PHG Koninklijke Philips NV

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

April 25, 2016

 

 

KONINKLIJKE PHILIPS N.V.

(Exact name of registrant as specified in its charter)

 

 

Royal Philips

(Translation of registrant’s name into English)

The Netherlands

(Jurisdiction of incorporation or organization)

Breitner Center, Amstelplein 2, 1096 BC Amsterdam, The Netherlands

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   x             Form 40-F   ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1):   ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7):   ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes   ¨             No    x

Name and address of person authorized to receive notices

and communications from the Securities and Exchange Commission:

M.J. van Ginneken

Koninklijke Philips N.V.

Amstelplein 2

1096 BC Amsterdam – The Netherlands

 

 

 

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This report comprises a copy of the following press release:

“Philips’ First Quarter Results 2016”, dated April 25, 2016.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized at Amsterdam, on the 25 ^th of April, 2016.

 

KONINKLIJKE PHILIPS N.V.

/s/ M.J. van Ginneken

(General Secretary)

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Philips reports Q1 comparable sales growth of 3% to EUR 5.5 billion and a 14% improvement in Adjusted EBITA to EUR 374 million

Amsterdam, April 25, 2016

First-quarter highlights

 

•

Comparable sales growth driven by 5% growth in HealthTech portfolio

 

•

Adjusted EBITA amounted to EUR 374 million, or 6.8% of sales, compared to 6.1% of sales in Q1 2015

 

•

EBITA totaled EUR 290 million, or 5.3% of sales, compared to 4.3% of sales in Q1 2015

 

•

Net income amounted to EUR 37 million, compared to EUR 100 million in Q1 2015, mainly impacted by tax charges related to the separation

 

•

Free cash outflow of EUR 177 million, compared to an outflow of EUR 443 million in Q1 2015

 

•

Philips Lighting separation process well on track

Frans van Houten, CEO:

“Philips’ first-quarter 2016 results reflect solid comparable sales growth across our HealthTech businesses and our LED Lighting business, bolstered by the successful launch of several new products. We also delivered continued operational improvements throughout the company, driven by higher volume and improved product mix. Our overall performance strengthened, supported by the ongoing benefits of our multi-year Accelerate! transformation program, despite challenging macro-economic conditions in several markets.

Our outlook for 2016 remains unchanged, as we continue to expect earnings improvements in the year to be back-end loaded, taking into account ongoing macro-economic headwinds and the phasing of costs and sales.”

HealthTech

“Our HealthTech portfolio delivered another strong quarter, with 5% comparable sales growth overall, despite anticipated lower royalty income. We also achieved significant operational improvements, which were partly offset by ongoing investments in high-growth businesses, such as wearable patient monitoring solutions, digital pathology and health informatics. Equipment-order intake in the quarter declined by 3% on a comparable basis, after a quarter with double-digit order growth, largely reflecting the unevenness of our order intake dynamics.”

In Personal Health, comparable sales growth was 6%, with the Adjusted EBITA margin improving by 130 basis points. Diagnosis & Treatment showed 5% comparable growth, and the Adjusted EBITA margin improved by 80 basis points. Connected Care & Health Informatics grew 9%, while the Adjusted EBITA margin improved by 310 basis points.

 

•

Philips’ new integrated Dream Family solution, which is designed to improve the sleep therapy experience for people with obstructive sleep apnea, is showing strong traction in Europe and the US, with more than 200,000 Dream Family users since its introduction in 2015, and is now being launched in Japan.

 

•

Building on the synergies of the Volcano acquisition, the Image-Guided Therapy business posted a strong first quarter across its markets, supported by the expansion of its Phoenix Atherectomy catheter product range and the strong synergies between its smart catheter and systems sales forces.

---

•

In line with our strategy of building multi-year strategic partnerships, Philips signed a 15-year, USD 90 million agreement with San Francisco Bay-based Marin General Hospital that includes a managed services agreement for imaging systems, patient monitoring and clinical informatics solutions.

