Philips Lighting third quarter results 2016

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Overig advies 20/10/2016 07:02
Philips Lighting reports sales at €1.7 billion, continued profitability increase led by gross margin improvement; solid cash flow

Third quarter 2016 highlights
Comparable sales of -3.3% to €1,745 million
Total LED-based sales growth of 16%, now representing 56% of total sales
Continued year-on-year improvement in operational profitability
adjusted EBITA of €175 million (Q3 2015: €139 million)
adjusted EBITA margin of 10.0% (Q3 2015: 7.5%)
Net income of €51 million, including €30 million charges for brand license, separation costs and financial expenses not applicable in 2015
Free cash flow of €164 million (Q3 2015: €80 million) particularly driven by improved profitability and working capital management

Eindhoven, the Netherlands - Philips Lighting (Euronext Amsterdam: LIGHT) today announced the company's third quarter results 2016. "Our operational profitability and free cash flow improved significantly in the third quarter, in line with our improvement path, despite softer sales," said CEO Eric Rondolat. "We will continue to implement sales improvement measures and introduce innovative propositions to strengthen our underlying growth profile. Our total LED-based sales grew by 16% in the quarter and now represent 56% of our revenues. Moreover our systems and services businesses saw healthy double-digit growth, driven by our continued extension of lighting into the Internet of Things."

Key figures
Third quarter First nine months
2015 2016 Change in € million, unless otherwise indicated 2015 2016 change
1,844 1,745 -5.4% Sales 5,420 5,181 -4.4%
-3.3% Comparable sales growth -2.0%
657 692 5.3% Adjusted gross margin 1,978 2,019 2.1%
139 175 25.9% Adjusted EBITA 388 457 17.8%
124 120 -3.2% EBITA 333 343 3.0%
97 93 -4.1% Income from operations (EBIT) 252 260 3.2%
73 51 -30.1% Net income 198 122 -38.4%
% of sales
35.6% 39.7% Adjusted gross margin 36.5% 39.0%
7.5% 10.0% Adjusted EBITA margin 7.2% 8.8%
80 164 Free cash flow 154 146
0.37 Basic EPS (€) 0.83
38,814 34,251 Employees (FTE) 38,814 34,251

zie meer op
http://www.lighting.philips.com/resources/quarterlyresults/2016/q3_2016/philips-lighting-third-quarter-results-2016-report.pdf

tijd 09.05
De Midcap 670,89 +0,69 +0,10% Philips Lighting EUR 22,105 -99ct vol. 38.000
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