PHILPS released 2018Q1 lighting performance, LED product revenue grew 5.6%

The global leader of PHILPS lighting lighting yesterday announced 2018 first quarter results. PHILPS lighting in the first quarter revenues of 1 billion 500 million euros (about 11 billion 544 million yuan), business profitability is 7%. Among them, lighting revenues of 370 million euros; LED revenues of 444 million euros; professional lighting revenues of 593 million euros; 92 million euros Home Furnishing lighting.

The first quarter of 2018 earnings highlights:

The sales of 1 billion 501 million euros (about 11 billion 544 million yuan), down 3.5%;

The LED product sales grew 5.6%, accounting for 68% of total sales (for the first quarter of 2017, 61%);

The adjusted EBITA (EBITDA) of 106 million euros (about 815 million yuan) (the first quarter of 2017 to 127 million euros);

The adjusted EBITA margin decreased 50 basis points to 7%; and LED lamps, lighting professional growth;

Long is the steady implementation of cost reduction plan; indirect costs adjusted, down 13%;

The net income of 20 million euros (61 million euros in the first quarter of 2017), reflecting the restructuring costs rise, the decline in profitability, the first quarter of 2017, a one-time real estate income;

The free cash flow of -600 million euros (the first quarter of 2017, excluding real estate income, -1700 million euros)

PHILPS lighting CEO Eric Rondolat said, "as mentioned earlier, the first quarter of this year marks a soft start, Home Furnishing lighting is mainly due to poor performance, especially in the United states. Our other three further improve the profitability of the business, especially the professional lighting, the adjusted EBITA margin increased 310 basis points "," satisfied with the progress I made in terms of cost, indirect cost base is reduced by 13%, and a strong growth in the fourth quarter after a long free cash flow performance of our order Satisfactory. Our focus remains on the implementation of the strategic transformation to LED, and the service system."

Business outlook

PHILPS will adjust the lighting plan after the EBITA profit rate increased from 9.6% to 10.0-10.5%, will continue to focus on cost reduction plan, and hope to be able to 2018 in the second half of the year ago from save more profit. In the second half of the momentum, to achieve substantial annual sales growth. Is expected in 2018 will generate substantial free cash flow, but because of the restructuring is expected to pay a higher rate of decline than in 2017. (Editor: LED James)

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