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  ROUNDUP 2: Philips advances in transformation in healthcare company | News | Bit Updates
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ROUNDUP 2: Philips advances in transformation in healthcare company | News

Tuesday, January 30th, 2018 | bitcoin updates

(new: more details) AMSTERDAM (dpa-AFX) – Philips is advancing in the transformation into a group for health technology. Thanks to a good final quarter, the former conglomerate was able to significantly increase its profit last year. The Dutch also benefited from savings and a special gain from the sale of further shares in the former lighting subsidiary Philips Lighting. As a result, costs for the corporate restructuring and charges from the US tax reform could be more than offset.2017 was a good year, commented CEO Frans van Houten. Philips has not only achieved its heightened goals, but has also made progress in transforming it into a leading healthcare technology company. The integration of the companies acquired for this purpose is on track, he added. Philips is now focusing on health issues. One area is devoted to medical technology, such as, among others, diagnostic imaging, as offered by the competitors Siemens or General Electric. For this purpose, the group also addresses the consumer directly, with electronic devices such as razors or coffee machines. By now, there is nothing left of the old-established conglomerate, which has everything from consumer electronics to semiconductors to incandescent lamps and medical technology. The areas have become independent over the past few years and have been sold later. The consumer electronics business was just as divested as the chip business. For example, the semiconductor business 2006 saw the emergence of the current NXP group, which is currently raging a takeover battle – US competitor QUALCOMM would like to incorporate the chip company. And their lighting division Philips Lighting launched the Dutch in 2016. At the end of last year, the Group reduced its stake to below 30 percent and deconsolidated the company in its balance sheet. The participation is considered non-strategic and should be further reduced. At the same time Philips has expanded its health business through acquisitions. Philips has thus changed radically and thus follows a trend. Conglomerates such as Siemens and General Electric are also reorganizing themselves in order to be able to react faster in a rapidly changing market environment as a result of digitization. For example, Siemens has divested itself of a whole series of businesses over the past few years: for example, the semiconductor division Infineon, the lighting business OSRAM or the component manufacturer Epcos. The Munich-based company merged its wind power subsidiary with Spanish competitor Gamesa, and medical technology is due to go public in just a few weeks.For Philips, the realignment is beginning to bear fruit. Thus, the net profit rose in 2017 from just under 1.5 billion to almost 1.9 billion euros. Sales increased by 2 percent to just under 17.8 billion euros. Savings from the remodeling program are over budgeted at € 483 million in 2017, as Philips explained. Shareholders should receive an unchanged dividend of 0.80 euros per share. The stock was nevertheless dampened, market participants were somewhat disappointed by the organic growth in the final quarter, which they had expected higher. The Group reiterated its medium-term targets, according to which Philips wants to achieve annual sales of at least 20 billion euros by 2020. This corresponds to a comparable annual growth rate of 4 to 6 percent. The adjusted operating margin (Ebita) is expected to improve on average by 100 basis points annually. This should help savings totaling 1.2 billion euros. For the current fiscal year, Philips CEO van Houten expects a development according to the medium-term goals – also thanks to full order books. The relevant markets for Philips are expected to grow by 3 to 5 percent. /nas/mne/she


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