Nieuwscentrum

okt 18, 2021

Philips maakt cijfers derde kwartaal 2021 bekend


Philips realiseert een omzet in het derde kwartaal van EUR 4,2 miljard, met een vergelijkbare omzetdaling van 7,6% als gevolg van tegenwind; het resultaat uit doorlopende activiteiten stijgt tot EUR 442 miljoen en de gecorrigeerde EBITA-marge bedraagt 12,3%

Philips ziet een aanhoudend sterke vraag die de groei van de orderontvangst met dubbele cijfers in het derde kwartaal stimuleert

Kerncijfers derde kwartaal

  • De groepsomzet bedroeg in totaal EUR 4,2 miljard, wat een weerspiegeling is van een vergelijkbare omzetdaling van 7,6% als gevolg van tegenwind veroorzaakt door uitdagingen in de wereldwijde toeleveringsketen en de gevolgen van terugroepacties voor Sleep & Respiratory Care
  • De vergelijkbare orderontvangst steeg met 47%; de orderontvangst steeg met 17% exclusief de impact van een gedeeltelijke annulering van de bestelling van ventilatoren in het derde kwartaal van 2020
  • Het resultaat uit doorlopende activiteiten nam toe naar EUR 442 miljoen, vergeleken met EUR 279 miljoen in het derde kwartaal van 2020
  • Gecorrigeerde EBITA van EUR 512 miljoen, of 12,3% van de omzet, vergeleken met EUR 684 miljoen, of 15,5% van de omzet, in het derde kwartaal van 2020.
  • De operationele kasstroom van EUR 256 miljoen, vergeleken met EUR 575 miljoen in het derde kwartaal van 2020
  • De desinvestering van Domestic Appliances werd zoals gepland afgerond, wat resulteerde in een winst van EUR 2,5 miljard na belastingen en transactiegerelateerde kosten; gerapporteerd in Discontinued Operations

 

Frans van Houten, CEO:

 

“Ik ben blij met de sterke tweecijferige vergelijkbare groei van de orderontvangst in het derde kwartaal, gestimuleerd door zowel de Diagnosis & Treatment-activiteiten als de Connected Care-activiteiten. Onze strategie en ons portfolio zijn bijzonder relevant voor onze klanten, omdat we hen helpen de zorgverlening binnen het gehele gezondheidscontinuüm te transformeren. Voortbouwend op deze kracht hebben we nog eens 19 strategische langetermijnovereenkomsten afgesloten met ziekenhuizen over de hele wereld, waaronder een 10-jarige samenwerking met Baptist Health in de VS om oplossingen voor patiëntbewaking te bieden en de zorg in het hele netwerk te standaardiseren.

 

We boekten in het kwartaal een omzet van EUR 4,2 miljard, met een vergelijkbare omzetdaling van 7,6%, na een vergelijkbare omzetgroei van 10% vorig jaar. De omzet van dit kwartaal werd ongunstig beïnvloed door verhevigde wereldwijde problemen in de toeleveringsketen, zoals het tekort aan elektronische componenten en de verwachte gevolgen voor de inkomsten van de slaapterugroepacties, aangezien we prioriteit geven aan het herstel van getroffen apparaten die door patiënten worden gebruikt. De gecorrigeerde EBITA-marge bedroeg 12,3%.

 

Het reparatie- en vervangingsprogramma gerelateerd aan de melding van de terugroepacties bij Sleep & Respiratory Care loopt in de VS en verschillende andere markten. Ik ben me bewust van de impact die dit heeft op patiënten en zorgverleners en we doen er alles aan om zo snel mogelijk een oplossing te bieden.

 

We hebben de verkoop van de activiteit Domestic Appliances succesvol afgerond, resulterend in een winst van EUR 2,5 miljard. Hiermee hebben we onze belangrijkste desinvesteringen afgerond, waardoor we ons volledig kunnen concentreren op het uitbreiden van ons leiderschap in gezondheidstechnologie en het voortzetten van onze transformatie naar een oplossingenbedrijf.

 

Vooruitkijkend blijven we onzekerheid zien met betrekking tot COVID-19. De volatiliteit van de toeleveringsketen is wereldwijd toegenomen, wat al heeft geleid tot langere doorlooptijden om onze sterke orderportefeuille om te zetten in omzet in het derde kwartaal, en we verwachten dat deze tegenwind in het vierde kwartaal zal aanhouden. Daarom verwachten we nu een lage eencijferige vergelijkbare omzetgroei te realiseren met een bescheiden verbetering van de aangepaste EBITA-marge voor het volledige jaar 2021. Op basis van onze sterke klantenvraag en groeiende orderportefeuille, verwachten we ons groei- en marge-uitbreidingstraject in 2022 te hervatten terwijl we de tegenwind het hoofd bieden.”

