Koninklijke Philips N.V.
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Publicatie datum
17 okt 2011 - 07:02
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips delivers 6% sales growth; EUR 800 million savings deployment starts
Bericht
• Comparable sales up 6%, led by 8% growth at Lighting and 7% growth at Healthcare
• Growth geographies sales increase 13% on a comparable basis
• EBITA at EUR 368 million, or 6.8% of sales
• Free cash outflow of EUR 172 million
• Cost-reduction actions commence
Q3 financials: Lighting, Healthcare and growth geographies lead revenue increase. EBITA declines from 11.8% Q3 2010 to 6.8% Q3 2011, marginally below Q2 2011
Solid Healthcare sales growth of 7% and equipment order intake growth of 5%. Investments in R&D and selling expenses required for new product launches negatively affected margins in the quarter.
Consumer Lifestyle growth businesses showed high-single-digit sales growth. Results affected by investments for growth and a strong decline at Lifestyle Entertainment.
Lighting grew by a strong 8%, driven by LED at 32%. Investments in selling and R&D, higher raw material costs, and adverse Lumileds and Consumer Luminaires performance led to a decline in earnings.
Moving forward on Accelerate!, Philips’ change and performance program
Through this program, Philips is investing in growth, addressing structural change, focusing on execution, reducing overhead costs and adopting a new company culture. The organization is responding well to these initiatives, which have started to reach deep in the organization. The implementation of the Philips Business System has begun to improve granular performance insights, enhancing management accountability and prompting corrective actions. In addition, Accelerate! includes a cost-savings program that targets EUR 800 million in savings and aims to significantly decrease complexity and overhead costs, while at the same time reinvesting in innovation and customer-facing resources. About 60% of the savings are people-related and will result in the loss of 4,500 positions, 1,400 of which will be in the Netherlands. The remaining 40% relate to other structural costs.
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Datum laatste update: 02 september 2024