


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Q2 FY18 comparable revenue growth at 1.8%; growth continues for OS; LED components growth in

Automotive limited as destocking continued; SP traditional light sources with expected decline; Market

environment for LSS remains challenging

Q2 FY18 adjusted EBITDA @ 15.1%; negative impact from FX of 130bps and from R&D of 130bps; OS close

to 28% adjusted EBITDA profitability when adjusting for negative FX impact

Free Cash Flow negative with €132m as expected, mainly driven by footprint expansion CAPEX at OS

Q2 FY18 reported EPS at 46 Eurocents; adjusted EPS at 63 Eurocents; negative FX impact of ~19 Eurocents

Special Items in Q2 FY18 EBITDA at €-19m – as expected

Summary financial performance Q2 FY18

OSRAM Licht AG


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Revenue (€m)

Q2 FY18 revenue level negatively impacted by stronger Euro

Revenue growth Q2 FY18

OSRAM Group: Revenue bridge Q2 FY18 YoY

Nom.

growthFX Portfolio

Comp.

growth

Opto Semiconductors -0.7% -9.1% 1.4% 7.0%

Specialty Lighting -8.7% -7.9% 0.0% -0.8%

Lighting Solutions & Systems -9.0% -7.0% 3.8% -5.8%

Comments

Foreign exchange (FX) impacts largely driven by appreciation of

EUR against USD – EUR/USD @ 1.23 vs. 1.07 in Q2/17

APAC growth driven by OS and LSS

Americas growth driven by SP Aftermarket performance

EMEA growth negative: Reduction in Automotive demand for

Xenon & Halogen; Traditional ballast market with double digit

decline

1.8%

Portfolio

2.8%

FX

-8.3%

Revenue

Q2/17

1,051

Revenue

Q2/18

1,012

Comparable

growth

Regional split Q2 FY18

27.3%

34.5%

38.2%

Americas

APAC

EMEA

Comp. growth

-4.7%

8.2%

2.7%

OSRAM Licht AG


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Margin continues to be impacted by FX, ramp-up costs and R&D invest

Adjusted EBITDA (€m) / Adjusted EBITDA margin (%)

CommentsAdjusted EBITDA margin Q2 FY18

1) Adjustment for special items (S.I.) includes e.g. transformation costs, substantial legal and regulatory matters, and costs related to mergers and acquisitions activities including the sale of subsidiaries, investments and other businesses.

EUR/USD @ 1.23 in Q2/18 vs. 1.07 in Q2/17

Adjusted EBITDA margin negatively impacted by FX, ramp-up costs

and R&D expenses; positive effect from higher volume

OS excluding FX effect close to 28%

Adjusted EBITDA in Corporate Items: €-17m

Special Items @ €-19m – as expected

Adj. EBITDA

margin

FX impact

YoY

Opto Semiconductors 24.5% -3.3%

Specialty Lighting 14.2% -1.0%

Lighting Solutions & Systems -6.4% 0.2%

Adj. EBITDA

margin Q2/17

17.4%

R&DFX

-1.3% -1.3% 0.3%

Other

15.1%

Adj. EBITDA

margin Q2/18

21

-28

-13

Adj. EBITDA

Q2/17

FX

-12

Ramp-up R&D Volume /

Mix / Other

Adj. EBITDA

Q2/18

183

153

Adjusted1) EBITDA margin Q2 FY18 YoY Adjusted EBITDA Q2 FY18 YoY

OSRAM Licht AG


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Segments: Key financials Q2 FY18

426430

Q2/17 Q2/18

105124

Q2/18

24.5%29.0%

Q2/17

OS

Revenue (€m) / Comp. growth (%) Adj.1) EBITDA (€m) / Adj. EBITDA margin (%)

