Informations Presse

oct. 19, 2020

Philips publie résultats du troisième trimestre 2020


Philips a réalisé un chiffre d'affaires de 5,0 milliards d'euros au troisième trimestre, avec une augmentation des ventes de 10 % à périmètre comparable ; le résultat des activités poursuivies s'est élevé à 341 millions d'euros, la marge d'EBITA ajusté a gagné 300 points de base pour atteindre 15,4 % et le cash-flow opérationnel s'est élevé à 770 millions d'euros

Philips présente de nouveaux objectifs financiers pour la période 2021-2025

Chiffres clés du troisième trimestre

  • Le chiffre d'affaires s'est élevé à 5 milliards d'euros, avec une croissance des ventes de 10 % à périmètre comparable
  • À périmètre comparable, les commandes ont augmenté de 3 % sans tenir compte de la résiliation partielle du contrat relatif aux ventilateurs avec HHS*), à périmètre comparable, les commandes déclarée ont décliné de 18% 
  • Le résultat provenant des activités poursuivies s'est élevé à 341 millions d'euros, contre 211 millions d'euros au troisième trimestre 2019
  • La marge d'EBITA ajusté s'est élevé à 15,4 % contre 12,4 % au troisième trimestre 2019
  • Le résultat opérationnel a progressé pour atteindre 476 millions d'euros, contre 320 millions d'euros au troisième trimestre 2019
  • Le bénéfice par action provenant des activités poursuivies (après dilution) s'est élevé à 0,37 euro ; le bénéfice par action ajusté s'est élevé à 0,60 euro contre 0,46 euro au troisième trimestre 2019
  • Le flux de trésorerie opérationnel a progressé pour atteindre 770 millions d'euros, contre 356 millions d'euros au troisième trimestre 2019

 

Frans van Houten, CEO:

 

« Il est clair que la pandémie du COVID-19 est loin d'être terminée. Nos équipes restent entièrement concentrées sur la réalisation de notre triple devoir de vigilance : répondre aux besoins critiques de nos clients, préserver la santé et la sécurité de nos employés, et assurer la continuité de nos activités.

 

Je suis heureux car, malgré des circonstances difficiles, nous avons pu réaliser nos projets et renouer avec la croissance et l'amélioration de la rentabilité du groupe au cours du troisième trimestre. Grâce à la conversion réussie du carnet de commandes de « Connected Care » pour les moniteurs de surveillance et les ventilateurs médicaux et à une forte augmentation de la demande pour notre portefeuille « Personal Health », Philips a enregistré une forte croissance de 10 % de ses ventes à périmètre comparable et enregistre une amélioration de 300 points de base de sa marge d'EBITA ajusté, qui s'établit à 15,4 %.

 

À périmètre comparable, les activités « Connected Care » ont enregistré une très forte croissance des ventes de 42 % et nos activités « Personal Health » ont affiché une bonne croissance des ventes de 6 %. Je suis encouragé par l'amélioration des performances de nos activités « Diagnosis & Treatment »,qui a enregistré une baisse de son chiffre d'affaires à périmètre comparable de moins de 5 %, après une baisse de moins de 10 % au trimestre précédent.

 

En août, nous annoncions la rupture partielle et inattendue du contrat de Philips pour les ventilateurs médicaux d'avril 2020 avec le Department of Health and Human Services (HHS) aux USA . En conséquence, nous avons enregistré une baisse des commandes pour le Groupe de 18 % à périmètre comparable. Sans tenir compte de cette résiliation partielle, les commandes ont augmenté de 3 %, poursuivant ainsi la forte croissance des trimestres précédents.

 

Le travail que nous accomplissons pour soutenir les prestataires de soins de santé et le personnel médical dans le cadre du COVID-19 et des soins réguliers reste notre priorité absolue chez Philips. En étroite collaboration avec nos fournisseurs et partenaires, nous avons considérablement augmenté les volumes de production des produits et solutions pour aider à diagnostiquer, traiter, surveiller et gérer les patients COVID-19. Nous avons lancé un nouveau Rapid Equipment Deployment Kit pourpour renforcer les soins dans les unités de soins intensifs, permettant au personnel hospitalier de gérer rapidement l'augmentation des besoins de suivi des patients. Philips a conclu 11 partenariats stratégiques à long terme avec des hôpitaux aux États-Unis, en Europe et en Asie afin d'améliorer les soins aux patients et la productivité des prestataires de soins. Nous avons annoncé un nouveau partenariat pluriannuel avec le Tampa General Hospital, l'un des plus grands hôpitaux des États-Unis, pour remplacer tous ses moniteurs de surveillance des patients et mettre à niveau les principales technologies d'imagerie dans les laboratoires de cathétérisme et les salles de radiologie interventionnelle. Nous leur fournirons également des solutions de workflowuniques et des services de gestion des performances opérationnelles.