 

•

Strengthening its Health Informatics portfolio, Philips partnered with Hitachi Data Systems to introduce a next-generation Vendor Neutral Archive system, supporting rapid access to medical imaging and digital health records across the enterprise. Philips also teamed up with Amazon Web Services to deliver a new cloud-based, enterprise-wide rapid and secure data recovery solution.

 

•

Philips’ Oral Healthcare business continued its growth trajectory, with a strong performance in Greater China where the Philips Sonicare Essence+ was recently launched, providing consumers with a high-quality brushing experience at affordable price points.

Lighting

“Philips Lighting’s first-quarter performance improvement signals its great future as a focused, stand-alone company. Lighting posted its sixth consecutive quarter of year-on-year operational improvements, underpinning the strong potential of our LED business and the transformation from individual products to connected lighting systems and services. As a result of our market success in LED and its growing share of the overall business, Philips Lighting is expected to return to positive comparable sales growth in the course of 2016.”

LED lighting sales grew strongly by 27% and now account for 50% of overall Lighting sales. Conventional lamps sales continued their anticipated decline, contracting 15% year-on-year. The Home business delivered double-digit growth for the second consecutive quarter, while Professional in North America returned to positive growth in the quarter. The Adjusted EBITA margin at Philips Lighting increased by 60 basis points, driven by cost productivity and product mix.

 

•

Philips Lighting introduced great innovations at Light + Building, a leading industry trade show, showcasing its connected LED lighting growth platforms for smart cities, smart retailing, smart offices and smart homes.

 

•

Philips Lighting has partnered with Vodafone to help increase adoption of connected LED street lighting for smart cities. Currently, of the over 300 million street lights globally, less than 12% are LED and less than 2% are connected. Philips Lighting introduced DigiStreet, its new range of LED street lighting luminaires which can wirelessly connect to CityTouch, enabling the street lights to be monitored, controlled and managed remotely for additional savings on energy and maintenance.

 

•

To further fuel its LED growth, Philips Lighting continues to innovate with the introduction of three new LED lamp families: the Philips classic LED spot range to replace the popular halogen spotlight, the Philips SceneSwitch LED lamp range with its unique three light settings in one light bulb, and the Philips classic LED with DimTone.

 

•

Underlining its market leadership in dynamic connected LED lighting to transform building facades and monuments, Philips Lighting lit up two iconic landmarks in Spain: the CEPSA Tower, one of Spain’s tallest buildings, and Baño de la Cava, a World Heritage site in Toledo.

Separation Update

As previously communicated, Philips continues to simultaneously prepare for an initial public offering (IPO) or a private sale of Philips Lighting. With equity markets’ sentiment improving compared to the first couple of months of the year, an IPO increasingly appears a more likely outcome, subject to further market developments and other relevant circumstances. However, the company has not yet concluded on all proposals in the private sale process and continues to assess the attractiveness of this route compared to the IPO, both in terms of value and conditions, while taking into account the best interests of Philips and its stakeholders. As such, Philips expects to update the market on conclusions and next steps shortly.

Costs related to the separation amounted to EUR 52 million in the first quarter of 2016. For 2016, Philips now expects separation costs to be in the range of EUR 200 - 225 million.

Cost Savings

Overhead cost savings amounted to EUR 19 million in the first quarter. The Design for Excellence (DfX) program generated EUR 67 million of incremental procurement savings in the quarter. The End2End improvement program achieved EUR 41 million in productivity gains.

Miscellaneous

As of March 31, 2016, Philips had completed 82% of the 3-year EUR 1.5 billion share buy-back program.

This first-quarter 2016 results publication is based on Philips’ new segment reporting structure. The related historical key figures for 2014 and 2015 have been published on the Investor Relations website.

Conference call and audio webcast

Frans van Houten, CEO, and Abhijit Bhattacharya, CFO, will host a conference call for investors and analysts at 10:00 am CET to discuss the results. A live audio webcast of the conference call will be available on the Philips Investor Relations website .

