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PHIA.AS - Q4 2015 Koninklijke Philips NV Earnings Call



Co. reported 4Q15 comparable sales of EUR7.1b and net loss of EUR39m. Expects

modest comparable sales growth for 2016.

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JANUARY 26, 2016 / 9:00AM, PHIA.AS - Q4 2015 Koninklijke Philips NV Earnings Call


Robin Jansen Koninklijke Philips NV - Head of IR Frans van Houten Koninklijke Philips NV - CEO Abhijit Bhattacharya Koninklijke Philips NV - CFO


Max Yates Credit Suisse - Analyst Daniel Cunliffe Liberum - Analyst Ben Uglow Morgan Stanley - Analyst Philip Wilson Redburn Partners - Analyst Andreas Willi JPMorgan - Analyst Ian Douglas-Pennant UBS - Analyst Philip Scholte Kempen & Co - Analyst


Operator Welcome to the Royal Philips fourth-quarter and full-year 2015 results conference call on Tuesday January 26, 2016. (Operator Instructions). Please note that this call will be recorded and is available by webcast on the website of Royal Philips.

I will now hand the conference over to Mr. Robin Jansen, Head of Investor Relations. Please go ahead, sir.

Robin Jansen - Koninklijke Philips NV - Head of IR Thank you, operator, and good morning, ladies and gentlemen. Welcome to Philips' fourth-quarter and full-year results conference call. I'm here with Frans van Houten, CEO; and Abhijit Bhattacharya, CFO.

In a moment, Frans will make his opening remarks and will take you through our main [and] strategic financial highlights for the period. Abhijit will then provide more details on the financial performance during the quarter. After that, both Frans and Abhijit will be happy to take your questions.

Our press release and the related information slide pack were published at 7:00 AM CET this morning. Both documents are now available for download from our investor relations website. A full transcript of this conference call will be made available by tomorrow on our investor relations website.

Before I turn over the call to Frans, I would like to remind you of two things.

Following the decision in June 2014 to combine our Lumileds and automotive lighting businesses into a standalone company and to explore strategic options to attract capital from third-party investors, the profit and loss of these combined businesses is reported under discontinued operations; and the net assets for the business in the balance sheet on the line 'assets held for sale'.

The cash flow of the combined Lumileds/automotive businesses is reported under cash flow from discontinued operations. Therefore, all commentary that will follow in terms of sales and earnings, at both the Company level as well as the lighting sector level, continues to exclude the performance related to the Lumileds and Automotive lighting businesses.

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JANUARY 26, 2016 / 9:00AM, PHIA.AS - Q4 2015 Koninklijke Philips NV Earnings Call Secondly, when we refer to adjusted EBITA on this call, this represents EBITA excluding restructuring costs, acquisition-related charges, and other charges and gains above EUR20 million.

With that, I would like to hand over the call to Frans.

Frans van Houten - Koninklijke Philips NV - CEO Yes. Thanks, Robin, and good morning to everybody on the call.

Overall, 2015 was a solid year for Philips in which we delivered consistent performance improvements, notwithstanding ongoing macroeconomic challenges. Lighting delivered yet another year of operational improvements, and our HealthTech portfolio, which combines the Healthcare and Consumer Lifestyle businesses, achieved 5% comparable order intake growth, and 4% comparable sales growth and improved margins for the year, demonstrating our progress in capitalizing on opportunities in this large and growing market.

The commitment I see across the organization to our Accelerate! transformation program continues to be the main engine behind our operational and financial performance improvements throughout 2015. The culture of operational excellence has taken root, and it leaves me very optimistic about our ability to continue to improve operational and financial performance for the years to come.

We've also made good progress on the integration of Volcano during 2015. We are ahead of our plans in delivering on cost synergies, which has helped our results being ahead of plan. More importantly, we have been able to capitalize on more than planned revenue synergies in the interventional x-ray business, with Volcano's sales force providing actionable leads to our sales organization due to Volcano's highly frequent contact with customers.

In the last 12 months, we also made significant progress on our plan to separate Philips into two standalone companies, each one better positioned to capture the highly attractive opportunities in HealthTech and Lighting Solutions. I cannot stress enough the complexity of this task, and I'm pleased to say that the process remains fully on track.

Turning now to our fourth-quarter performance which reflects another quarter of fundamental improvement in the challenging macroeconomic environment. We delivered currency-comparable order intake growth of 15%, continued sales growth in healthcare and consumer lifestyle, and very solid improvements in the adjusted EBITA margin across all three sectors.

Let me provide you with some color on the performance of each.

In Healthcare, comparable sales grew 3%, and currency-comparable order intake, as said, increased by 15%. In the quarter, we signed three new long-term strategic partnership with Mackenzie Health in Canada, Granada's Clinical Hospital in Spain, and Hospices Civils de Lyon in France. These partnerships are based on a managed services model to optimize the delivery of care, and are expected to make meaningful contributions to healthcare's performance during their lifespan.

Let me provide a bit more detail on two of these partnerships.

