Philips CFO confirms Philips’ strategic direction at Credit Suisse conference in London
London, United Kingdom – Today, Pierre-Jean Sivignon, Chief Financial Officer of Royal Philips Electronics (NYSE: PHG, AEX: PHI), will be giving a presentation at the Credit Suisse European Capital Goods Conference in London, where he will update the market on Philips’ continuing efforts in transforming into a truly integrated and highly market-driven global leader in Healthcare, Lighting and Consumer Lifestyle.
In his presentation, Mr. Sivignon will discuss how Philips has evolved into a simpler company with a portfolio of operations focused on value creation and sustainable growth. Mr. Sivignon will also discuss the recent announcement by Philips of “Vision 2010,” a strategic plan to further position Philips as a market-driven, people-centric company with a strategy and a structure that fully reflect the needs of its customer base, while also increasing shareholder value.
Mr. Sivignon will also discuss how through its “Vision 2010,” Philips aims to achieve higher levels of operating profitability and will reconfirm that by 2010, Philips expects the EBITA (earnings before interest, taxes and amortization) margin of its current businesses to exceed 10%. Mr. Sivignon will also mention all other commitments that were communicated as part of “Vision 2010,” including at least 6% comparable annual average sales growth for the period 2008-2010 and the fact Philips intends to arrive at an efficient balance sheet by the end of 2009 through a combination of value-creating acquisitions as well as continued return of capital to shareholders. Finally, he will confirm that Philips expects EBITA per common share to at least double by 2010 from the level expected in 2007.
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