Philips Q1 2016 Earnings call

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Philips

 

Key data in millions of EUR unless otherwise stated
		Q1 2015				Q1 2016
Sales			5,339				5,517
Nominal sales growth			14	%			3	%
Comparable sales growth			2	%			3	%
Adjusted EBITA			327				374
as a % of sales			6.1	%			6.8	%
EBITA			230				290
as a % of sales			4.3	%			5.3	%
EBIT			139				199
as a % of sales			2.6	%			3.6	%
Financial expenses, net			(67	)			(114	)
Income taxes			(31	)			(75	)
Results investments in associates			23				3
Net income from continuing operations			64				13
Discontinued operations			36				24
Net income			100				37
Net income attributable to shareholders per common share (in EUR) - diluted			0.11				0.03

 

 

		Quarterly report Q1 2016        3

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Cash balance in millions of EUR
		Q1 2015				Q1 2016
Beginning cash balance			1,873				1,766
Free cash flow			(443	)			(177	)
Net cash flow from operating activities			(256	)			10
Net capital expenditures			(187	)			(187	)
Acquisitions and divestments of businesses			(1,066	)			(31	)
Other cash flow from investing activities			(17	)			(66	)
Treasury shares transactions			(108	)			(157	)
Changes in debt			1,190				75
Other cash flow items			174				(40	)
Net cash flow discontinued operations			64				15
Ending cash balance			1,667				1,385

 

4        Quarterly report Q1 2016

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Performance per segment

Personal Health

 

 

Diagnosis & Treatment

 

 

Connected Care & Health Informatics

 

 

		Quarterly report Q1 2016        5

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HealthTech Other

 

Key data in millions of EUR
		Q1 2015				Q1 2016
Sales			135				103
Adjusted EBITA			20				(9	)
IP Royalties			87				57
Emerging Businesses			(12	)			(20	)
Innovation			(32	)			(24	)
Central costs			(18	)			(21	)
Other			(5	)			(1	)
EBITA			24				(7	)

 

Lighting

 

 

6        Quarterly report Q1 2016

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Legacy Items

 

 

		Quarterly report Q1 2016        7

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Additional information on the combined businesses of Lumileds and Automotive

 

 

8        Quarterly report Q1 2016

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Adjusted EBITA and EBITA per segment

Personal Health

 

 

Diagnosis & Treatment

 

 

Connected Care & Health Informatics

 

 

		Quarterly report Q1 2016        9

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Lighting

 

 

10        Quarterly report Q1 2016

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Forward-looking statements and other presentation matters

 

 

		Quarterly report Q1 2016        11

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Condensed consolidated statements of income

 

Condensed consolidated statements of income in millions of EUR unless otherwise stated
		Q1 2015				Q1 2016
Sales			5,339				5,517
Cost of sales			(3,223	)			(3,251	)
Gross margin			2,116				2,266
Selling expenses			(1,341	)			(1,418	)
General and administrative expenses			(214	)			(189	)
Research and development expenses			(436	)			(470	)
Impairment of goodwill							(2	)
Other business income			22				21
Other business expenses			(8	)			(9	)
Income from operations			139				199
Financial income			31				27
Financial expenses			(98	)			(141	)
Income before taxes			72				85
Income taxes			(31	)			(75	)
Income after taxes			41				10
Results relating to investments in associates			23				3
Net income from continuing operations			64				13
Discontinued operations - net of income tax			36				24
Net income			100				37
Attribution of net income for the period
Net income attributable to Koninklijke Philips N.V. shareholders			99				32
Net income attributable to non-controlling interests			1				5
Earnings per common share attributable to shareholders
Weighted average number of common shares outstanding (after deduction of treasury shares) during the period (in thousands):
- basic			912,086				913,929
- diluted			918,215				924,706
Net income attributable to shareholders per common share in EUR:
- basic			0.11				0.04
- diluted			0.11				0.03

 

12        Quarterly report Q1 2016

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Condensed consolidated balance sheets

 