557610

Q2/17 Q2/18

7999

14.2%

Q2/17

16.2%

Q2/18

SP

222243

Q2/17 Q2/18

-14

-6.4%

Q2/18

-11

-4.4%

Q2/17

LSS

Comments

OS

Automotive with slow growth as destocking continued;

tough y-o-y comps for Infrared due to limited capacity

High profitability maintained despite negative impacts from FX

(-3.3%), ramp-up costs and higher innovation spend

SP

Strong growth in Aftermarket; continued decline of first

equipment business in traditional light sources (Xenon/Halogen)

as expected; LED Components growth negatively impacted by

destocking in supply chain

Profitability below PYQ mainly due to FX (-1%)

LSS

Market environment in US and EMEA not showing signs of

near-term recovery

Adj. EBITDA impacted by lower volume and elevated price

competition especially in traditional ballast business in EMEA

Structural cost measures ongoing

Actively exploring M&A interest for LS Service business in US

1) Adjustment for special items (S.I.) includes e.g. transformation costs, substantial legal and regulatory matters, and costs related to mergers and acquisitions activities including the sale of subsidiaries, investments and other businesses.

+7.0%

-0.8%

-5.8%

OSRAM Licht AG


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Free cash flow reflects ongoing capacity investment at OS

Free Cash Flow / Asset Management / Net Liquidity (€m)

CommentsFree cash flow1) Q2 FY18 YoY

Net working capital (days outstanding2)) Q2 FY18 Capital expenditure (percent of revenue) Q2 FY18 YoY

83184

133100

151 (14.9%)

4 13

Q1/18

201 (19.6%)

6 10

Q2/18Q2/17

147

104 (9.9%)

Others /

corporate

LSS

SP

OS

687 725

-694-750

641613

+22.4%

Trade payables

Trade receivables

Inventories

Mar 31, 2018

673 (60)

Dec 31, 2017

550 (48)

-132

5

-138

Q2/18Q2/17

Free cash flow in line with expectations, largely driven by capital

expenditure plan implementation at OS

Increase in inventories mainly at OS; reduction expected in the

second half of FY18

1) Defined as net cash provided by (used in) operating activities less capital expenditure.2) Defined as operating net working capital divided by revenue (last twelve months) times 365 days.

OSRAM Licht AG


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Reported EPS impacted by FX and Special Items

Earnings per share1) (€) / Net liquidity bridge (€m)

Adjusted2) EPS Q2 FY18 YoY

Reported EPS of €0.46 below PYQ due to FX effect, higher

depreciation and Special Items

FX impact compared to previous year ~19 Eurocent

Tax rate at approx. 28%

Comments

Net liquidity bridge Q2 FY18

63

3081

Cash flow

from disc.

operations

and others

Acquisitions

and financial

investments

-1

Net liquidity

Dec 31, 2017

FCF

-132

Proceeds and

payments

from sales of

business

activities

-107

Dividend

payment

-4

Net liquidity

Mar 31, 2018

Net liquidity driven by higher capital expenditure spend and dividend

payment

Comments

Q2/17

0.12

0.81

FX

0.17

0.46

Q2/18

0.93FX effect

Reported EPS

EPS from S.I.

1) Diluted.2) Adjustment for special items (S.I.) includes e.g. transformation costs, substantial legal and regulatory matters, and costs related to mergers and acquisitions activities including the sale of subsidiaries, investments and other businesses.

0.63

OSRAM Licht AG


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Outlook for FY181)

Comparable revenue growth:

~ 3% - 5%

Adjusted EBITDA2):

~ €640m

Free cash flow:

~ €-50m - €-150m

Earnings per share2):

~ €1.90 - €2.10

1) Based on an exchange rate EUR/USD of 1.22.2) Adjusted outlook for the current fiscal year 2018 does not reflect the extraordinary expense of € 60-70 million (before tax) for efficiency programs.