The strategic partnership with Hospices Civils de Lyon is our first in France and is worth around EUR60 million over a 12-year term. The hospital will have access to state-of-the-art equipment and services under a single-payment structure. This includes procurement, installation, systems integration, maintenance, equipment updates, so to ensure that hospitals will be provided with the medical technologies that its radiology department requires for the optimal delivery of care.

And as a first for Philips in Canada, we have signed an 18-year agreement worth CAD300 million with Mackenzie Health that will advance Mackenzie Health's medical technology procurement and maintenance programs for the existing Mackenzie Richmond Hill Hospital, and for the future Mackenzie Vaughan Hospital which will be completed in 2019.

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JANUARY 26, 2016 / 9:00AM, PHIA.AS - Q4 2015 Koninklijke Philips NV Earnings Call These latest strategic partnerships signal a growing trend within hospitals and health systems to better manage cost and handle the complexity of their technology investments, while expanding quality access to advanced medical care and improved medical outcomes.

In addition to these strategic partnerships, we are leveraging our wide range of capabilities to address specific customer needs such as our expertise and leadership in clinical informatics. In the quarter, we signed a multi-year agreement with the University of Colorado Health, an integrated delivery network or IDN in Colorado for the implementation of Philips' Intellispace Picture Archiving and Communications Systems, also known as PACS, across the health system.

We will consolidate and standardize UCHealth's electronic health records, voice recognition systems and PACS on to specialized platforms for both radiology and cardiology. Together, we aim to optimize the delivery networks image sharing workflow, thereby enhancing patient care and driving projected cost savings of more than $10 million for the health system.

We are also making steady progress with our quality optimization efforts in Cleveland. As we indicated last quarter, we will continue to invest in quality improvements during 2016 as we remediate the smaller remaining product lines and address the remaining outstanding issues. As a result, we expect that Cleveland will contribute around EUR100 million to adjusted EBITA in 2016, albeit it back-end loaded, and then the remainder to come in 2017.

Let me now turn to the Consumer Lifestyle business. Consumer Lifestyle continued to perform very well, driven by the continued strong demand for our innovative solutions, as well as successful new product launches, as the next generation VisaPure, which was successfully launched in both Asia and Europe.

The benefit of our focused approach continued to drive sales across the Health and Wellness, Personal Care and Domestic Appliances businesses, and was demonstrated in China, for example on Double 11 day, the country's biggest day for online shopping.

Philips was the top-selling brand in categories such as male grooming, beauty, garment care, kitchen appliances and oral healthcare, with some product ranges selling out within minutes. Male shaving products were particularly popular, with over 0.5 million shavers sold in just 24 hours.

Oral healthcare across the global experienced double-digit growth, with particularly strong performance in countries like North America, China and Germany. The Philips Sonicare 2 electric toothbrush range was cited by US retailer Target as one of the most popular items in their Black Friday pre-sale.

Earlier this month, we participated in the Consumer Electronics Show in Las Vegas where we had the opportunity to demonstrate our innovative approach to connected healthcare by demonstrating our HealthSuite Digital Platform. This platform can, among other things, connect consumers to medical devices that monitor and coach personal health and wellness, and can also connect patients to systems that allow them to recover from procedures in the comfort of their homes.

HealthSuite will also support professional healthcare solutions from both Philips and third parties, driving better outcomes, higher productivity, and enabling patient-centric population health management through the cloud.

It received an excellent response and we plan to announce a slate of health informatics applications based on HealthSuite at the coming HiMSS Conference. HiMSS is a healthcare informatics show in Las Vegas in end of February/early March in the United States.

Let me now switch to Lighting.

Lighting delivered yet another quarter of year-on-year operational improvements driven by sustained comparable sales and margin growth in the LED business and our ability to sustain our high level of adjusted EBITA margin in the declining conventional lamps market.

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JANUARY 26, 2016 / 9:00AM, PHIA.AS - Q4 2015 Koninklijke Philips NV Earnings Call We have continued to strengthen our leadership in connected lighting, proving time and again that we can revitalize buildings with our connected LED lighting technology, such as the Cairo Opera House. We recently provided this iconic building with a stunning makeover. By using our latest LED lighting technology, the Opera House will reduce its energy consumption by up to 80% compared to conventional lighting previously used.

Philips' new lighting concept focuses on highlighting the importance of the building as a source of cultural pride; and with our new dynamic lighting, this landmark is visible from up to 0.5 kilometer away on the River Nile.

Los Angeles and San Jose in California are the first cities to benefit from Philips' LED street lighting, combined with wireless broadband transmission technology from Ericsson. Next to providing brighter and safer streets at night and a reduction in energy usage of more than 50%, the Philips SmartPoles enable seamless mobile wireless 4G LTE connectivity, increasing data capacity in the mobile network, ensuring that citizens, as well as the Internet of Things, IoT objects such as connected cars, get improved data coverage. It doesn't take much fantasy to see that this is the future.

We also entered into a global strategic alliance with Cisco, integrating Philips' connected LED lighting system with Cisco's IT network to save energy, improve building efficiency, and enhance employee wellbeing and productivity in the office.

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