Informations Presse

juil. 26, 2021

Philips publie résultats du deuxième trimestre 2021


Philips a réalisé un chiffre d'affaires de 4,2 milliards d'euros au deuxième trimestre, avec une croissance des ventes de 9 % à périmètre comparable ; le résultat net s'est élevé à 153 millions d'euros, la marge d'EBITA ajusté s'améliore de 280 points de base à 12,6 % ; la société annonce un programme de rachat d'actions de 1,5 milliard d'euros

Chiffres clés du deuxième trimestre

  • Le chiffre d'affaires du groupe s'est élevé à 4,2 milliards d'euros, avec une croissance des ventes de 9 % à périmètre comparable
  • Les commandes ont baissé de 15 % à périmètre comparable, avec une forte croissance à deux chiffres du secteur « Diagnosis & Treatment » et une baisse de « Connected Care » suite à la croissance de 167 % liée au COVID-19 au deuxième trimestre 2020
  • Le résultat opérationnel s'est replié à 65 millions d'euros en raison d'une provision de 250 millions d'euros liée à des actions de terrain visant à résoudre un problème de qualité d'un composant. Le résultat des activités poursuivies s'est élevé à 195 millions d'euros au deuxième trimestre 2020.
  • L'EBITA ajusté est en hausse à 532 millions d'euros, soit 12,6 % du chiffre d'affaires, contre 390 millions d'euros, ou 9,8 % du chiffre d'affaires, au deuxième trimestre 2020
  • Le flux de trésorerie opérationnel a atteint 332 millions d'euros, contre 446 millions d'euros au deuxième trimestre 2020
  • Le flux de trésorerie disponible s'est élevé à 167 millions d'euros, contre 212 millions d'euros au deuxième trimestre 2020

 

Frans van Houten, CEO:

 

« Nous avons mobilisé les ressources requises dans toute l'entreprise pour résoudre le problème de qualité d'un composant utilisé dans certains produits pour le sommeil et les soins respiratoires. Nous sommes pleinement conscients de l'impact de cette situation pour les patients, car leur bien-être est au cœur de tout ce que nous faisons chez Philips. Nous sommes en pourparlers avec les organismes de réglementation compétents pour obtenir l'autorisation de lancer le déploiement des kits de réparation et des dispositifs de remplacement que nous produisons.


Je suis satisfait de la bonne dynamique de performance de toutes nos activités, à l'exception de l'activité « Sleep & Respiratory Care », car nous avons enregistré une forte croissance des ventes de 9 % à périmètre comparable et une amélioration de la rentabilité de 280 points de base pour le groupe au cours du trimestre. Je suis particulièrement encouragé par la croissance de 29 % des commandes du secteur « Diagnosis & Treatment », ainsi que de la forte croissance du secteur « Personal Health ».

 

Au cours du trimestre, nous avons présenté des innovations prometteuses, telles que le nouveau Spectral CT 7500, qui permet d'améliorer la caractérisation d'une maladie et de réduire le nombre de ré-examens et de contrôles. L'intégration de BioTelemetry et Capsule Technologies se déroule bien. Nos clients apprécient le portefeuille élargi de solutions de gestion complète des soins aux patients, de l'hôpital au domicile. Nous avons conclu 12 nouveaux partenariats stratégiques à long terme, en nous appuyant sur la force de notre portefeuille et en témoignant de la confiance des responsables hospitaliers dans notre capacité à améliorer les résultats en matière de santé et à réduire le coût des soins, tout en améliorant l'expérience des patients et du personnel.

 

Convaincus par notre stratégie et notre situation financière, nous lançons un nouveau programme de rachat d'actions de 1,5 milliard d'euros, conformément à notre politique d'allocation équilibrée du capital.

 

En ce qui concerne l'avenir, nous sommes toujours confrontés à l'incertitude liée à l'impact du COVID-19 dans le monde et aux pénuries de composants électroniques, mais nos perspectives financières restent bien orientées, avec une légère croissance à un chiffre des ventes et une amélioration de la marge d'EBITA ajusté de 60 points de base pour le groupe en 2021. »

Business segment performance


The Diagnosis & Treatment businesses recorded 16% comparable sales growth, with double-digit growth in all businesses. Comparable order intake increased 29%, with strong double-digit growth in Image-Guided Therapy, Ultrasound and Diagnostic Imaging. The Adjusted EBITA margin increased to 13.2%, mainly driven by sales growth and productivity measures.
 