OSRAM Licht AG


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Financial calendar and IR contact information

Upcoming events

May 4, 2018

Roadshow Frankfurt

May 8-9, 2018

Roadshow New York, Chicago & London

May 15, 2018

Roadshow Paris

May 22-23, 2018

JP Morgan Technology Conference in London & Berenberg Conference Tarrytown, New York

Telephone + 49 89 6213 4875

Internet http://www.osram-group.de/en/investors

Email [email protected]

Investor Relations contact

OSRAM Licht AG


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Appendix

OSRAM Licht AG


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Key financial metrics

(preliminary, unaudited)

Group (€m) Q2 FY17 Q2 FY18 Change (y-o-y)

nom. -3.7%

Revenue 1,051 1,012 comp. 1.8%

Gross margin 36.2% 34.3% -200 bps

R&D -90 -103 -14.2%

SG&A -176 -177 -0.6%

EBITDA 169 134 -21.0%

EBITDA margin 16.1% 13.2% -290 bps

Adj. EBITDA 183 153 -16.6%

Adj. EBITDA margin 17.4% 15.1% -230 bps

Financial result (including at-equity result) -2 -5 -148.4%

Income before income taxes 113 63 -44.6%

Taxes -34 -17 48.5%

Net income 79 45 -42.9%

Diluted EPS in € 0.81 0.46 -43.2%

Free cash flow 5 -132 n/a

CAPEX -104 -151 -45.9%

Net liquidity 570 63 -88.9%

Equity ratio 59.7% 58.7% -100 bps

Employees (in thousands) 25.9 26.9 4.0%

OSRAM Licht AG


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Segment overview


1) Net assets on segment level; total assets on group level; CIE includes reconciling items.

Q2 FY18 (€m) OS SP LSS CIEOSRAM

Licht Group

Revenue 426 557 222 -193 1,012

Change % vs. PY reported -0.7% -8.7% -9.0% -3.7%

Change % vs. PY comparable 7.0% -0.8% -5.8% 1.8%

EBITDA 105 74 -23 -22 134

EBITDA margin 24.5% 13.4% -10.3% 13.2%

Special items EBITDA 0 -5 -9 -6 -19

therein transformations costs 0 -3 -8 -4 -15

EBITDA before special items 105 79 -14 -17 153

EBITDA margin before special items 24.5% 14.2% -6.4% 15.1%

Assets1) 1,237 748 322 1,794 4,102

Free cash flow -101 28 -37 -22 -132

Additions to intangible assets and property, plant and equipment 133 13 4 1 151

Amortization 1 4 2 1 7

Depreciation 41 12 6 0 59

OSRAM Licht AG


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Three months ended March 31 Three months ended March 31

2018 2017

Revenue 1,012 1,051

Cost of goods sold and services rendered -665 -670

Gross profit 347 381

Research and development expenses -103 -90

Marketing, selling and general administrative expenses -177 -176

Other operating income 3 0

Other operating expense -2 0

Income (loss) from investments accounted for using the equity method, net -3 0

Interest income 1 3

Interest expense -2 -3

Other financial income (expense), net 0 -1

Income before income taxes OSRAM (continuing operations) 63 113

Income taxes -17 -34

Income OSRAM (continuing operations) 45 79

Income (loss) from discontinued operation, net of tax -1 -56

Net income 45 23

Attributable to:

Non-controlling interests 1 0

Shareholders of OSRAM Licht AG 44 23

Basic earnings per share (in €) 0.45 0.24

Diluted earning per share (in €) 0.45 0.24

Basic earnings per share (in €) OSRAM (continuing operations) 0.46 0.81

Diluted earning per share (in €) OSRAM (continuing operations) 0.46 0.81

Consolidated statement of income


OSRAM Licht AG


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Consolidated statement of financial position