Condensed consolidated balance sheets in millions of EUR
		March 31, 2015				December 31, 2015				March 31, 2016
Non-current assets:
Property, plant and equipment			2,344				2,322				2,218
Goodwill			8,596				8,523				8,265
Intangible assets excluding goodwill			3,985				3,693				3,526
Non-current receivables			195				191				166
Investments in associates			173				181				205
Other non-current financial assets			512				489				436
Non-current derivative financial assets			63				58				45
Deferred tax assets			2,677				2,758				2,689
Other non-current assets			89				68				70
Total non-current assets			18,634				18,283				17,620
Current assets:
Inventories			3,916				3,463				3,601
Other current financial assets			125				12				12
Other current assets			537				444				523
Current derivative financial assets			288				103				87
Income tax receivable			118				114				120
Receivables			4,917				4,982				4,597
Assets classified as held for sale			1,591				1,809				1,812
Cash and cash equivalents			1,667				1,766				1,385
Total current assets			13,159				12,693				12,137
Total assets			31,793				30,976				29,757
Equity
Shareholders’ equity			11,382				11,662				11,279
Non-controlling interests			114				118				130
Group equity			11,496				11,780				11,409
Non-current liabilities:
Long-term debt			4,118				4,095				3,984
Non-current derivative financial liabilities			798				695				518
Long-term provisions			2,575				2,392				2,341
Deferred tax liabilities			106				164				129
Other non-current liabilities			2,066				1,782				1,533
Total non-current liabilities			9,663				9,128				8,505
Current liabilities:
Short-term debt			1,667				1,665				1,705
Current derivative financial liabilities			590				238				268
Income tax payable			154				116				153
Accounts payable			2,913				2,673				2,434
Accrued liabilities			2,778				2,863				2,695
Short-term provisions			862				833				790
Liabilities directly associated with assets held for sale			335				407				430
Other current liabilities			1,335				1,273				1,368
Total current liabilities			10,634				10,068				9,843
Total liabilities and group equity			31,793				30,976				29,757

 

		Quarterly report Q1 2016        13

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Condensed consolidated statements of cash flows

 

Condensed consolidated statements of cash flows in millions of EUR
		Q1 2015				Q1 2016
Cash flows from operating activities
Net income			100				37
Results of discontinued operations - net of income tax			(36	)			(24	)
Adjustments to reconcile net income to net cash of operating activities:
Depreciation, amortization, and impairments of fixed assets			283				310
Impairment of goodwill and other non-current financial assets			—				23
Net gain on sale of assets			(34	)			(4	)
Interest income			(14	)			(14	)
Interest expense on debt, borrowings and other liabilities			66				72
Income taxes			31				75
Results from investments in associates			(2	)			(2	)
Increase in working capital:			(18	)			(60	)
Decrease in receivables and other current assets			82				323
Increase in inventories			(243	)			(223	)
Increase (decrease) in accounts payable, accrued and other liabilities			143				(160	)
Decrease (increase) in non-current receivables, other assets, other liabilities			42				(312	)
Decrease in provisions			(162	)			(50	)
Other items			(365	)			141
Interest paid			(101	)			(116	)
Interest received			14				14
Income taxes paid			(60	)			(80	)
Net cash provided by (used for) operating activities			(256	)			10
Cash flows from investing activities
Net capital expenditures			(187	)			(187	)
Purchase of intangible assets			(28	)			(32	)
Expenditures on development assets			(72	)			(74	)
Capital expenditures on property, plant and equipment			(92	)			(87	)
Proceeds from sale of property, plant and equipment			5				6
Cash used for derivatives and current financial assets			(37	)			(70	)
Purchase of other non-current financial assets			—				(1	)
Proceeds from other non-current financial assets			20				5
Purchase of businesses, net of cash acquired			(1,103	)			(27	)
Proceeds from (cash used for) sale of interests in businesses, net of cash disposed of			37				(4	)
Net cash used for investing activities			(1,270	)			(284	)
Cash flows from financing activities
Proceeds from issuance of short-term debt			1,192				64
Principal payments on long-term debt			(20	)			(8	)
Proceeds from issuance of long-term debt			18				19
Re-issuance of treasury shares			35				11
Purchase of treasury shares			(143	)			(168	)
Net cash provided by (used for) financing activities			1,082				(82	)
Net cash used for continuing operations			(444	)			(356	)
Cash flows from discontinued operations
Net cash provided by operating activities			64				15
Net cash provided by discontinued operations			64				15
Net cash provided by (used for) continuing and discontinued operations			(380	)			(341	)
Effect of change in exchange rates on cash and cash equivalents			174				(40	)
Cash and cash equivalents at the beginning of the period			1,873				1,766
Cash and cash equivalents at the end of the period			1,667				1,385