Comparable sales in the Connected Care businesses decreased 16%, as mid-single-digit growth in Hospital Patient Monitoring was more than offset by a double-digit decline in Sleep & Respiratory Care. Comparable order intake decreased significantly following the steep COVID-19-related increase in Q2 2020. The Hospital Patient Monitoring business continues to perform well above 2019 levels. The newly acquired BioTelemetry and Capsule Technologies businesses continue to deliver strong sales growth with increasing profitability. The Adjusted EBITA margin amounted to 11.3%, mainly due to the impact in the Sleep & Respiratory Care business.

 

The Personal Health businesses recorded a strong comparable sales growth of 33%, driven by double-digit growth across all businesses. The Adjusted EBITA margin increased to 17.0%, mainly driven by sales growth and productivity measures, partly offset by investments in advertising & promotion.

 

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

 

  • In China, Philips signed a contract with Gansu Provincial Maternity and Child Care Hospital to streamline and advance the delivery of critical care across multiple departments of the hospital. Philips will provide its advanced critical care information system, patient monitoring solutions and diagnostic cardiology solutions.
  • Building on their successful cooperation in MR-guided adaptive radiation therapy, Philips and Elekta deepened the partnership to advance personalized cancer care through precision oncology solutions to deliver more precise therapy, shorter treatment times, and lower cost of care.
  • Philips introduced the Spectral CT 7500 system, which delivers high-quality spectral images for a broad patient base, including cardiac, pediatric and bariatric patients, further expanding the company’s comprehensive CT portfolio, which comprises spectral and conventional CT systems, as well as radiation oncology CT systems, and advanced informatics and services.
  • Philips launched IntraSight Mobile, which offers users in hospitals and office-based labs the integration, flexibility and affordability of a single mobile system for intravascular imaging, physiology measurements and co-registration for seamless workflows and enhanced patient care. Building on the success of IntraSight, the launch will further reinforce Philips’ leading position in image- guided therapy.
  • Philips announced progress on several clinical studies including the positive two-year clinical study results for the Tack Endovascular System for dissection repair, the first patient enrollment in the DEFINE GPS multicenter study to further drive the adoption of iFR for percutaneous coronary interventions based on clinical evidence, and the start of the WE-TRUST multicenter stroke study to shorten treatment times by identifying, planning and treating ischemic stroke patients in the interventional suite. Moreover, Philips announced the first structural heart repair procedure at Mayo Clinic using its new 3D intracardiac echocardiography catheter VeriSight Pro.
  • Philips introduced its integrated Interventional Hemodynamic System with the portable Patient Monitor IntelliVue X3, providing advanced vital signs measurements at the tableside in the interventional suite and continuous monitoring across care settings. Uninterrupted patient monitoring can help to improve clinical decision making and timely detection of potential adverse events at every stage.
  • The global launch of Philips’ most advanced electric toothbrush, the Sonicare 9900 Prestige, was well received, with an average 4.7 (out of 5) star rating by consumers. The premium electric toothbrush leverages AI to optimize the user’s brushing technique, ensuring full coverage of their teeth, and instills brushing habits that improve oral health.
  • Expanding the company’s leading male grooming portfolio, Philips introduced the Shaver Series 9000 with SkinIQ technology in China. The premium shaver leverages AI and sensors to offer a personalized shave tailored to each unique skin and hair type. It will also be launched in North America and Europe in the second half of the year.

Cost savings

 

In the second quarter, productivity savings amounted to EUR 90 million, of which procurement savings amounting to EUR 44 million, and savings of EUR 46 million delivered by overhead and other programs.

Capital allocation

 

Today, Philips is announcing a new share buyback program for capital reduction purposes for an amount of up to EUR 1.5 billion. At the current share price, the program represents a total of approximately 36.8 million shares, or 4% of total shares outstanding. Philips expects to start the program in the third quarter of 2021 and to complete it within three years. It is expected that the program will be executed through a number of forward purchase transactions with one or more financial institutions and/or open market purchases by an intermediary to allow for transactions during both open and closed periods in accordance with the EU Market Abuse Regulation. Updates on the progress of the program and further details will be made available here, and through press releases as appropriate.
 
Under Philips’ ongoing EUR 1.5 billion share buyback program for capital reduction purposes, which was initiated in the first quarter of 2019, Philips repurchased shares in the open market and entered into a number of forward transactions. Philips had 2,500,000 shares delivered in June 2021 as part of the program, and under the currently outstanding forward contracts the company expects to have another 17,976,023 shares delivered in the remainder of 2021. These shares will be cancelled by December 31, 2021, resulting in an estimated total number of issued shares of 897 million by that date, compared to 917 million shares at the end of Q2 2021. Further details can be found here.

