jul 26, 2021
Philips maakt cijfers tweede kwartaal 2021 bekend
Philips realiseerde in het tweede kwartaal een omzet van EUR 4,2 miljard, met een vergelijkbare omzetgroei van 9%. Het nettoresultaat bedroeg EUR 153 miljoen en de gecorrigeerde EBITA-marge is verbeterd met 280 basispunten tot 12,6%. Philips kondigt een programma van EUR 1,5 miljard voor het terugkopen van aandelen aan.
Kerncijfers tweede kwartaal Frans van Houten, CEO: “We hebben de nodige middelen ingezet om het probleem met de kwaliteit van een component in een deel van onze slaap- en ademhalingsproducten op te lossen. We begrijpen volledig welke impact dit heeft op patiënten, aangezien hun welzijn de basis is van alles wat we bij Philips doen. We zijn in gesprek met de desbetreffende regelgevende instanties om toestemming te krijgen voor het inzetten van de reparatiesets en vervangende apparaten die we produceren. Vooruitkijkend zien we nog steeds de onzekerheid rond de impact van COVID-19 over de hele wereld en de tekorten aan elektronische componenten, maar tegelijkertijd blijven onze financiële vooruitzichten binnen onze verwachtingen, met een lage tot middelgrote ééncijferige omzetgroei en een verbetering van de gecorrigeerde EBITA-marge van 60 basispunten voor de Group in 2021.”
Het goede prestatiemomentum in al onze activiteiten doet mij deugd, uitgezonderd bij de Sleep & Respiratory Care-activiteit, aangezien wij in het kwartaal een sterke vergelijkbare omzetgroei van 9% en een verbetering van de winstgevendheid van 280 basispunten voor de Group realiseerden. Ik put met name moed uit de groei van de orderontvangst met 29% bij onze Diagnosis & Treatment-activiteiten, evenals de sterke groei van onze Personal Health-activiteiten.
In het kwartaal hebben wij zeer interessante nieuwe producten op de markt gebracht, zoals de nieuwe Spectral CT 7500 om de karakterisering van ziektebeelden te helpen verbeteren en het aantal hernieuwde scans en follow-ups te verminderen. De integratie van BioTelemetry en Capsule Technologies verloopt voorspoedig en onze klanten waarderen de uitgebreide portfolio van end-to-end oplossingen voor het beheer van de hele patiëntenzorg van het ziekenhuis tot thuis. We zijn 12 nieuwe strategische partnerschappen voor de lange termijn aangegaan, voortbouwend op de kracht van onze portfolio en het bewijs van het vertrouwen dat ziekenhuisdirecties hebben in ons vermogen om de gezondheidsresultaten te verbeteren en de zorgkosten te verlagen, terwijl we tegelijkertijd zorgen voor een betere ervaring van patiënten en personeel.
Vol vertrouwen in onze strategie en ons financiële traject lanceren we een nieuw programma van EUR 1,5 miljard voor het terugkopen van aandelen dat in lijn is met ons evenwichtige kapitaalallocatiebeleid.
Business segment performance The Personal Health businesses recorded a strong comparable sales growth of 33%, driven by double-digit growth across all businesses. The Adjusted EBITA margin increased to 17.0%, mainly driven by sales growth and productivity measures, partly offset by investments in advertising & promotion. Philips’ ongoing focus on innovation and partnerships resulted in the following highlights in the quarter:
The Diagnosis & Treatment businesses recorded 16% comparable sales growth, with double-digit growth in all businesses. Comparable order intake increased 29%, with strong double-digit growth in Image-Guided Therapy, Ultrasound and Diagnostic Imaging. The Adjusted EBITA margin increased to 13.2%, mainly driven by sales growth and productivity measures.
Comparable sales in the Connected Care businesses decreased 16%, as mid-single-digit growth in Hospital Patient Monitoring was more than offset by a double-digit decline in Sleep & Respiratory Care. Comparable order intake decreased significantly following the steep COVID-19-related increase in Q2 2020. The Hospital Patient Monitoring business continues to perform well above 2019 levels. The newly acquired BioTelemetry and Capsule Technologies businesses continue to deliver strong sales growth with increasing profitability. The Adjusted EBITA margin amounted to 11.3%, mainly due to the impact in the Sleep & Respiratory Care business.
Cost savings In the second quarter, productivity savings amounted to EUR 90 million, of which procurement savings amounting to EUR 44 million, and savings of EUR 46 million delivered by overhead and other programs.
Capital allocation Today, Philips is announcing a new share buyback program for capital reduction purposes for an amount of up to EUR 1.5 billion. At the current share price, the program represents a total of approximately 36.8 million shares, or 4% of total shares outstanding. Philips expects to start the program in the third quarter of 2021 and to complete it within three years. It is expected that the program will be executed through a number of forward purchase transactions with one or more financial institutions and/or open market purchases by an intermediary to allow for transactions during both open and closed periods in accordance with the EU Market Abuse Regulation. Updates on the progress of the program and further details will be made available here, and through press releases as appropriate.