For a number of reasons, principally the effects of translation differences, certain items in the statements of cash flows do not correspond to the differences between the balance sheet amounts for the respective items.

 

14        Quarterly report Q1 2016

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Condensed consolidated statement of changes in equity

 

 

Condensed consolidated statement of changes in equity in millions of EUR
		common shares				capital in excess of par value				retained earnings				revaluation reserve				currency translation differences				available- for-sale financial assets				cash flow hedges				treasury shares at cost				total shareholders’ equity				non-controlling interests				total equity
Balance as of December 31, 2015			186				2,669				8,040				4				1,058				56				12				(363	)			11,662				118				11,780
Total comprehensive income (loss)											36				(2	)			(263	)			(20	)			(4	)							(253	)			5				(248	)
Movement non-controlling interest																																							7				7
Purchase of treasury shares																															(174	)			(174	)							(174	)
Re-issuance of treasury shares							(1	)			(8	)																			20				11								11
Share call options 1)											(77	)																			77				—								—
Share-based compensation plans							28																												28								28
Income tax share-based compensation plans							5																												5								5
Total other equity movements							32				(85	)																			(77	)			(130	)			7				(123	)
Balance as of March 31, 2016			186				2,701				7,991				2				795				36				8				(440	)			11,279				130				11,409

 

1)

During the first quarter of 2016 Philips bought call options to hedge a part of the commitments under share based payment plans. The call option premiums paid (EUR 64 million) are deducted from retained earnings and were settled in Philips shares (representing a historical cost of EUR 77 million based on a FIFO method) held by the company. The difference between the option premiums and the historical cost of the Philips shares is recorded in retained earnings.

 

		Quarterly report Q1 2016        15

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Segments and main countries

 

Sales and income (loss) from operations in millions of EUR unless otherwise stated
		Q1 2015												Q1 2016
		sales				income from operations								sales				income from operations
										as a % of sales												as a % of sales
Personal Health			1,522				157				10.3	%			1,610				190				11.8	%
Diagnosis & Treatment			1,304				(24	)			(1.8	)%			1,419				10				0.7	%
Connected Care & Health Informatics			625				(37	)			(5.9	)%			694				11				1.6	%
HealthTech Other			135				21								103				(9	)
Lighting			1,722				59				3.4	%			1,691				73				4.3	%
Legacy Items			31				(37	)							—				(76	)
Philips			5,339				139				2.6	%			5,517				199				3.6	%

 

Sales and tangible and intangible assets in millions of EUR
		sales								long-lived assets 1)
		Q1								March 31,				March 31,
		2015				2016				2015				2016
Netherlands			142				157				950				974
United States			1,627				1,813				9,693				8,893
China			615				649				1,255				1,140
Germany			317				308				147				174
Japan			247				283				425				473
France			186				189				50				47
India			171				174				146				119
Other countries			2,034				1,944				2,259				2,189
Philips			5,339				5,517				14,925				14,009

 

1)	Includes property, plant and equipment, intangible assets excluding goodwill, and goodwill

 

16        Quarterly report Q1 2016

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Reconciliation of non-GAAP performance measures

Certain non-GAAP financial measures are presented when discussing the Philips Group’s performance. In the following tables, reconciliations to the most directly comparable IFRS measures are presented.

