Kerncijfers tweede kwartaal
- De vergelijkbare omzet van het HealthTech-portfolio bleef groeien met 5%
- De gecorrigeerde EBITA bedroeg EUR 544 miljoen, ofwel 9,3% van de omzet, vergeleken met 8,4% van de omzet in het tweede kwartaal van 2015
- De EBITA kwam uit op EUR 464 miljoen, ofwel 7,9% van de omzet, tegenover 7,5% van de omzet in het tweede kwartaal van 2015
- Het bedrijfsresultaat (EBIT) bedroeg EUR 376 miljoen, vergeleken met EUR 349 miljoen in het tweede kwartaal van 2015
- Het nettoresultaat bedroeg EUR 431 miljoen, inclusief een vergoeding van EUR 144 miljoen als gevolg van de arbitragezaak tegen Funai, tegenover EUR 274 miljoen in het tweede kwartaal van 2015
- De operationele kasstroom was EUR 318 miljoen, vergeleken met EUR 186 miljoen in het tweede kwartaal van 2015, met een vrije kasinstroom van EUR 127 miljoen, tegenover een vrije uitgaande kasstroom van EUR 30 miljoen in het tweede kwartaal van 2015.
Frans van Houten, CEO:
“Philips heeft in het tweede kwartaal van 2016 solide resultaten geboekt. De vergelijkbare omzet is met 3% gegroeid en onze HealthTech-activiteiten hebben een sterke groei van 5% gerealiseerd. Dankzij ons transformatieprogramma Accelerate! zijn de operationele resultaten van de meeste onderdelen verder verbeterd, terwijl we blijven investeren in kwaliteit en innovatie.
Ik ben verheugd over de succesvolle notering van Philips Lighting aan de Euronext in Amsterdam per eind mei. Met deze gedenkwaardige stap kan Philips zich nu volledig richten op de geweldige kansen op het gebied van gezondheidstechnologie, terwijl voor Philips Lighting hetzelfde geldt in de groeiende markt voor energiezuinige verlichting. Philips heeft momenteel een meerderheidsbelang in Philips Lighting, maar streeft ernaar dit in de komende jaren volledig te verkopen.
Onze vooruitzichten voor 2016 blijven ongewijzigd, waarbij we verwachten dat de resultaten in de tweede helft van het jaar verder verbeteren. We zijn echter bezorgd over de toegenomen risico's door volatiliteit in een aantal markten.”
HealthTech
“Our HealthTech portfolio grew 5%, driven by businesses in Personal Health and Connected Care & Health Informatics. We were ableto drive further operational improvements while keeping up our significant investments in quality and innovation, including in healthinformatics, wearable patient monitoring solutions and digital pathology.
Equipment-order intake remained uneven and fell by 1% on a currency-comparable basis in the quarter. However, we expect good order intake growth in the second half of the year.”
The Personal Health businesses grew by 9% on a comparable basis, with the Adjusted EBITA margin improving by 170 basis points.The Diagnosis & Treatment businesses posted comparable sales growth of 1%, and the Adjusted EBITA margin improved by 20 basispoints. In the Connected Care & Health Informatics businesses, comparable sales grew by 6%, while the Adjusted EBITA margin improved by 110 basis points.
- In line with Philips’ strategy of building multi-year, strategic partnerships, the company signed a USD 36 million agreement with the Medical University of South Carolina Health focused on integrated patient monitoring solutions. In Europe, Philips signed a EUR 19 million agreement with Heart Hospital in Tampere, Finland, to jointly innovate in cardiac care.
- Strengthening its Digital Pathology business, Philips acquired PathXL, an innovator in digital pathology image analysis, workflow software and educational tools. Philips also signed a licensing agreement with Visiopharm to offer their breast cancer panel software algorithms with Philips’ IntelliSite digital pathology solution to support pathologists in providing an objective diagnosis of breast cancer.
- Building on Philips’ expertise in sleep and respiratory care, the company launched the cloud-based Patient Adherence Management Service, which supports new patients’ transition to sleep therapy.
- The Personal Care business successfully launched the OneBlade hybrid styler that trims, shaves and styles in France, the UK, Germany and North America. The Oral Healthcare business introduced the Philips Sonicare FlexCare Platinum Connected toothbrush, its latest innovation that uses Smart Sensor technology to help consumers optimize their brushing routine.
- Within the Image-Guided Therapy business, Philips Volcano delivered another strong performance with double-digit comparable sales growth and continued operational improvements. This was driven by growth across the smart catheter product portfolio, synergies with the Image-Guided Therapy Systems business and expansion into new geographies.
- Building on its commitment to sustainability, Philips launched its new 5-year ‘Healthy people, sustainable planet’ program to improve the lives of 2.5 billion people per year, increase its green revenues to 70% of sales, generate 15% of its sales from circular revenues and become carbon-neutral in its operations by 2020.
Lighting
On May 27, 2016, Philips Lighting was listed and started trading on Euronext in Amsterdam under the symbol ‘LIGHT’. Following the listing of Philips Lighting, Philips retains a 71.225% stake and continues to consolidate Philips Lighting.
In the second quarter, comparable sales in Philips Lighting declined by 1%, while Adjusted EBITA improved by 180 basis points to 9.3% of sales. Full details about the financial performance of Philips Lighting in the second quarter were published on July 22, 2016. The related report can be accessed here.
Separation costs
Costs related to the separation of Philips Lighting amounted to EUR 45 million in the second quarter of 2016. For the second half of 2016, Philips expects separation costs to be in the range of EUR 65–85 million. Another EUR 38 million of costs related to the listing of Philips Lighting were booked through equity in the second quarter of 2016.
Cost savings
Overhead cost savings amounted to EUR 19 million in the second quarter. The Design for Excellence (DfX) program generated EUR 86 million of incremental procurement savings in the quarter. The End2End improvement program achieved EUR 45 million in productivity gains.
Miscellaneous
As of June 30, 2016, Philips had completed 91% of the 3-year EUR 1.5 billion share buy-back program.
Quarterly Report
Second quarter results 2016 - Quarterly Report
Presentation
Second quarter results 2016 - Quarterly Results Presentation
Conference call and audio webcast
A conference call with Frans van Houten, CEO, and Abhijit Bhattacharya, CFO, to discuss the results will start at 10:00 am CET, July 25, 2016. A live audio webcast of the conference call will be available through the link below.
Q2 2016 - Second quarter 2016 results conference call audio webcast
More information about Frans van Houten and Abhijit Bhattacharya