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Philips Lighting: Second Quarter Results

Press release

July 22, 2016

Philips Lighting reports continued improvement in operational profitability
and cash flow in second quarter

Second quarter 2016 highlights

* Total LED-based sales growth of 25%, representing 53% of total sales
* Seventh consecutive quarter of year-on-year improvement in operational
profitability * adjusted EBITA of €161 million (Q2 2015: €139 million) *
adjusted EBITA margin of 9.3% (Q2 2015: 7.5%)
* Net income of €57 million, includes separation costs and brand license fee
not applicable in 2015
* Free cash flow of €60 million (Q2 2015: €-82 million)

Half year 2016 highlights

* Continued improvement in operational profitability * adjusted EBITA of €282
million (HY 2015: €249 million) * adjusted EBITA margin of 8.2% (HY 2015:
* Net income of €71 million, includes separation costs and brand license fee
not applicable in 2015

Eindhoven, the Netherlands -
Philips Lighting (Euronext Amsterdam: LIGHT) today announced second quarter
and half-year results 2016. "Philips Lighting delivered satisfactory
performance, posting a seventh consecutive quarter of improved operational
profitability and free cash flow in the second quarter. Our businesses all
progressed versus last year, performing in line with their strategic
objectives," said Eric Rondolat, CEO. "I am satisfied to see our strategy
being successfully executed. The conventional Lamps Business' profitability
remains well positioned despite the anticipated sales decline. Our total
LED-based sales grew by 25% in the quarter and our systems and services
businesses saw double-digit growth, driven by our continued extension of
lighting into the Internet of Things. As a result, our LED-based activities
now represent over half of total sales. We are pleased with these results,
demonstrating the successful execution of our strategy. Our team remains
focused on our journey of continuous improvement."

Key figures

| Second Quarter First Half Year |
| 2015 2016 Change in € million, unless otherwise indicated 2015 2016 change |
| 1,849 1,734 -6.2% Sales 3,576 3,436 -3.9% |
| -1.5% Comparable sales growth -1.4% |
| 685 687 0.3% Adjusted gross margin 1,321 1,327 0.5% |
| 139 161 16.2% Adjusted EBITA 249 282 13.4% |
| 128 123 -3.9% Reported EBITA 209 223 6.7% |
| 100 96 -4.0% Income from operations (EBIT) 155 167 7.7% |
| 95 57 -40.0% Net income 125 71 -43.2% |
| |
| % of sales |
| 37.0% 39.6% Adjusted gross margin 36.9% 38.6% |
| 7.5% 9.3% Adjusted EBITA margin 7.0% 8.2% |
| |
|-82 60 Free cash flow 74 -18 |
| 0.37 Basic EPS (€) 0.47 |
| 39,784 35,104 Employees (FTE) 39,784 35,104 |

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, and Rene van Schooten, CFO, will host a conference call
for investors and analysts at 10:00 a.m. CEST to discuss the results.

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

Wieger Sietsma
Tel: +31 6 2759 0991

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 36,000 employees in over
70 countries. News from Philips Lighting is located

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 this semi-annual report.

Looking ahead to the second half of 2016, the Group is primarily concerned
about the challenging economic conditions, currency headwinds and political
uncertainties in the global and domestic markets in which it operates.

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 OMX Corporate Solutions on behalf of NASDAQ OMX 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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