Xin Fei released first half results, sales exceeded 24 billion 100 million

Today (27), global lighting leader Signify disclosed the second quarter and first half of 2018, which is also the first report card from PHILPS Lighting (Philips lighting) renamed as Xin Nuo.

According to the financial report, 2Q18 realized sales of 1 billion 537 million euros (about 12 billion 195 million yuan), down 9.5% compared with 2Q17, and realized net income of 29 million euros (about 230 million yuan), down 60% compared with 2Q17. In the first half of 2018, the company achieved a total sales of 3 billion 38 million euros (about 24 billion 104 million yuan), a decrease of 10.4% compared to the same period last year, and realized a net income of 49 million euros (about 389 million yuan), a decrease of 63.2% over the same period last year.

In terms of specific product revenue, in the second quarter of 2018, Xin Nuo achieved Lamps sales of 351 million euros, LED sales of 443 million euros, professional products business sales of 652 million euros, and sales of household products 89 million euros, down 21.8%, 7.2%, 2.5%, 11.1%, respectively, compared with 2Q17; in the first half of 2018, the company achieved Lamps Sales of 722 million euros, LED sales of 887 million euros, professional products business sales of 1 billion 245 million euros and home products business sales of 181 million euros, down 23.1%, 6.2%, 3.5%, 12.2%, respectively.

From the perspective of market area, the European region, including Russia and Central Asia, which was previously designated as the other regions, achieved the best performance in the second quarter of 2018 and the first half of 2018, respectively, achieving sales of 526 million euros and 1 billion 82 million euros, down 2.1% and 1.7% respectively from the same period last year.

"In the second quarter, the profitability of Lamps, LED and professional products improved, while the performance of home products remained weak. We substantially reduce the cost baseline and working capital, thereby improving cash flow in structure. " Chief executive Eric Rondolat said, "however, due to the slow start this year, and we anticipate that the market environment will still be full of challenges, the company has decided to adjust its sales forecast for this year. We expect that sales growth will improve in the second half of this year, but that is not enough to bring about significant sales growth throughout the year. At the same time, we have confirmed the expectation of profitability and cash flow this year, because our team is still concentrating on implementing the company strategy continuously, which is to reduce the cost baseline while seeking investment innovation and growth opportunities.

Taking into account the expected cost savings in the second half of 2018, the company maintained the expected profit margin (Adjusted EBITA margin) of 2018 adjusted interest rate depreciation and amortization up to 9.6% from 2017 to 10.0-10.5%. The company also expects steady free cash flow in 2018, but the cost of restructuring will be slightly lower than the level in 2017. (compile: LEDinside Nicole)

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