 

En ce qui concerne l'avenir, nous sommes toujours confrontés à l'incertitude et à la volatilité liées à l'impact du COVID-19 dans le monde mais notre carnet de commandes reste bien rempli. Pour l'ensemble de l'année 2020, nous nous attendons à une croissance modeste des ventes à périmètre comparable avec une amélioration de la marge d'EBITA ajusté proche du niveau de l'année dernière. »

Business segment performance

 

The Diagnosis & Treatment businesses recorded a 3% comparable sales decline, compared to a 9% sales decline in Q2 2020. The postponement of installations and gradual recovery of elective procedures resulted in a low-single-digit comparable sales decline in Diagnostic Imaging and Image-Guided Therapy and a double-digit decline in Ultrasound. Comparable order intake showed a 5% decrease, compared to a 20% decrease in Q2 2020. The Adjusted EBITA margin decreased to 9.7%, mainly due to lower volumes and factory coverage, as well as mix changes.

 

Comparable sales in the Connected Care businesses increased 42%, with double-digit growth in Monitoring & Analytics and Sleep & Respiratory Care. Excluding the partial termination of the ventilator contract with HHS, comparable order intake showed a double-digit increase, with strong growth across all businesses. The Adjusted EBITA margin increased to 27.1%, driven by higher volumes and operating leverage.

 

The Personal Health businesses delivered a comparable sales increase of 6%, driven by high-single-digit growth in Personal Care and Domestic Appliances. The Adjusted EBITA margin amounted to 14.5%, which includes an adverse currency impact.

 

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

 

  • Building on the strong results of its ‘Healthy people, Sustainable planet’ 2016-2020 program, Philips announced a new set of ambitious targets, commitments and detailed action plans across all the Environmental, Social and Governance dimensions, including improving the lives of 2 billion people a year by 2025 and further reduction of its carbon footprint across its entire value chain in line with the 1.5 oC global warming scenario.

  • Philips signed 11 new long-term strategic partnerships across the world, including multi-year agreements with Buon Ma Thuot University Hospital in Vietnam, Mandaya Royal Hospital Puri in Indonesia and Franciscus Gasthuis & Vlietland in the Netherlands, to provide a comprehensive range of health technology solutions.

  • Broadening its leading portfolio of power toothbrushes, the company launched the Philips One by Sonicare. An entry-level proposition to expand into new consumer segments, Philips One is a battery-operated power toothbrush developed as a step up from manual brushing. Users of this toothbrush can opt into a subscription service for brush head and battery replacements.

  • Philips expanded its industry-leading image-guided therapy devices portfolio through the acquisition of Intact Vascular, adding an industry-first implantable device to treat peripheral artery disease. Moreover, Philips launched QuickClear, an all-in-one thrombectomy system for the removal of blood clots in peripheral vessels, and OmniWire, a solid-core pressure wire – also an industry-first – to guide coronary artery procedures.

  • Philips launched major extensions to its industry-leading Azurion image-guided therapy platform, comprising a new range of configurations – covering more price segments – to innovate procedures in a broad range of therapeutic areas, and further integration between imaging and diagnostic devices.

  • SimonMed Imaging, one of the largest outpatient medical imaging providers in the US, is partnering with Philips to deploy its most advanced 3T MRI technology, including software and services, at their outpatient practices to enhance diagnoses, from brain injuries, liver and cardiac disease to orthopedic injuries. Moreover, the partners are collaborating to further enhance the patient experience and flow.

  • Building on its leadership in therapeutic care, Philips launched its new Tempus ALS remote monitoring and defibrillator solution for emergency medical responders in the US, to help accelerate the delivery of care in emergency settings outside the hospital.

Cost savings

 

In the third quarter, procurement savings amounted to EUR 62 million. Overhead and other productivity programs delivered savings of EUR 58 million. As a result, Philips is on track to deliver over EUR 400 million productivity savings for 2020 and exceed EUR 1.8 billion productivity savings for the Group for the 2017-2020 period.

Philips provides new financial targets for the 2021–2025 period

 

At the company’s Capital Markets Day with investors and financial analysts on November 6, 2020, Philips will provide further details of its strategic plan and performance trajectory for the 2021–2025 period.

 

“We are excited to continue our journey to create further value by improving growth and profitability, while recognizing that we are in very uncertain times, and with the assumption that the world economy will return to growth next year,” said Frans van Houten. “The new targets are underpinned by our strategic imperatives to further improve customer and operational excellence, boost growth in our core businesses through geographical expansion and more customer partnerships, and win with innovative solutions along the health continuum. Our strategy to transform care along the health continuum – from healthy living and prevention to diagnosis and treatment, telehealth and home care – strongly resonates with customers and has been further validated during the COVID-19 pandemic.”

