Philips behaalt in het vierde kwartaal een omzet van EUR 6,5 miljard en een operationeel resultaat van EUR 743 miljoen

januari 27, 2015

De financiële gegevens van de Philips-groep zijn vanaf het vierde kwartaal van 2014 en de voorgaande perioden aangepast om de resultaten van de samengevoegde onderdelen Lumileds en Automotive weer te geven als beëindigde bedrijfsactiviteiten; dit in verband met het aantrekken van derden-beleggers.

 

Kerncijfers vierde kwartaal 2014

 

• De vergelijkbare omzet is met 2% gedaald
• De EBITA, exclusief herstructurerings- en overnamegerelateerde lasten en overige posten, bedroeg EUR 743 miljoen, ofwel 11,4% van de omzet, tegenover 12,9% in het vierde kwartaal van 2013
• De EBITA werd negatief beïnvloed door herstructureringslasten en overige posten en bedroeg EUR 262 miljoen, tegenover EUR 789 miljoen in het vierde kwartaal van 2013
• Het nettoresultaat bedroeg EUR 134 miljoen, vergeleken met EUR 412 miljoen in het vierde kwartaal van 2013
• De vrije kasstroom is gestegen naar EUR 559 miljoen, tegenover EUR 481 miljoen in het vierde kwartaal van
 2013

 

Kerncijfers hele jaar 2014

 

• De vergelijkbare omzet is met 1% gedaald naar EUR 21,4 miljard
• De EBITA, exclusief herstructurerings- en overnamegerelateerde lasten en overige posten, bedroeg EUR 1,9 miljard, ofwel 9,0% van de omzet, tegenover EUR 2,3 miljard, ofwel 10,5% van de omzet, in 2013
• De EBITA bedroeg EUR 821 miljoen, ofwel 3,8% van de omzet, vergeleken met  EUR 2,3 miljard, ofwel 10,4% van de omzet, in 2013
• Het nettoresultaat bedroeg EUR 411 miljoen, tegenover EUR 1,2 miljard in 2013
• De vrije kasstroom is gestegen naar EUR 497 miljoen, vergeleken met EUR 82 miljoen in 2013
• Rendement op geïnvesteerd vermogen was 4,5%, tegenover 13,9% in 2013
• Voorstel om het dividend te handhaven op EUR 0,80 per aandeel

 

Frans van Houten, CEO: 

 

“Het vierde kwartaal maakt duidelijk dat 2014 een lastig jaar voor Philips was. Ons transformatieprogramma blijft goede resultaten opleveren, hoewel we te maken hadden met prestatieproblemen, aanhoudende zwakte in markten als China en Rusland, en sterker dan verwachte negatieve wisselkoerseffecten in met name opkomende markten.

 

Healthcare heeft het over de gehele linie minder gedaan, hoofdzakelijk als gevolg van operationele problemen en zwakke markten. We zijn bemoedigd doordat we ons marktaandeel in beeldgestuurde therapie hebben uitgebreid en door mooie orders in Europa en het Midden-Oosten, waar we een viertal meerjarige contracten voor de levering van oplossingen hebben afgesloten. Onze fabriek in Cleveland heeft in januari de levering aan klanten hervat, hetgeen een belangrijke mijlpaal is. Consumer Lifestyle heeft een uitstekend kwartaal achter de rug, waarmee het al drie jaar op rij beter presteert dan de markt. Ons onderdeel Health & Wellness behaalde een tweecijferige omzetgroei met een sterk verbeterde EBITA over de gehele linie.

 

Lighting boekte een omzetgroei van 20% op het gebied van LED en verbeterde de bijbehorende marges ondanks een sterke prijserosie. De prestaties werden echter negatief beïnvloed door de resultaten van China, Professional Lighting Solutions North America en conventionele verlichting. We hebben actie ondernomen om onze productiefaciliteiten voor conventionele verlichting verder te herstructureren.”

 

Update over onze financiële doelen

 

“Globaal bezien was 2014 een tegenvaller als we kijken naar onze resultaten. We nemen echter duidelijke maatregelen om bij al onze activiteiten betere bedrijfsresultaten te realiseren en we verwachten voor 2015 en daarna omzetgroei en verbetering van onze EBITA-marges. We blijven echter voorzichtig ten aanzien van de macro-economische vooruitzichten en verwachten dat een aantal van onze eindmarkten nog geruime tijd onbestendig zal blijven. Naar het zich laat aanzien zal er ook in 2015 en 2016 nog sprake zijn van incidentele kosten, die in hoofdzaak verband houden met herstructureringen en de splitsing.

