Press release
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january 12, 2022 - Philips
Philips provides update on its financial performance in Q4 2021
Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in #health technology, today provided an update on the fourth-quarter 2021 and full-year 2021 financial results.
Group sales for the quarter are expected to be approximately EUR 4.9 billion, which is around EUR 350 million lower than Philips’ earlier expectations. This is mainly due to intensified global supply chain shortages (primarily related to electronic components and freight capacity), as well as the postponement of customer equipment installations. The comparable sales [1] decline was approximately 10%, mainly due to these effects and the impact of the earlier announced Philips Respironics recall.* #groupadjustedebita [2] for the quarter is expected to be approximately EUR 650 million, which is approximately 13% of sales, impacted by the decline in sales and higher supply costs.
Consequently, Group sales for the full year 2021 are now expected to be approximately EUR 17.2 billion, resulting in an expected Group comparable sales decline of approximately 1% for the year. The supply chain headwinds combined with the impact related to the #philipsrespironics recall* amounted to an impact of approximately 5 percentage points on the Group’s full year comparable sales. #groupadjustedebita for the full year is expected to be around EUR 2.1 billion, or approximately 12% of sales.
Group comparable order intake growth in the fourth quarter has remained robust with 4% growth driven by double-digit-growth in the Diagnosis & Treatment businesses, resulting in 4% growth for the full year 2021. This further builds on the high-single-digit comparable order intake growth in Q4 2020 and full-year 2020.
“We continue to see good demand for our innovative products and solutions, resulting in an all-time high order book,” said #fransvanhouten, CEO of #royalphilips. “However, we faced significantly intensified global supply chain issues across our businesses, in addition to customer postponement of equipment installations in hospitals. We are closely working with suppliers and governments to address the shortages in the healthcare supply chain and ensure they recognize the importance of prioritizing life-saving medical equipment.”
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