London, UK – At a meeting with investors and financial analysts today in London, UK, Royal Philips Electronics (NYSE: PHG, AEX: PHI) will update the financial market on the developments in the Lighting and Consumer Lifestyle sectors.
As part of his company update, Philips Chief Executive Officer Frans van Houten will discuss the progress that is being made with the Accelerate! program to drive innovation and customer centricity, while reinforcing performance improvements. The earlier announced program to reduce complexity and indirect costs by EUR 500 million is now targeted at EUR 800 million. As communicated earlier, the company reconfirms its intention to step up additional investments in R&D and customer-facing resources of around EUR 200 million a year.
“I am glad to see continued growth in our core businesses in Healthcare, Consumer Lifestyle, and the LED segment of Lighting, with strong positions in both growth and mature geographies,” said Mr. Van Houten. “We will continue to expand our market leadership through increased innovation efforts and customer intimacy, while removing complexity and changing our culture to transform Philips into a more entrepreneurial company. As a result of our efforts and despite economic challenges, we are confident that we can deliver on our 2013 financial targets of 4-6% sales growth, 10-12% EBITA, and 12-14 ROIC, as announced in July 2011.”
After the company update, Mr. Van Houten and Chief Financial Officer Ron Wirahadiraksa will take part in a question-and-answer session with the investors and analysts present in London. As interim Chief Executive Officer and Chief Financial Officer at Philips Lighting respectively, Mr. Van Houten and Mr. Wirahadiraksa will also comment on current market views and business priorities to sustain Philips leadership in the changing Lighting markets.
At the event, Pieter Nota, Chief Executive Officer of Philips Consumer Lifestyle will elaborate on the sector’s plan to drive profitable growth. Mr. Nota and other Consumer Lifestyle executives will discuss how the sector’s portfolio is being reshaped towards global scale and category leadership in Personal Care, Health & Wellness and Domestic Appliances.
Presentations in London will begin at 08:30 a.m. GMT (9:30 a.m. CET) and can also be followed via webcast. Please visit this link to listen to the webcast and download the slides that will be used during the day.