Domestic Appliances

 

On March 25, 2021, Philips announced that it had signed an agreement to sell its Domestic Appliances business to global investment   firm Hillhouse Capital. As planned, on July 1, 2021 the Domestic Appliances business became a stand-alone entity and the sale is on track for completion in the third quarter of 2021. Since the first quarter of 2021, the Domestic Appliances business (which was previously part of the Personal Health segment) is reported as a discontinued operation. Philips will continue to consolidate Domestic Appliances under International Financial Reporting Standards (IFRS) until the sale is completed.

Regulatory update

 

On June 14, 2021 Philips initiated a voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products to address identified potential health risks related to the polyester-based polyurethane (PE-PUR) sound abatement foam in these devices.

 

Philips has established dedicated call centers and a device registration process to support patients. The company is increasing its production, service and repair capacity and has requested the relevant regulatory clearances for the repair and replacement actions. Subject to these regulatory clearances, Philips is ready to start deploying the repair kits and replacement devices that it is producing. Given the estimated scope of the field actions on the installed base, Philips has taken a provision of EUR 250 million in the second quarter of 2021, in addition to the provision that the company recorded in the first quarter of 2021.

Report

Second-Quarter Results 2021 - Report

Presentation

Second-Quarter Results 2021 - 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, July 26, 2021. A live audio webcast of the conference call will be available through the link below.

Q2 2021 – Second quarter 2021 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 2020 sales of EUR 17.3 billion and employs approximately 77,000 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 our strategy; estimates of sales growth; future Adjusted EBITA; future restructuring and acquisition-related charges 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, political and societal changes; Philips’ increasing focus on health technology and solutions; the successful completion of divestments such as the disentanglement and divestment of our Domestic Appliances businesses; the realization of Philips’ objectives in growth geographies; business plans and integration of acquisitions; securing and maintaining Philips’ intellectual property rights, and unauthorized use of third- party intellectual property rights; COVID-19 and other pandemics; breaches of cybersecurity; IT system changes or failures; the effectiveness of our supply chain; challenges to drive operational excellence, productivity and speed in bringing innovations to market; attracting and retaining personnel; future trade arrangements following Brexit; compliance with regulations and standards including quality, product safety and data privacy; compliance with 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 2020.

Third-party market share data

Statements regarding market share, contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management's estimates of rankings are based on order intake or sales, depending on the business.

Market Abuse Regulation

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 07:00 am CET on July 26, 2021.
 
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 2020.

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 2020. 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 accounting policies as stated in the Annual Report 2020.

 

In 2020, Philips revised the definition of net finance expenses used in the calculation of Adjusted income from continuing operations attributable to shareholders, to exclude fair value movements of limited life fund investments recognized at fair value through profit and loss. This change leads to more relevant information as the fair value movements are not indicative of Philips' performance. The fair value movements do not represent cash items. Philips believes making this change is helpful for investors to evaluate Philips' performance.

 

As announced on March 25, 2021, Philips has signed an agreement to sell its Domestic Appliances business. As of the first quarter of 2021, the Domestic Appliances business is presented as a discontinued operation. In this report, comparative results have been restated to reflect the treatment of the Domestic Appliances business as a discontinued operation. Further details of the restatement have been published on the Philips Investor Relations website and can be accessed here.

 

Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes.

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Sujets

Contact

Martijn van der Starre

Martijn van der Starre

Philips Global Press Office

Tel: +31 6 2847 4617

Derya Guzel

Derya Guzel

Philips Investor Relations

Tel: +31 20 59 77055

Business Highlights Q2 2021

Business Highlights - Further expanding our CT portfolio
Philips introduced the Spectral CT 7500 system, which delivers high-quality spectral images for a broad patient base, including cardiac, pediatric and bariatric patients, further expanding the company’s comprehensive CT portfolio.
Business Highlights - Innovative mobile interventional platform
Expanding its leading position in image-guided therapy, Philips launched IntraSight Mobile, a fully mobile interventional platform for coronary and peripheral artery disease procedures performed with mobile C-arm systems.
Advances in Image-Guided Therapy Devices
Highlighting its continued drive to elevate the standard of care with its image-guided therapy devices portfolio, Philips announced the first structural heart repair procedure using its new 3D Intracardiac Echocardiography Catheter VeriSight Pro.
Technology improving oral health
Philips launched its most advanced electric toothbrush, the Sonicare 9900 Prestige, globally. The Sonicare 9900 Prestige leverages AI to optimize the user’s brushing technique, ensuring full coverage of their teeth, and instills brushing habits that improve oral health.

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