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Philips Lighting: Philips Lighting third quarter results 2016

Press release

October 20, 2016

Philips Lighting reports sales at €1.7 billion, continued profitability
increase led by gross margin improvement; solid cash flow

Third quarter 2016 highlights * Comparable sales of -3.3% to €1,745 million
* Total LED-based sales growth of 16%, now representing 56% of total sales
* Continued year-on-year improvement in operational profitability * adjusted
EBITA of €175 million (Q3 2015: €139 million) * adjusted EBITA margin of
10.0% (Q3 2015: 7.5%)
* Net income of €51 million, including €30 million charges for brand license,
separation costs and financial expenses not applicable in 2015
* Free cash flow of €164 million (Q3 2015: €80 million) particularly driven
by improved profitability and working capital management

Eindhoven, the Netherlands -
Philips Lighting (Euronext Amsterdam: LIGHT) today announced the company's
third quarter results 2016. "Our operational profitability and free cash flow
improved significantly in the third quarter, in line with our improvement
path, despite softer sales," said CEO Eric Rondolat. "We will continue to
implement sales improvement measures and introduce innovative propositions to
strengthen our underlying growth profile. Our total LED-based sales grew by
16% in the quarter and now represent 56% of our revenues. Moreover our
systems and services businesses saw healthy double-digit growth, driven by
our continued extension of lighting into the Internet of Things."

Key figures

| Third quarter First nine months |
| 2015 2016 Change in € million, unless otherwise indicated 2015 2016 change |
| 1,844 1,745 -5.4% Sales 5,420 5,181 -4.4% |
| -3.3% Comparable sales growth -2.0% |
| 657 692 5.3% Adjusted gross margin 1,978 2,019 2.1% |
| 139 175 25.9% Adjusted EBITA 388 457 17.8% |
| 124 120 -3.2% EBITA 333 343 3.0% |
| 97 93 -4.1% Income from operations (EBIT) 252 260 3.2% |
| 73 51 -30.1% Net income 198 122 -38.4% |
| |
| % of sales |
| 35.6% 39.7% Adjusted gross margin 36.5% 39.0% |
| 7.5% 10.0% Adjusted EBITA margin 7.2% 8.8% |
| |
| 80 164 Free cash flow 154 146 |
| 0.37 Basic EPS (€) 0.83 |
| 38,814 34,251 Employees (FTE) 38,814 34,251 |
For the full and original version of the press release click here

For the presentation click here


Conference call and audio webcast

Eric Rondolat (CEO), Stéphane Rougeot (CFO) and René van Schooten (member of
the Board of Management and Business Group Leader of Lamps) will host a
conference call for analysts at 10:00 a.m. CEST to discuss third quarter

For the audio webcast click here

For further information, please contact:

Philips Lighting Investor Relations

Jeroen Leenaers
Tel: +31 6 2542 5909

Philips Lighting Communications

Elco van Groningen
Tel: +31 6 1086 5519

About Philips Lighting

Philips Lighting (Euronext Amsterdam ticker: LIGHT), a global leader in
lighting products, systems and services, delivers innovations that unlock
business value, providing rich user experiences that help improve lives.
Serving professional and consumer markets, we lead the industry in leveraging
the Internet of Things to transform homes, buildings and urban spaces. With
2015 sales of EUR 7.5 billion, we have approximately 34,000 employees in over
70 countries. News from Philips Lighting is located at

Important Information

Forward-Looking Statements and Risks&Uncertainties

This document and the related oral presentation contain, and responses to
questions following the presentation may contain, forward-looking statements
that reflect the intentions, beliefs or current expectations and projections
of Philips Lighting N.V. (the "Company
", and together with its subsidiaries, the "Group
"), including statements regarding strategy, estimates of sales growth and
future operational results.

By their nature, these statements involve risks and uncertainties facing the
Company and its Group Companies and a number of important factors could cause
actual results or outcomes to differ materially from those expressed in any
forward-looking statement as a result of risks and uncertainties. Such risks,
uncertainties and other important factors include but are not limited to:
adverse economic and political developments, the impacts of rapid
technological change, competition in the general lighting market, development
of lighting systems and services, successful implementation of business
transformation programs, impact of acquisitions and other transactions,
impact of the Group's operation as a separate publicly listed company,
pension liabilities and costs, establishment of corporate and brand identity,
adverse tax consequences from the separation from Royal Philips and exposure
to international tax laws. Please see "Risk Factors" in the Group's
prospectus, dated 16 May 2016 (the "Prospectus
") for discussion of material risks, uncertainties and other important factors
which may have a material adverse effect on the business, results of
operations, financial condition and prospects of the Group. Such risks,
uncertainties and other important factors should be read in conjunction with
the information included in the Company's semi-annual report for the first
six months ended 30 June 2016.

Additional risks currently not known to the Group or that the Group has not
considered material as of the date of this document could also prove to be
important and may have a material adverse effect on the business, results of
operations, financial condition and prospects of the Group or could cause the
forward-looking events discussed in this document not to occur. The Group
undertakes no duty to and will not necessarily update any of the
forward-looking statements in light of new information or future events,
except to the extent required by applicable law.

Market and Industry Information

All references to market share, market data, industry statistics and industry
forecasts in this document consist of estimates compiled by industry
professionals, competitors, organizations or analysts, of publicly available
information or of the Group's own assessment of its sales and markets.
Rankings are based on sales unless otherwise stated.

Non-IFRS Financial Measures

Certain parts of this document contain non-IFRS financial measures and ratios,
such as comparable sales growth, adjusted gross margin, EBITA, adjusted
EBITA, EBITDA, adjusted EBITDA and free cash flow, and other related ratios,
which are not recognized measures of financial performance or liquidity under
IFRS. The non-IFRS financial measures presented are measures used by
management to monitor the underlying performance of the Group's business and
operations and, accordingly, they have not been audited or reviewed. Not all
companies calculate non-IFRS financial measures in the same manner or on a
consistent basis and these measures and ratios may not be comparable to
measures used by other companies under the same or similar names. A
reconciliation of these non-IFRS financial measures to the most directly
comparable IFRS financial measures is contained in this document. For further
information on non-IFRS financial measures, see "Operating and Financial
Review-Non-IFRS Financial Measures" in the Prospectus.


All amounts are in millions of euros unless otherwise stated. All reported
data is unaudited. Unless otherwise indicated, financial information has been
prepared in accordance with the accounting policies as stated in the Combined
Financial Statements for the year ended 31 December 2015 included in the

Market Abuse Regulation

This press release contains information within the meaning of Article 7(1) of
the EU Market Abuse Regulation.


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Philips Lighting via Globenewswire

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