 

Sales growth composition in %
		Q1
		comparable growth				currency effects				consolidation changes				nominal growth
2016 versus 2015
Personal Health			5.8				0.0				0.0				5.8
Diagnosis & Treatment			5.0				1.0				2.8				8.8
Connected Care & Health Informatics			8.8				2.6				(0.2	)			11.2
HealthTech Other			(23.7	)			0.0				0.0				(23.7	)
Lighting			(1.7	)			(0.1	)			0.0				(1.8	)
Philips			2.8				0.4				0.1				3.3

 

Adjusted EBITA to Income from operations (or EBIT) in millions of EUR
		Q1
		Adjusted EBITA				Other items				Restructuring and acquisition related charges				EBITA (or Adjusted income from operations)				Amortization of intangibles				Impairment of goodwill				EBIT
2016
Personal Health			227								(2	)			225				(35	)							190
Diagnosis & Treatment			32								(9	)			23				(13	)							10
Connected Care & Health Informatics			27								(4	)			23				(12	)							11
HealthTech Other			(9	)							2				(7	)			(2	)							(9	)
Lighting			121								(19	)			102				(27	)			(2	)			73
Legacy Items			(24	)			(52	)							(76	)											(76	)
Philips			374				(52	)			(32	)			290				(89	)			(2	)			199
2015
Personal Health			195								(1	)			194				(37	)							157
Diagnosis & Treatment			19								(32	)			(13	)			(11	)							(24	)
Connected Care & Health Informatics			5				(28	)			(1	)			(24	)			(13	)							(37	)
HealthTech Other			20								4				24				(3	)							21
Lighting			113								(28	)			85				(26	)							59
Legacy Items			(25	)			(11	)							(36	)			(1	)							(37	)
Philips			327				(39	)			(58	)			230				(91	)							139

 

Composition of cash flows in millions of EUR
		Q1 2015				Q1 2016
Cash flows provided by (used for) operating activities			(256	)			10
Cash flows used for investing activities			(1,270	)			(284	)
Cash flows before financing activities			(1,526	)			(274	)
Cash flows provided by (used for) operating activities			(256	)			10
Net capital expenditures:			(187	)			(187	)
Purchase of intangible assets			(28	)			(32	)
Expenditures on development assets			(72	)			(74	)
Capital expenditures on property, plant and equipment			(92	)			(87	)
Proceeds from sale of property, plant and equipment			5				6
Free cash flows			(443	)			(177	)

 

		Quarterly report Q1 2016        17

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Reconciliation of non-GAAP performance measures (continued)

 

 

Net operating capital to total assets in millions of EUR
		March 31, 2015				March 31, 2016
Net operating capital (NOC)			10,977				11,118
Exclude liabilities comprised in NOC:
- payables/liabilities			10,634				8,969
- provisions			3,437				3,131
Include assets not comprised in NOC:
- investments in associates			173				205
- other current financial assets			125				12
- other non-current financial assets			512				436
- deferred tax assets			2,677				2,689
- cash and cash equivalents			1,667				1,385
Assets classified as held for sale			1,591				1,812
Total assets			31,793				29,757

 

Composition of net debt to group equity in millions of EUR unless otherwise stated
		March 31, 2015				March 31, 2016
Long-term debt			4,118				3,984
Short-term debt			1,667				1,705
Total debt			5,785				5,689
Cash and cash equivalents			1,667				1,385
Net debt (total debt less cash and cash equivalents)			4,118				4,304
Shareholders’ equity			11,382				11,279
Non-controlling interests			114				130
Group equity			11,496				11,409
Net debt and group equity			15,614				15,713
Net debt divided by net debt and equity (in %)			26	%			27	%
Equity divided by net debt and equity (in %)			74	%			73	%

 

18        Quarterly report Q1 2016

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Philips statistics

in millions of EUR unless otherwise stated

 

