Koninklijke Philips N.V.
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Publicatie datum
04 dec 2008 - 07:05
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips provides update on trading conditions and financial results development in meeting with analysts on Consumer Lifestyle sector
Bericht
December 4, 2008
PHILIPS PROVIDES UPDATE ON TRADING CONDITIONS AND FINANCIAL RESULTS DEVELOPMENT IN MEETING WITH ANALYSTS ON CONSUMER LIFESTYLE SECTOR
• Market conditions for Consumer Lifestyle and parts of Lighting further deteriorating
• Continued pro-active measures to reduce costs and protect margins are expected to lead to additional charges of around EUR 110 million, bringing total restructuring charges for Q4 up to EUR 340 million
• Following declines in external market valuations, non-cash write-downs on the value of remaining stakes in LG Display and NXP of approximately EUR 1.1 billion are expected in Q4
• Doubling of EBITA per share remains the Company’s primary medium-term financial objective but is not expected under current circumstances to be met by 2010
Amsterdam, the Netherlands – At a meeting with investors and financial analysts today on Philips’ Consumer Lifestyle sector, Gerard Kleisterlee, CEO and President of Royal Philips Electronics (NYSE: PHG, AEX: PHI) will give an update on the latest company insights into how the worsening economic conditions are impacting Philips’ performance.
“Although we have been able to reshape the Philips portfolio into a stronger and more resilient set of globally leading businesses, the speed and ferocity by which the weakening economy is affecting demand in key markets is now also taking its toll on the financial performance of Philips,” Mr. Kleisterlee said. “The downturn we see now is without recent comparison and is developing much faster and deeper than expected. In response, we have to act swiftly and take further measures to minimize the effect on our profitability.”
The deterioration of trading conditions since the end of Q3 is particularly evident in increasingly lower demand in the consumer, construction and automotive markets, which are important to the Consumer Lifestyle and Lighting sectors. These developments, coupled with the continuing lack of overall visibility on the global economy, hav
Datum laatste update: 17 maart 2025