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Philips boosted by global spread

Philips said on Monday its businesses – ranging from consumer electronics to lighting and healthcare – would be able to weather an economic turndown thanks to booming business in emerging markets.

The Dutch group’s fourth-quarter results beat expectations and showed an improvement in margins. It said net income had risen to €1.39bn ($2bn), against €680m a year ago, helped by sales of stakes in Taiwan Semiconductor Manufacturing and LG Philips as part of its strategy to focus on lighting, medical and consumer lifestyle. It proposed a raised dividend of €0.70 a share.

Philips said its full-year margin, on an earnings before interest, tax and amortisation basis, rose to 7.7 per cent from 5.2 per cent a year ago. It avoided precise forecasts for 2008, but said it was on track to raise that margin to 10 per cent by 2010. “[We have] all-in-all a robust portfolio with an ability to weather times of slower economic growth and an excellent geographic spread, with 30 per cent of our sales across all divisions coming from emerging markets,” said Gerard KLEISTERLEE, chief executive.

Aside from strong growth in China, Russia, India and Brazil, Philips said it was seeking out niche markets.

Pierre-Jean SIVIGNON, chief financial officer, described the domestic appliance business as the “growth engine”, notching up double-digit sales growth in all markets and in excess of 20 per cent in emerging markets. That made up for a drop in sales in North America.

Источник: Financial Times

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