Philips Lighting third quarter results 2016

Philips-Kopfhörer an einem Smartphone angeschlossen. pixabay.com

Press release October 20, 2016

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

For the full and original version of the press release click here

For the presentation click here

***

Conference call and audio webcast
Eric Rondolat (CEO), Stéphane Rougeot (CFO) and René van Schooten (member of the Board of Management and Business Group Leader of Lamps) will host a conference call for analysts at 10:00 a.m. CEST to discuss third quarter results.

For the audio webcast click here

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For further information, please contact:

Philips Lighting Investor Relations
Jeroen Leenaers
Tel: +31 6 2542 5909
E-mail: jeroen.leenaers@philips.com

Philips Lighting Communications
Elco van Groningen
Tel: +31 6 1086 5519
E-mail: elco.van.groningen@philips.com

About Philips Lighting
Philips Lighting (Euronext Amsterdam ticker: LIGHT), a global leader in lighting products, systems and services, delivers innovations that unlock business value, providing rich user experiences that help improve lives. Serving professional and consumer markets, we lead the industry in leveraging the Internet of Things to transform homes, buildings and urban spaces. With 2015 sales of EUR 7.5 billion, we have approximately 34,000 employees in over 70 countries. News from Philips Lighting is located at http://www.newsroom.lighting.philips.com

Important Information

Forward-Looking Statements and Risks & Uncertainties
This document and the related oral presentation contain, and responses to questions following the presentation may contain, forward-looking statements that reflect the intentions, beliefs or current expectations and projections of Philips Lighting N.V. (the "Company", and together with its subsidiaries, the "Group"), including statements regarding strategy, estimates of sales growth and future operational results.

By their nature, these statements involve risks and uncertainties facing the Company and its Group Companies and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement as a result of risks and uncertainties. Such risks, uncertainties and other important factors include but are not limited to: adverse economic and political developments, the impacts of rapid technological change, competition in the general lighting market, development of lighting systems and services, successful implementation of business transformation programs, impact of acquisitions and other transactions, impact of the Group's operation as a separate publicly listed company, pension liabilities and costs, establishment of corporate and brand identity, adverse tax consequences from the separation from Royal Philips and exposure to international tax laws. Please see "Risk Factors" in the Group's prospectus, dated 16 May 2016 (the "Prospectus") for discussion of material risks, uncertainties and other important factors which may have a material adverse effect on the business, results of operations, financial condition and prospects of the Group. Such risks, uncertainties and other important factors should be read in conjunction with the information included in the Company's semi-annual report for the first six months ended 30 June 2016.

Additional risks currently not known to the Group or that the Group has not considered material as of the date of this document could also prove to be important and may have a material adverse effect on the business, results of operations, financial condition and prospects of the Group or could cause the forward-looking events discussed in this document not to occur. The Group undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

Market and Industry Information
All references to market share, market data, industry statistics and industry forecasts in this document consist of estimates compiled by industry professionals, competitors, organizations or analysts, of publicly available information or of the Group's own assessment of its sales and markets. Rankings are based on sales unless otherwise stated.

Non-IFRS Financial Measures
Certain parts of this document contain non-IFRS financial measures and ratios, such as comparable sales growth, adjusted gross margin, EBITA, adjusted EBITA, EBITDA, adjusted EBITDA and free cash flow, and other related ratios, which are not recognized measures of financial performance or liquidity under IFRS. The non-IFRS financial measures presented are measures used by management to monitor the underlying performance of the Group's business and operations and, accordingly, they have not been audited or reviewed. Not all companies calculate non-IFRS financial measures in the same manner or on a consistent basis and these measures and ratios may not be comparable to measures used by other companies under the same or similar names. A reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures is contained in this document. For further information on non-IFRS financial measures, see "Operating and Financial Review-Non-IFRS Financial Measures" in the Prospectus.

Presentation
All amounts are in millions of euros unless otherwise stated. All reported data is unaudited. Unless otherwise indicated, financial information has been prepared in accordance with the accounting policies as stated in the Combined Financial Statements for the year ended 31 December 2015 included in the Prospectus.

Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Philips Lighting via Globenewswire

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