Philips maakt cijfers eerste kwartaal 2017 bekend


Philips behaalt in het eerste kwartaal een omzet van EUR 5,7 miljard, met een groei van het HealthTech-portfolio van 3% op vergelijkbare basis; het nettoresultaat is gestegen naar EUR 259 miljoen, mede dankzij een verbetering van de gecorrigeerde EBITA met 18% naar EUR 442 miljoen

April 24, 2017

Kerncijfers eerste kwartaal

  • De omzet steeg naar EUR 5,7 miljard, met een vergelijkbare omzetgroei van 3% voor het HealthTech-portfolio en 2% op groepsniveau
  • Het nettoresultaat bedroeg EUR 259 miljoen, vergeleken met EUR 37 miljoen in het eerste kwartaal van 2016
  • Het bedrijfsresultaat (EBIT) bedroeg EUR 348 miljoen, vergeleken met EUR 199 miljoen in het eerste kwartaal vorig jaar 
  • De EBITA steeg naar EUR 437 miljoen, ofwel 7,6% van de omzet, tegenover EUR 290 miljoen, ofwel 5,3% van de omzet, in het eerste kwartaal van 2016
  • De gecorrigeerde EBITA nam toe naar EUR 442 miljoen, oftewel 7,7% van de omzet, tegenover EUR 374 miljoen, oftewel 6,8% van de omzet, in het eerste kwartaal vorig jaar
  • De operationele kasstroom was EUR 343 miljoen, tegenover EUR 10 miljoen in het eerste kwartaal van 2016, en een vrije kasstroom van EUR 295 miljoen, vergeleken met een kasuitstroom van EUR 177 miljoen in het eerste kwartaal van 2016


Frans van Houten, CEO:


“We zijn het jaar gedegen gestart met een vergelijkbare omzetgroei van 2% op groepsniveau en een verbetering van de gecorrigeerde EBITA-marge met 90 basispunten. Ondanks aanhoudende volatiliteit binnen de markten waarin we actief zijn, groeide ons HealthTech-portfolio met 3% en zijn de operationele resultaten verder verbeterd, hetgeen heeft geleid tot een verbetering van de gecorrigeerde EBITA-marge met 80 basispunten.


Onze activiteiten op het gebied van Diagnosis & Treatment en Personal Health boekten forse margeverbeteringen, terwijl bij Connected Care & Health Informatics sprake is van een schommelend omzetpatroon dat kenmerkend is voor grote contracten op het vlak van ziekenhuisinformatica. De vergelijkbare orderontvangst nam toe met 2%, voornamelijk door een middelhoge eencijferige groei van onze activiteiten op het gebied van Diagnosis & Treatment.


In het bijzonder levendige eerste kwartaal brachten we, in lijn met ons strategisch plan, ons belang in Philips Lighting terug naar 55%. We hebben onze positie als toonaangevende aanbieder van zorgtechnologie verder versterkt doordat we diverse baanbrekende innovaties hebben geïntroduceerd, strategische allianties zijn aangegaan en verschillende contracten voor geïntegreerde oplossingen in de wacht hebben gesleept. Het feit dat het aandeel Philips onlangs in de STOXX Europe 600 Index vanuit de categorie ‘Industrial Goods & Services’ is ingedeeld bij ‘Health Care’, vormt een bevestiging van onze transformatie tot aanbieder van gezondheidstechnologie. 


Met de uitvoering van onze strategie blijven we werken aan verdere verbetering van onze onderliggende prestaties en realisatie van de doelstelling van 4-6% groei van de vergelijkbare omzet. Ook willen we de gecorrigeerde EBITA-marge met gemiddeld 100 basispunten per jaar verbeteren. Onze vooruitzichten voor het jaar blijven ongewijzigd, waarbij we verwachten dat verdere groei van de vergelijkbare omzet en verbetering van onze operationele resultaten met name in de tweede helft van het jaar zichtbaar worden.”




In the first quarter, the Personal Health businesses increased sales by 5% on a comparable basis, with growth across the portfolio as Health & Wellness and Sleep & Respiratory Care recorded high-single-digit growth; the Adjusted EBITA margin improved by 150 basis points. The Diagnosis & Treatment businesses posted comparable sales growth of 2%, and the Adjusted EBITA margin improved by 190 basis points, driven by Diagnostic Imaging. In the Connected Care & Health Informatics businesses, comparable sales increased 1%, while the Adjusted EBITA margin was 30 basis points lower than in the same period last year, mainly reflecting lower growth and higher channel investments.