 

Philips’ targets for accelerated growth, higher profitability and improved cash flow for the 2021–2025 period are [1]:

 

  • An acceleration of the average annual comparable sales growth to 5-6%, with all business segments within this range. For 2021, Philips’ current view is that Group comparable sales will deliver low-single-digit growth, driven by solid growth in Diagnosis & Treatment and Personal Health, partly offset by lower Connected Care sales;

 

  • An Adjusted EBITA margin improvement of 60-80 basis points on average annually from 2021, reaching the high teens for the Group by 2025 [2];

  • A free cash flow above EUR 2 billion by 2025;

  • Organic Return on Invested Capital (ROIC) of mid-to-high teens by 2025.

 

 

*) Le 31 août 2020, Philips annonçait la rupture partielle de son contrat d'avril 2020 pour les ventilateurs médicaux avec le Département de la Santé et des Services sociaux des États-Unis (HHS).

 

[1] The new targets exclude the Domestic Appliances business. As announced in January 2020, the Domestic Appliances business is being separated from Philips, a process that is expected to be completed in the third quarter of 2021.

[2] The Diagnosis & Treatment business segment is expected to reach 15-17% Adjusted EBITA margin by 2025, the Connected Care segment is expected to reach 17-19%, and the Personal Health business segment is expected to reach 19-20%.

Report

Third Quarter Results 2020 - Report

Presentation

Third Quarter Results 2020 - 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 19, 2020. A live audio webcast of the conference call will be available through the link below.

Q3 2020 – Third quarter 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 2019 sales of EUR 19.5 billion and employs approximately 81,000 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 the strategy; estimates of sales growth; future Adjusted EBITA; future restructuring, acquisition-related 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 and political developments; market and supply chain disruptions due to the COVID-19 outbreak; Philips’ increasing focus on health technology; the realization of Philips’ growth ambitions and results in growth geographies; successful completion of divestments such as the divestment of our Domestic Appliances businesses; lack of control over certain joint ventures; integration of acquisitions; securing and maintaining Philips’ intellectual property rights and unauthorized use of third-party intellectual property rights; compliance with quality standards, product safety laws and good manufacturing practices; exposure to IT security breaches, IT disruptions, system changes or failures; supply chain management; ability to create new products and solutions; attracting and retaining personnel; financial impacts from Brexit; compliance with regulatory regimes, including data privacy requirements; governmental investigations and legal proceedings with regard to possible anticompetitive market practices and other matters; 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 2019.

 

Third-party market share data

 

Statements regarding market share, including those regarding Philips’ competitive position, contained in this document are based on outside sources such as research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, those statements may also be based on estimates and projections prepared by outside sources or management. Rankings are based on sales unless otherwise stated.

 

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 2019.

 

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 2019. 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 significant accounting policies as stated in the Annual Report 2019. Certain comparative-period amounts have been reclassified to conform to the current-year presentation.

 

Effective Q1 2020, Philips has simplified its order intake policy by aligning horizons for all modalities to 18 months to revenue, compared to previously used delivery horizons of 6 months for Ultrasound, 12 months for Connected Care and 15 months for Diagnosis & Treatment. At the same time, Philips has aligned order intake for software contracts to the same 18 months to revenue horizon, meaning that only the next 18 months conversion to revenue under the contract is recognized, compared to the full contract values recognized previously. This change eliminates major variances in order intake growth and better reflects expected revenue in the short term from order intake booked in the reporting period. Prior-year comparable order intake amounts have been restated accordingly. This realignment has not resulted in any material additional order intake recognition. 

 

Per share and weighted average share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares for the share dividend in respect of 2019.

 

Market Abuse Regulation

 

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

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Sujets

Contact

Ben Zwirs

Ben Zwirs

Philips Global Press Office

Tel: +31 6 1521 3446

Martijn van der Starre

Martijn van der Starre

Philips Global Press Office

Tel: +31 6 2847 4617

Business Highlights Q3 2020

Business Highlights - Philips launched major extensions to its industry-leading Azurion image-guided therapy platform
Philips launched major extensions to its industry-leading Azurion image-guided therapy platform, comprising a new range of configurations – covering more price segments – to innovate procedures in a broad range of therapeutic areas, and further integration between imaging and diagnostic devices.
Business Highlights - Philips One by Sonicare
Broadening its leading portfolio of power toothbrushes, the company launched the Philips One by Sonicare. An entry-level proposition to expand into new consumer segments, Philips One is a battery-operated power toothbrush developed as a step up from manual brushing. Users of this toothbrush can opt into a subscription service for brush head and battery replacements.
Business Highlight Philips REDI Kit
Philips launches Rapid Equipment Deployment Kit to COVID-19 response.

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