Business segment performance


The Diagnosis & Treatment businesses recorded 10% comparable sales growth, with double-digit growth in Image-Guided Therapy and high-single-digit growth in Diagnostic Imaging and Ultrasound. Comparable order intake increased 15%, with double-digit growth across Image-Guided Therapy, Diagnostic Imaging and Ultrasound, reflecting Philips’ very competitive portfolio and positive market conditions. The Adjusted EBITA margin increased to 14.2%, mainly driven by sales growth and productivity measures.

 

The Connected Care businesses’ comparable sales decreased 39%, following the high COVID-19-generated demand in Q3 2020 and a double-digit decline in Sleep & Respiratory Care in Q3 2021 due to the sleep recall notification. Comparable order intake increased 21%, excluding the impact of a partial ventilator order cancellation in Q3 2020. Hospital Patient Monitoring orders grew 20% in Q3 2021, building on 22% order intake growth last year, driven by a structural increase in adoption of patient care management solutions in both high- and low-acuity care settings in the hospital. The Adjusted EBITA margin amounted to 6.2%, mainly due to the decline in sales.

 

The Personal Health businesses’ comparable sales were in line with Q3 2020, as sales across the businesses were impacted by phasing, with 33% comparable sales growth in the previous quarter. The underlying customer demand for the new product introductions in Personal Care, Oral Healthcare and Mother & Child Care remains robust. The Adjusted EBITA margin increased to 15.9%, mainly driven by productivity measures.

 

In Other, sales increased by EUR 74 million and Adjusted EBITA increased to EUR 13 million, mainly driven by phasing of IP royalty settlements.

 

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

 

  • Philips provided the Yili Chuanxin Oncology hospital in Xinjiang, a newly established top-tier private hospital in China, with an Oncology solution to address the hospital’s clinical needs in screening, precision diagnosis, targeted treatment and rehabilitation of cancer patients. The solution includes IntelliSpace Digital Pathology and the Ingenia 3.0T MR, IQon Spectral CT, Incisive CT and CT Big Bore imaging systems, combined with IntelliSpace Portal for advanced visualization and analysis.

 

  • As part of Philips’ 10-year partnership with Rutherford Health to open multiple Community Diagnostic Centers in England, the first center was opened in Taunton, for which Philips provided innovative diagnostic imaging systems, including Ingenia Ambition MR combined with Ambient Experience, which allows patients to control and personalize the imaging environment.

 

  • As a pioneer in spectral CT diagnostics, Philips has enabled its customers to benefit from a reduction in follow-up scans, increased certainty in lesion characterization, and reduced time to diagnosis. Building on many years of experience with IQon Spectral CT, Philips’ new Spectral CT 7500 is attracting strong customer demand. For example, the University Medical Center Utrecht in the Netherlands installed two Spectral CT systems, with the aim of providing greater confidence in mainstream clinical diagnosis – for all patients and in all exams.

 

  • Underlining the company’s leading role in digital pathology, Philips partnered with Healius Pathology, one of Australia's leading providers of private medical laboratory and pathology services, to deploy a multi-site digital pathology solution across Healius’ National Pathology Network using Philips' industry-leading IntelliSite Pathology Solution.

 

  • Building on Philips’ leadership in image-guided therapy solutions in cardiology, the company is further strengthening its position in fast- growing adjacencies such as neurology and oncology. For example, US-based Piedmont Health equipped its neurosurgical operating rooms with a specialized version of Philips Azurion for the treatment of stroke. Philips also announced positive results of a clinical study aimed at setting a new standard of safety and accuracy in the diagnosis of small peripheral lung lesions using Philips Lung suite.

 

  • Underlining Philips’ strategy to deliver locally relevant solutions, the company launched several oral healthcare innovations targeting multiple price points in China, including two new electric toothbrushes. In addition, Philips launched its professional teeth whitening offering Zoom in China through a local partnership with LinkedCare, one of the largest dental solution providers in the Chinese dental market.