As of

March 31

As of

September 30

2018 2017

Assets

Current Assets

Cash and cash equivalents 255 609

Available-for-sale financial assets 2 2

Trade receivables 641 634

Other current financial assets 61 44

Inventories 725 662

Income tax receivables 34 35

Other current assets 120 112

Assets held for sale - 2

Total current assets 1,838 2,100

Goodwill 146 148

Other intangible assets 143 142

Property, plant and equipment 1,578 1,396

Investments accounted for using the equity method 65 66

Other financial assets 13 13

Deferred tax assets 269 314

Other assets 49 59

Total assets 4,102 4,238

As of

March 31

As of

September 30

2018 2017

Liabilities and equity

Current liabilities

Short-term debt and current maturities of long-term debt 26 16

Trade payables 694 752

Other current financial liabilities 32 29

Current provisions 72 75

Income tax payables 92 99

Other current liabilities 311 309

Liabilities associated with assets classified as held for sale - 0

Total current liabilities 1,227 1,280

Long-term debt 168 184

Pension plans and similar commitments 149 150

Deferred tax liabilities 2 10

Provisions 31 32

Other financial liabilities 9 10

Other liabilities 107 111

Total liabilities 1,693 1,778

Equity

Common stock, no par value 105 105

Additional paid-in capital 2,032 2,035

Retained earnings 659 699

Other components of equity -11 5

Treasury shares, at cost -386 -392

Total equity attributable to shareholders of OSRAM Licht AG 2,399 2,452

Non-controlling interests 10 8

Total equity 2,409 2,460

Total liabilities and equity 4,102 4,238

OSRAM Licht AG


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Three months

ended March 31

Three months

ended March 31

2018 2017

Cash flows from operating activities

Net income 45 23

Adjustments to reconcile net income (loss) to cash provided

Income (loss) from discontinued operation, net of tax 1 56

Amortization, depreciation, and impairments 66 54

Income taxes 17 34

Interest (income) expense, net 2 0

(Gains) losses on sales and disposals of businesses, intangible assets,

and property, plant and equipment, net 0 2

(Income) loss from investments 3 0

Other non-cash (income) expenses 1 0

Change in current assets and liabilities

(Increase) decrease in inventories -40 -25

(Increase) decrease in trade receivables -38 -45

(Increase) decrease in other current assets 11 -7

Increase (decrease) in trade payables -11 45

Increase (decrease) in current provisions 0 2

Increase (decrease) in other current liabilities -17 -46

Change in other assets and liabilities -5 2

Income taxes paid -17 9

Interest received 1 3

Net cash provided by (used in) operating activities - OSRAM

(continuing operations) 19 109

Net cash provided by (used in) operating activities from discontinued

operation -4 -12

Net cash provided by (used in) - OSRAM Licht Group (total) 15 97

Consolidated statement of cash flows


Three months

ended March 31

Three months

ended March 31

2018 2017

Cash flows from investing activities

Additions to intangible assets and property, plant and equipment -151 -104

Acquisitions, net of cash and cash equivalents acquired 0 -10

Purchases of investments -1 0

Proceeds and payments from sales of investments, intangible assets, and

property, plant and equipment 1 0

Proceeds and payments from the sale of business activities 1 388

Net cash provided by (used in) investing activities from continuing

operations -151 275

Net cash provided by (used in) investing activities from discontinued operation – -8

Net cash provided by (used in) investing activities - OSRAM (continuing

operations) -151 267

Cash flows from financing activities

Purchase of treasury stock – -67

Repayment of long-term debt -2 -2

Change in debt and other financing activities -1 -6

Interest paid -1 -1

Dividends paid to shareholders of OSRAM Licht AG -107 -97

Dividends paid to non-controlling interests 0 -3

Net cash provided by (used in) financing activities - OSRAM (continuing

operations) -112 -177

Net cash provided by (used in) financing activities from discontinued

operation – -2

Net cash provided by (used in) financing activities - OSRAM Licht Group

(total) -112 -179

Effect of exchange rates on cash and cash equivalents -1 2

Net increase (decrease) in cash and cash equivalents -249 187

Cash and cash equivalents at beginning of period 504 593

Cash and cash equivalents at the end of period 255 781

Cash and cash equivalents at end of period (consolidated statement of

financial position) 255 781

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