The continued focus and investments in R&D led to a number of breakthrough innovations and strategic collaborations:


  • Philips reinforced its leadership in image-guided therapy solutions with the global launch of Philips Azurion, the next-generation image-guided therapy platform that enables clinicians to perform a wide range of routine and complex procedures, helping them to optimize interventional lab performance and provide superior care.
  • Philips Volcano continued its strong performance as the business reached an important milestone with the results of two large clinical trials demonstrating the benefits of Philips’ Instant Wave-Free Ratio (iFR) technology compared to Fractional Flow Reserve (FFR), the current standard, removing a critical barrier for the use and adoption of iFR to decide, guide and confirm appropriate therapies.
  • B. Braun and Philips entered into a strategic alliance to innovate and accelerate growth in ultrasound-guided regional anesthesia and vascular access. The alliance launched Xperius, a new co-branded mobile ultrasound system specifically designed as the platform to support current and future integrated solutions in this fast-growing market.
  • Building on its strategy to deliver relevant solutions and business models, Philips signed an agreement to acquire Australian Pharmacy Sleep Services (APSS), a pioneer in pharmacy sleep testing. APSS will complement Philips’ sleep and respiratory care portfolio and will help to accelerate the business’s home sleep testing offering through the pharmacy channel in Australia.
  • At the International Dental Show in Germany, the world’s leading trade fair for the dental sector, Philips revealed the Philips Sonicare DiamondClean Smart toothbrush and Philips Sonicare Breath care system with breath analyzer, an all-in-one connected oral care platform. Philips also presented the results of a new clinical study demonstrating the effectiveness of Philips Sonicare power toothbrushes and Philips AirFloss Ultra.
  • Demonstrating the success of telehealth technologies, Emory Healthcare (US) achieved savings of USD 4.6 million over a period of 15 months by using Philips’ eICU platform. Similarly, with the help of Philips’ Intensive Ambulatory Care program, Banner Health (US) reduced hospitalizations for chronically ill patients with multiple conditions by nearly 50%, reducing overall cost of care by more than one third.
  • Expanding its health informatics portfolio, Philips launched its IntelliSpace Enterprise Edition, an industry-first managed service solution for hospital-wide clinical informatics and data management. The high-performance, secure and scalable health informatics platform enables health systems to manage the growth and cost of their clinical enterprise with a pay-per-use model.
  • Further strengthening its portfolio of imaging solutions, Philips received FDA 510(k) clearance for its ElastQ ultrasound imaging technology for non-invasive assessment of liver conditions. Philips also launched Access CT, a new CT system designed for healthcare organizations seeking to establish or enhance CT imaging capabilities at affordable cost.


Cost savings

In the first quarter, procurement savings amounted to EUR 41 million. Other productivity programs resulted in savings of EUR 54 million.


Philips Lighting


In the first quarter, the Adjusted EBITA margin improved by 130 basis points to 8.5% of sales, while comparable sales were flat, and free cash flow amounted to EUR 2 million. Full details about the financial performance of Philips Lighting in the first quarter were published on April 21, 2017. The related report can be accessed here.


On February 8, 2017, Philips sold 26 million shares in Philips Lighting, of which 3.5 million shares were acquired by Philips Lighting (and will be cancelled). Philips’ shareholding in Philips Lighting decreased to 55.18% of Philips Lighting’s issued and outstanding share capital, down from 71.225% prior to the transaction. Philips continues to consolidate the financial results of Philips Lighting and maintains its aim of fully selling down over the coming years.


Philips Group other


As previously reported, Philips continues to be in discussions on a civil matter with the US Department of Justice representing the FDA, arising from past inspections by the FDA in and prior to 2015, focusing primarily on the external defibrillator business in the US.



On January 20, 2017, Philips completed the redemption of the outstanding 5.750% Notes due 2018 with an aggregate principal amount of USD 1.250 billion. The transaction resulted in a cash outflow in the first quarter of 2017 of EUR 1.247 billion excluding accrued interest. The transaction contributed to Philips’ plan to reduce its annual interest expenses by approximately EUR 100 million.

Quarterly Report

First Quarter Results 2017 - Quarterly Report


First Quarter Results 2017 - 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 10:00AM CET, April 24, 2017. A live audio webcast of the conference call will be available through the link below.

Q1 2017 - First Quarter 2017 Results conference call audio webcast


More information about Frans van Houten and Abhijit Bhattacharya


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

Click here for Mr. Bhattacharya's CV and images


For further information, please contact:

Steve Klink

Philips Group Press Office

Tel.: +31 6 10888824



Ben Zwirs

Philips Group Press Office

Tel: +31 6 1521 3446


About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2016 sales of EUR 17.4 billion and employs approximately 70,000 employees with sales and services in more than 100 countries. News about Philips can be found at

Forward-looking statements and other important information

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 the completion of acquisitions and divestments. 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, 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; and the state of international capital markets as they may affect the timing and nature of the dispositions by Philips of its interests in Philips Lighting and the combined Lumileds and Automotive businesses. 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 2016.


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 in the Annual Report 2016.


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 2016. Independent valuations may have been obtained to support management’s determination of fair values.




All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2016, unless otherwise stated.


As part of the financial reporting improvement process, the presentation of the line item Investments in associates, net of income taxes was moved into the subtotal Income before taxes in the Condensed consolidated statements of income. This change did not impact the results of operations or financial position.


In addition, we have simplified our Q1 and Q3 reporting by excluding the cash flow statement, the statement of changes in equity and certain other tables in the detailed financial information section not required to be disclosed. In our semiannual and annual reporting we will continue to present these statements and tables. Summary cash flow information is provided in the Philips performance section of this document.


Prior-period financial statements have been restated to reflect a reclassification of net defined-benefit post-employment plan obligations to Long-term provisions in accordance with the accounting policies as stated in the Annual Report 2016. Accordingly, Q1 2016 has been restated and presented for the first time in this press release.


Market Abuse Regulation


This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.