 
Vanwege die factoren lopen we ten aanzien van de vergelijkbare omzetgroei, EBITA en ROIC elk 1 procentpunt achter op de lijn die we moeten volgen om in 2016 onze doelstellingen te realiseren. Gezien de mogelijkheden die de markten Lighting Solutions en HealthTech bieden, zijn we ervan overtuigd dat dit geen invloed zal hebben op ons prestatiepotentieel voor de langere termijn. Naarmate de splitsing van Philips en de herindeling van IG&S vorderen, zullen we de markt later dit jaar nader informeren over de integrale prestatiedoelen voor de beide werkmaatschappijen.”

 

klik hier voor het volledige Engelstalige persbericht
 

Quarterly Report

Fourth quarter and Annual Results 2014 - Quarterly Report 

 

Presentations

Fourth quarter and Annual Results 2014 - Quarterly Results Presentation

 

Speech

Fourth quarter and Annual Results 2014 Press Briefing Speech

 

Conference call and audio webcast

A conference call with Frans van Houten, CEO, and Ron Wirahadiraksa, CFO, to discuss the results, will start at 12:00AM CET. A live audio webcast of the conference call will be available through the link below.

Q4 2014 conference call audio webcast 

 

More information about Frans van Houten and Ron Wirahadiraksa:

Click here for Mr. van Houten's CV and images 

Click here for Mr. Wirahadiraksa's CV and images

Philips' Fourth Quarter and Annual Results 2014 Infographic

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Philips to acquire Volcano to expand global leadership position in image-guided therapy market

 Expanding its global leadership position in image-guided
therapies, Philips has entered into an
agreement to acquire Volcano Corporation, a global
leader in catheter-based imaging and measurement
solutions for cardiovascular applications. Volcano’s
complementary portfolio and expertise will create
opportunities to accelerate revenue growth for
Philips’ image-guided therapy business.

Philips signed patient monitoring and software maintenance agreements for all Mayo Clinic-owned hospitals

 
Continuing its focus on long-term partnerships with
large organizations, Philips signed patient monitoring
and software maintenance agreements for all Mayo
Clinic-owned hospitals. These agreements include
hardware and software solutions, as well as a number
of services.

Philips held leading market positions in the Male Grooming on Double 11

  On China’s biggest day of the year for online
shopping, ‘Double 11’, Philips held leading market
positions in the Male Grooming, Oral Healthcare and
Mother & Child Care categories. Sales grew 40%
year-on-year, driven by dedicated digital campaigns
and partnerships with the largest online sales
platforms.

Philips Oral Healthcare reported continued growth

  Philips Oral Healthcare reported continued growth
globally, with Philips Sonicare delivering record
market share growth, driven by advanced
propositions endorsed by dental professionals and
celebrities, as well as collaboration with key retailers.
The new Philips Sonicare 2 Series was well received
by consumers in North America and was rated 4.2 out
of 5 in online reviews.

Madrid upgrades city infrastructure with Philips lighting

  Philips is to provide the city of Madrid, Spain with
225,000 energy-efficient street lights. The renewal of
the city’s entire street lighting system makes it the
world’s largest street lighting upgrade to date.

Philips connected lighting system with luminous textiles to light up Lexus showrooms across Russia

   Designed for the high-end retail market, Philips’
connected ambient lighting system will light up Lexus
showrooms across Russia. The innovative system
combines LEDs with textile and dynamic content.

Philips digital pathology solution receives CE mark

 
Philips reached an important milestone in the
development of its emerging Digital Pathology
business by obtaining the CE mark to market its
Digital Pathology Solution in Europe for routine
diagnostic use, such as the diagnosis of cancer. This
follows the FDA clearance for Philips’ digital manual
read of HER2 pathology slides, which is used in the
diagnosis of certain breast cancers.

Philips takes circular economy to healthcare and inaugurates a new imaging systems refurbishment facility in the Netherlands

  Reflecting its continued commitment to
sustainability, Philips inaugurated a healthcare
imaging systems refurbishment facility in Best, the
Netherlands. This facility brings the financial and
environmental benefits of circular economy to the
healthcare industry. Philips was also recognized, for
the third consecutive year, as a leader in both carbon
disclosure and performance by the Carbon
Disclosure Project.

