Philips maakt cijfers derde kwartaal 2018 bekend

Kerncijfers derde kwartaal

• De omzet in het kwartaal bedroeg EUR 4,3 miljard, met een vergelijkbare omzetgroei van 4%
• De vergelijkbare orderontvangst nam toe met 11% ten opzichte van het derde kwartaal van 2017
• Het nettoresultaat uit doorlopende activiteiten nam toe met 17% naar EUR 307 miljoen, vergeleken met EUR 263 miljoen in het derde kwartaal van 2017
• De gecorrigeerde EBITA-marge steeg met 40 basispunten naar 13,2% van de omzet, met daarbij inbegrepen een negatief wisselkoerseffect van 60 basispunten, vergeleken met 12,8% van de omzet in het derde kwartaal van 2017
• Het bedrijfsresultaat (EBIT) nam toe naar EUR 451 miljoen, vergeleken met EUR 299 miljoen in het derde kwartaal van 2017
• De operationele kasstroom was EUR 265 miljoen, vergeleken met EUR 295 miljoen in het derde kwartaal van 2017

Frans van Houten, CEO:

“Hoewel ik verheugd ben over de opnieuw sterke groei van 11% in de orderontvangst dit kwartaal, zijn operationele verbeteringen deels tenietgedaan door versterkte wisselkoerseffecten. Dit leidde tot een verbetering van de gecorrigeerde EBITA-marge met 40 basispunten, dankzij een vergelijkbare omzetgroei van 4%.

De Diagnosis & Treatment-activiteiten bleven sterk presteren, mede dankzij ons portfolio van innovatieve producten en oplossingen. Onze Connected Care & Health Informatics-activiteiten lieten ook een aanhoudend sterke groei in de orderontvangst zien; omzet nam echter af met 2% vergeleken met een zeer sterk derde kwartaal in 2017. Ik ervaar de verbeterde omzetgroei van de Personal Health-activiteiten vergeleken met de eerste helft van 2018 als bemoedigend, maar het herstel was trager dan verwacht doordat een gezonde groei in onze groeiregio's deels teniet werd gedaan door een lagere groei in onze gevestigde regio's.

Hoewel we aanhoudende tegenwind verwachten, en daar passende maatregelen tegen nemen, houden we vooruitkijkend vast aan onze doelstellingen voor de periode 2017-2020, te weten een groei van de vergelijkbare omzet van 4-6% en een verbetering van de gecorrigeerde EBITA-marge met gemiddeld 100 basispunten per jaar.”

Business segments

All of the Diagnosis & Treatment businesses recorded a double-digit increase in comparable order intake, driven by double-digit growth in China and Western Europe and high-single-digit growth in North America. Comparable sales increased by 6%, with double-digit growth in Ultrasound, high-single-digit growth in Image-Guided Therapy and mid-single-digit growth in Diagnostic Imaging. The Adjusted EBITA margin was 40 basis points higher than in the same period last year, mainly due to growth, partly offset by investments in growth.

The Connected Care & Health Informatics businesses delivered a mid-single-digit increase in comparable order intake, driven by Healthcare Informatics. Comparable sales decreased 2%, compared to 8% comparable sales growth in Q3 2017. The Adjusted EBITA margin decreased by 190 basis points year-on-year, mainly due to lower sales and an unfavorable mix impact.

In the Personal Health businesses, comparable sales growth was 4%, with mid-single-digit growth in Sleep & Respiratory Care and Personal Care. On a geographical basis, this reflected high-single-digit comparable sales growth in the growth geographies, and flat growth in the mature geographies. The Adjusted EBITA margin increased by 10 basis points, reflecting operational improvements, largely offset by adverse currency effects and higher advertising & promotion spend.

Philips’ ongoing focus on innovation resulted in the following highlights in the quarter:

• Continuing Philips’ success in long-term strategic partnerships, the company signed six new agreements across the globe. Philips partnered with Children’s Health hospital in Dallas – one of the top pediatric hospitals in the US – to improve pediatric care with its patient monitoring and healthcare informatics solutions. In Australia, Philips announced its first two long-term strategic partnership agreements, which aim to support precision diagnosis and therapy and drive operational performance improvements across nine hospital sites.
• As a leader in image-guided therapy, Philips launched its EPIQ CVxi ultrasound system combined with the latest version of its unique EchoNavigator software specifically designed for minimally invasive structural heart repairs, a fast-growing image-guided therapy segment. Moreover, the adoption of Philips’ proprietary iFR technology reached a major milestone after its inclusion in the European Society of Cardiology’s updated guidelines for the assessment of coronary artery lesions.
• Continuing the renewal of its diagnostic imaging portfolio, Philips launched the Ingenia Ambition X 1.5T MR with fully sealed BlueSeal magnet technology in the US. As an industry first, Ingenia Ambition X enables imaging departments to perform more productive, helium-free operations.
• Building on its strengths in healthcare informatics, Philips entered into a multi-year partnership agreement with St. Andrew’s Toowoomba Hospital in Australia for the hospital-wide installation of Philips Tasy EMR. Philips will fully digitize the hospital’s entire care management processes and enable anytime, anywhere access to clinical analytics.
• Philips completely renewed the high-end range of its leading male grooming portfolio with the introduction of the Series 9000 Prestige shaver, which cuts facial hair feeling as close as a wet blade, while being very gentle on the skin.
• Philips’ Sleep & Respiratory Care business continues to garner traction for its market-leading home ventilation offerings, such as the new Trilogy Evo ventilator platform, which is the only portable life support solution designed to stay with patients as they change care environments.
• As the leading provider of digital and computational pathology solutions, Philips teamed up with Oxford University Hospitals NHS Foundation Trust to create a digital pathology network in the UK. Philips also released a new version of its AI-powered TissueMark, which will enable molecular research labs to reduce variability in tumor estimation and related costs.

Cost savings

In the third quarter, procurement savings amounted to EUR 72 million. Overhead and other productivity programs resulted in savings of EUR 52 million. With year-to-date savings of EUR 330 million, Philips is well on track to deliver annual savings of EUR 400 million in 2018, as the company is taking additional measures to mitigate the increased headwinds.

Capital structure

Details of Philips’ current EUR 1.5 billion share buyback program, which was initiated in the third quarter of 2017 for capital reduction purposes, can be found here.

Regulatory update

Philips continues to make progress in line with the terms of the consent decree, which is primarily focused on the defibrillator manufacturing in the US.

Quarterly Report