Philips delivers 4% growth in second quarter; management team takes next steps to improve growth and performance trajectory
Second-quarter highlights
- Comparable sales up 4%, led by strong growth at Healthcare, moderate growth at Lighting
- Growth markets now represent one third of Group sales
- EBITA of EUR 370 million, 7.1% of sales
- Goodwill impairment leads to net loss of EUR 1.3 billion
- Free cash outflow of EUR 210 million
- Share buy-back program of EUR 2 billion launched
- Cost reduction program of EUR 500 million initiated
- Mid-term performance targets: 4-6% sales growth, 10-12% EBITA and 12-14% ROIC by 2013