Voor meer informatie kunt u contact opnemen met:

Steve Klink
Philips Group Communications
Tel: +31 6 10888824
E-mail: steve.klink@philips.com

 

Joost Akkermans
Philips Group Communications
Tel.: +31 6 3175 8996
E-mail: joost.akkermans@philips.com

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About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2013 sales of EUR 23.3 billion and employs approximately 105,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at www.philips.com/newscenter.

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Forward-looking statements

This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and completion of the tender offer and merger of Volcano Corporation and its benefits. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

 

These factors include but are not limited to domestic and global economic and business conditions, developments within the euro zone, the successful implementation of Philips’ strategy and the ability to realize the benefits of this strategy, the ability to develop and market new products, changes in legislation, legal claims, changes in exchange and interest rates, changes in tax rates, pension costs and actuarial assumptions, raw materials and employee costs, the ability to identify and complete successful acquisitions, including Volcano, and to integrate those acquisitions into the business, the ability to successfully exit certain businesses or restructure the operations, the rate of technological changes, political, economic and other developments in countries where Philips operates, industry consolidation and competition. As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see the Risk management chapter included in the Annual Report 2013 and the “Risk and uncertainties” section in the semi-annual financial report for the six months ended June 29, 2014. Third-party market share data Statements regarding market share, including those regarding Philips’ competitive position, contained in this document are based on outside sources such as research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, those statements may also be based on estimates and projections prepared by outside sources or management. Rankings are based on sales unless otherwise stated.

 

Use of non-GAAP information

 

In presenting and discussing the Philips Group financial position, operating results and cash flows, management uses certain non-GAAP financial measures. These non-GAAP financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used in conjunction with the most directly comparable IFRS measures. Non-GAAP financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-GAAP measures to the most directly comparable IFRS measures is contained in this document. Further information on non-GAAP measures can be found inthe Annual Report 2013.

 

Use of fair-value measurements

 

In presenting the Philips Group financial position, fair values are used for the measurement of various items in accordance with the applicable accounting standards. These fair values are based on market prices, where available, and are obtained from sources that are deemed to be reliable. Readers are cautioned that these values are subject to changes over time and are only valid at the balance sheet date. When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Such fair value estimates require management to make significant assumptions with respect to future developments, which are inherently uncertain and may therefore deviate from actual developments. Critical assumptions used are disclosed in the Annual Report 2013. Independent valuations may have been obtained to support management’s determination of fair values. All amounts are in millions of euros unless otherwise stated. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2013, unless otherwise stated. Prior-period financials have been restated for the treatment of the combined businesses of Automotive and Lumileds as discontinued operations and for two voluntary accounting policy changes applied as of January 1, 2014. The first voluntary accounting policy change relates to a reclassification of cost by function in the income statement. Company-wide overhead and indirect Business function costs will be brought more in line with the actual activities performed in the markets. This change has no net effect on Income from operations. The second voluntary accounting policy change relates to a change in the presentation in the cash flow statement. Up and until 2013 the cash flows related to interest, tax and pensions were presented in a table separate from the primary consolidated statement of cash flows. The presentation change results in the separate presentation of the interest and tax cash flows in cash flow from operating activities. The pension cash flows are separately presented as part of the pension disclosures. The presentation change has no impact on the net cash flows from operating activities nor the total net cash balance as these cash flows previously used to be part of other aggregated sub lines of the primary consolidated statement of cash flows. An overview of the revised 2014 and 2013 figures per quarter is available on the Philips website, in the Investor Relations section.

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Additional information

This communication is neither an offer to purchase nor a solicitation of an offer to sell any shares of common stock of Volcano or any other securities. Philips has filed a tender offer statement on Schedule TO with the SEC and a Solicitation/Recommendation Statement on Schedule 14D-9 has been filed with the SEC by Volcano. The offer to purchase shares of Volcano common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ BOTH THE TENDER OFFER STATEMENT, AS FILED AND AS IT MAY BE AMENDED FROM TIME TO TIME, AND THE SOLICITATION/ RECOMMENDATION STATEMENT, AS FILED AND AS MAY BE AMENDED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING THE OFFER. Investors and security holders may obtain a free copy of these statements and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to Georgeson Inc., the Information Agent for the offer, at (866) 856-2826.

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