		2015																2016
		Q1				Q2				Q3				Q4				Q1				Q2		Q3		Q4
Sales			5,339				5,974				5,836				7,095				5,517
comparable sales growth %			2	%			3	%			2	%			2	%			3	%
Gross margin			2,116				2,495				2,422				2,823				2,266
as a % of sales			39.6	%			41.8	%			41.5	%			39.8	%			41.1	%
Selling expenses			(1,341	)			(1,440	)			(1,390	)			(1,644	)			(1,418	)
as a % of sales			(25.1	)%			(24.1	)%			(23.8	)%			(23.2	)%			(25.7	)%
G&A expenses			(214	)			(224	)			(241	)			(530	)			(189	)
as a % of sales			(4.0	)%			(3.7	)%			(4.1	)%			(7.5	)%			(3.4	)%
R&D expenses			(436	)			(483	)			(471	)			(537	)			(470	)
as a % of sales			(8.2	)%			(8.1	)%			(8.1	)%			(7.6	)%			(8.5	)%
EBIT			139				349				342				162				199
as a % of sales			2.6	%			5.8	%			5.9	%			2.3	%			3.6	%
EBITA			230				450				429				263				290
as a % of sales			4.3	%			7.5	%			7.4	%			3.7	%			5.3	%
Net income (loss)			100				274				324				(39	)			37
Net income (loss) attributable to shareholders			99				272				319				(45	)			32
Net income (loss) - shareholders per common share in EUR - diluted			0.11				0.30				0.34				(0.05	)			0.03

 

		2015																2016
		January-				January-				January-				January-				January-				January-		January-		January-
		March				June				September				December				March				June		September		December
Sales			5,339				11,313				17,149				24,244				5,517
comparable sales growth %			2	%			3	%			2	%			2	%			3	%
Gross margin			2,116				4,611				7,033				9,856				2,266
as a % of sales			39.6	%			40.8	%			41.0	%			40.7	%			41.1	%
Selling expenses			(1,341	)			(2,781	)			(4,171	)			(5,815	)			(1,418	)
as a % of sales			(25.1	)%			(24.6	)%			(24.3	)%			(24.0	)%			(25.7	)%
G&A expenses			(214	)			(438	)			(679	)			(1,209	)			(189	)
as a % of sales			(4.0	)%			(3.9	)%			(4.0	)%			(5.0	)%			(3.4	)%
R&D expenses			(436	)			(919	)			(1,390	)			(1,927	)			(470	)
as a % sales			(8.2	)%			(8.1	)%			(8.1	)%			(7.9	)%			(8.5	)%
EBIT			139				488				830				992				199
as a % of sales			2.6	%			4.3	%			4.8	%			4.1	%			3.6	%
EBITA			230				680				1,109				1,372				290
as a % of sales			4.3	%			6.0	%			6.5	%			5.7	%			5.3	%
Net income			100				374				698				659				37
Net income attributable to shareholders			99				371				690				645				32
Net income - shareholders per common share in EUR - diluted			0.11				0.40				0.75				0.70				0.03
Net income from continuing operations as a % of shareholders’ equity			2.4	%			5.3	%			6.5	%			3.6	%			0.5	%
Number of common shares outstanding (after deduction of treasury shares) at the end of period (in thousands)			910,616				925,277				921,181				917,104				913,011
Shareholders’ equity per common share in EUR			12.50				12.32				12.43				12.72				12.35
Inventories as a % of sales 1,2)			17.3	%			17.0	%			16.8	%			14.2	%			14.7	%
Net debt : equity ratio			26:74				28:72				28:72				25:75				27:73
Net operating capital			10,977				11,397				11,427				11,096				11,118
Total employees			115,970				114,606				114,380				112,959				114,021
of which discontinued operations			8,334				8,689				8,812				8,755				8,913
of which third-party workers			13,930				13,796				13,337				12,188				12,250

 

1)	Sales is calculated over the preceding 12 months

2)	Inventories as a % of sales excludes inventories and sales related to acquisitions, divestments and discontinued operations

 

		Quarterly report Q1 2016        19

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