Under Philips’ ongoing EUR 1.5 billion share buyback program for capital reduction purposes, which was initiated in the first quarter of 2019, Philips repurchased shares in the open market and entered into a number of forward transactions. Philips had 2,500,000 shares delivered in June 2021 as part of the program, and under the currently outstanding forward contracts the company expects to have another 17,976,023 shares delivered in the remainder of 2021. These shares will be cancelled by December 31, 2021, resulting in an estimated total number of issued shares of 897 million by that date, compared to 917 million shares at the end of Q2 2021. Further details can be found here.
Domestic Appliances On March 25, 2021, Philips announced that it had signed an agreement to sell its Domestic Appliances business to global investment firm Hillhouse Capital. As planned, on July 1, 2021 the Domestic Appliances business became a stand-alone entity and the sale is on track for completion in the third quarter of 2021. Since the first quarter of 2021, the Domestic Appliances business (which was previously part of the Personal Health segment) is reported as a discontinued operation. Philips will continue to consolidate Domestic Appliances under International Financial Reporting Standards (IFRS) until the sale is completed.
Regulatory update On June 14, 2021 Philips initiated a voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products to address identified potential health risks related to the polyester-based polyurethane (PE-PUR) sound abatement foam in these devices. Philips has established dedicated call centers and a device registration process to support patients. The company is increasing its production, service and repair capacity and has requested the relevant regulatory clearances for the repair and replacement actions. Subject to these regulatory clearances, Philips is ready to start deploying the repair kits and replacement devices that it is producing. Given the estimated scope of the field actions on the installed base, Philips has taken a provision of EUR 250 million in the second quarter of 2021, in addition to the provision that the company recorded in the first quarter of 2021.
Report Second-Quarter Results 2021 - Report Presentation Second-Quarter Results 2021 - 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, July 26, 2021. A live audio webcast of the conference call will be available through the link below. Q2 2021 – Second quarter 2021 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
Visit our interactive results hub for more on our financial and sustainability performance over the past quarter, including the latest version of our dynamic Lives Improved world map.
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, 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 generated 2020 sales of EUR 17.3 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
Forward-looking statements and other important information
Forward-looking statements These factors include but are not limited to: changes in industry or market circumstances; economic, political and societal changes; Philips’ increasing focus on health technology and solutions; the successful completion of divestments such as the disentanglement and divestment of our Domestic Appliances businesses; the realization of Philips’ objectives in growth geographies; business plans and integration of acquisitions; securing and maintaining Philips’ intellectual property rights, and unauthorized use of third- party intellectual property rights; COVID-19 and other pandemics; breaches of cybersecurity; IT system changes or failures; the effectiveness of our supply chain; challenges to drive operational excellence, productivity and speed in bringing innovations to market; attracting and retaining personnel; future trade arrangements following Brexit; compliance with regulations and standards including quality, product safety and data privacy; compliance with business conduct rules and regulations; treasury risks and other financial risks; tax risks; costs of defined-benefit pension plans and other post- retirement plans; reliability of internal controls, financial reporting and management process. 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 also the Risk management chapter included in the Annual Report 2020. In 2020, Philips revised the definition of net finance expenses used in the calculation of Adjusted income from continuing operations attributable to shareholders, to exclude fair value movements of limited life fund investments recognized at fair value through profit and loss. This change leads to more relevant information as the fair value movements are not indicative of Philips' performance. The fair value movements do not represent cash items. Philips believes making this change is helpful for investors to evaluate Philips' performance. As announced on March 25, 2021, Philips has signed an agreement to sell its Domestic Appliances business. As of the first quarter of 2021, the Domestic Appliances business is presented as a discontinued operation. In this report, comparative results have been restated to reflect the treatment of the Domestic Appliances business as a discontinued operation. Further details of the restatement have been published on the Philips Investor Relations website and can be accessed here. Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes.
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 our strategy; estimates of sales growth; future Adjusted EBITA; future restructuring and acquisition-related charges and other costs; 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.
Third-party market share data
Statements regarding market share, contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management's estimates of rankings are based on order intake or sales, depending on the business.
Market Abuse Regulation
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 07:00 am CET on July 26, 2021.
Use of non-IFRS information
In presenting and discussing the Philips Group’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS 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-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRS measures can be found in the Annual Report 2020.
Use of fair value information
In presenting the Philips Group’s 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 2020. In certain cases independent valuations are obtained to support management’s determination of fair values.
Presentation
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 2020.
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Business Highlights Q2 2021
Philips introduced the Spectral CT 7500 system, which delivers high-quality spectral images for a broad patient base, including cardiac, pediatric and bariatric patients, further expanding the company’s comprehensive CT portfolio.
Expanding its leading position in image-guided therapy, Philips launched IntraSight Mobile, a fully mobile interventional platform for coronary and peripheral artery disease procedures performed with mobile C-arm systems.
Highlighting its continued drive to elevate the standard of care with its image-guided therapy devices portfolio, Philips announced the first structural heart repair procedure using its new 3D Intracardiac Echocardiography Catheter VeriSight Pro.
Philips launched its most advanced electric toothbrush, the Sonicare 9900 Prestige, globally. The Sonicare 9900 Prestige leverages AI to optimize the user’s brushing technique, ensuring full coverage of their teeth, and instills brushing habits that improve oral health.
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