 

  • Philips launched two new HealthSuite informatics solutions which are scalable across the enterprise, to support its customers in achieving the Quadruple Aim of healthcare: Patient Flow Capacity Suite, a solution that helps hospitals manage the complete patient journey, and Acute Care Telehealth, which builds on Philips’ successful Tele-ICU solutions.

 

  • Philips’ recently acquired Capsule business continued to add new device drivers to its Medical Device Information Platform, which will be integrated with HealthSuite. With more than 1,000 unique types of medical devices capable of integrating with the platform, customers can connect more devices to advance health systems’ digital transformation with intelligent, vendor-agnostic tools that turn complex data streams into actionable insights.

Sleep and respiratory care field action 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. Following the substantial ramp-up of its production, service and repair capacity, the repair and replacement program in the US and several other markets is under way. To date, Philips has produced a total of approximately 750,000 repair kits and replacement devices, of which more than 250,000 have reached customers.

 

As disclosed in its Q2 2021 report, Philips is a defendant in a number of consumer class action lawsuits from users of the affected devices and a number of individual personal injury claims. Given the uncertain nature and timing of the relevant events and potential associated liabilities, if any, the company is unable to reliably estimate the financial effect of these matters.

Cost savings

 

In the third quarter, productivity savings amounted to EUR 73 million, of which procurement savings amounting to EUR 34 million, and savings of EUR 39 million delivered by overhead and other programs.

Capital allocation

 

Philips is currently executing two share buyback programs of EUR 1.5 billion each for capital reduction purposes. The program that was initiated in the first quarter of 2019 is nearing completion and is expected to result in the cancellation of approximately 20 million shares in December 2021. Under the share buyback program that was announced on July 26, 2021, Philips entered into a number of forward transactions in the third quarter, covering approximately half of the program, with settlement dates in 2022, 2023 and 2024. The remainder of the program will be executed through open market purchases by an intermediary, with a significant part taking place in Q4 2021. Further details on both programs can be found here.

Report

Third-Quarter Results 2021 - Report

Presentation

Third-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, October 18, 2021. A live audio webcast of the conference call will be available through the link below.

Q3 2021 – Third 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 78,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

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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 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.

 

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; 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.

 

Philips has recognized a provision related to the voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products, based on Philips’ best estimate for the expected field actions. The future developments are subject to significant uncertainties, which require management to make estimates and assumptions about items such as quantities, costs to repair or replace, and duration. Actual outcomes in future periods may differ from these estimates and affect the company's results of operations, financial position and cash flows.

 

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 October, 18, 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 except for the adoption of new standards and amendments to standards which are also expected to be reflected in the company's consolidated IFRS financial statements as at and for the year ending December 31, 2021.

 

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.

 

On September 1, 2021, Philips completed the sale of the Domestic Appliances business. The results of this transaction, which Philips announced on March 25, 2021, are presented under Discontinued Operations in this report. Comparative results have been restated to reflect the treatment of the Domestic Appliances business as a discontinued operation since Q1. 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.

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Onderwerpen

Contact

Ben Zwirs

Ben Zwirs

Philips Global Press Office

Tel: +31 6 1521 3446

Derya Guzel

Derya Guzel

Philips Investor Relations

Tel: +31 20 59 77055

Business Highlights Q3 2021

Business Highlights - Wide-ranging partnership with top-tier Chinese hospital
Philips provided the Yili Chuanxin Oncology hospital in Xinjiang, a newly established top-tier private hospital in China, with an end-to-end Oncology solution to address the hospital’s clinical needs in screening, precision diagnosis, targeted treatment and rehabilitation of cancer patients.
Business Highlights - Strong traction for new CT system
Building on IQon Spectral CT, Philips’ new Spectral CT 7500 is attracting very strong customer demand. The University Medical Center Utrecht in the Netherlands installed two of these systems, with the aim of speeding up CT scans while at the same time enhancing diagnostic outcomes through image quality and detail.
Business Highlights - Expanding the scope of image-guided therapy solutions
Building on its strength in image-guided therapy solutions in cardiology, Philips is expanding into fast-growing adjacencies such as neurology and oncology. For example, US-based Piedmont Health equipped its neurosurgical operating rooms with a specialized version of Philips Azurion for the treatment of stroke.
Busiiness Highlights - Dental innovations launched in China
Underlining Philips’ strategy to deliver locally relevant solutions, the company launched several oral healthcare innovations targeting multiple price points in China, including two new electric toothbrushes.

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