Signify publishes comparable financials for 2023 and Q1 2024 following implementation of new organizational structure
June 14 2024 - 1:00AM
Signify publishes comparable financials for 2023 and Q1 2024
following implementation of new organizational structure
June 14, 2024
Signify publishes comparable financials for 2023 and Q1
2024 following implementation of new organizational
structure1
Eindhoven, the Netherlands -
Signify (Euronext: LIGHT), the world leader in lighting, has
published its quarterly comparable financials for the year 2023 and
Q1 2024. Following the implementation of Signify's new
organizational structure on April 1, the company has established
four verticalized businesses with full profit and loss
responsibility2. Each of these four businesses will be fully
responsible for its end-to-end processes including offer
development, manufacturing, and sales & marketing.
The Professional business offers
LED lamps, luminaires, connected lighting systems and services to
customers in the professional segment. The Professional business is
the combination of the former Digital Solutions division and
Professional LED lamps and luminaires, which was formerly part of
the Digital Products division.
Reflecting this shift and the reallocation of
central costs to the businesses, the Professional business recorded
sales of EUR 4,254 million with an Adjusted EBITA of EUR 412
million and an Adjusted EBITA margin of 9.7% for the year 2023. In
Q1 2024, the Adjusted EBITA margin decreased from 7.9% to 7.4% year
on year.
The Consumer business offers LED
lamps, luminaires, and connected products, including Philips Hue
and WiZ, to customers in the consumer segment. The Consumer
business was formerly part of the Digital Products division
alongside Professional LED lamps and luminaires and the OEM
business.
Reflecting this shift and the reallocation of
central costs to the businesses, the Consumer business recorded
sales of EUR 1,342 million with an Adjusted EBITA of EUR 120
million and an Adjusted EBITA margin of 8.9% for the year 2023. In
Q1 2024, the Adjusted EBITA margin improved from 6.0% to 10.4% year
on year.
The OEM business offers lighting
components to the industry. The OEM business was previously part of
the Digital Products division and is now set up as a standalone
business.
Reflecting this shift and the reallocation of
central costs to the businesses, the OEM business recorded sales of
EUR 457 million with an Adjusted EBITA of EUR 43 million and an
Adjusted EBITA margin of 9.4% for the year 2023. In Q1 2024, the
Adjusted EBITA margin decreased from 9.6% to 8.8% year on year.
The Conventional business offers
special lighting, digital projection, and lamp electronics. The
Conventional business is similar to the former Conventional
Products division.
Following the reallocation of central costs to the
businesses, the Conventional business recorded sales of EUR 627
million with an Adjusted EBITA of EUR 127 million and an Adjusted
EBITA margin of 20.3% for the year 2023. In Q1 2024, the Adjusted
EBITA margin decreased from 22.3% to 17.6% year on year.
'Other'
represents amounts not allocated to the businesses and now mainly
includes costs related to ventures, exploratory research and
audits. Following the implementation of the new structure, part of
the central costs has been reallocated to the four vertically
integrated businesses. As a result of the reallocation, 'Other'
Adjusted EBITA for 2023 reduced from EUR -86 million to EUR -31
million.
1 This document contains certain non-IFRS
financial measures and ratios, such as comparable sales growth,
EBITA, adjusted EBITA, and related ratios, which are not recognized
measures of financial performance or liquidity under IFRS. All
reported data are unaudited.2 Please refer to appendix A for a
visual representation of how the organizational structure has
changed.
For further information, please
contact:Signify Investor RelationsThelke
GerdesTel: +31 6 1801 7131E-mail: thelke.gerdes@signify.com
Signify Corporate
CommunicationsTom LodgeTel: +31 6 5252 5416
E-mail: tom.lodge@signify.com
About SignifySignify (Euronext: LIGHT) is the
world leader in lighting for professionals, consumers and the
Internet of Things. Our Philips products, Interact systems and
data-enabled services, deliver business value and transform life in
homes, buildings and public spaces. In 2023, we had sales of EUR
6.7 billion, approximately 32,000 employees and a presence in over
70 countries. We unlock the extraordinary potential of light for
brighter lives and a better world. We have been in the Dow Jones
Sustainability World Index since our IPO for seven consecutive
years and have achieved the EcoVadis Platinum rating for four
consecutive years, placing Signify in the top one percent of
companies assessed. News from Signify can be found in the Newsroom,
on X, LinkedIn and Instagram. Information for investors is located
on the Investor Relations page.
- 20240614_Signify publishes comparable financials for 2023 and
Q1 2024
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