Signify provides update on developments related to the coronavirus

March 27, 2020
 

Eindhoven, the Netherlands – The COVID-19 pandemic has created an unprecedented situation globally. From the outset, Signify (EURONEXT: LIGHT) has taken considerable action focused on the health and safety of its employees, on customer engagement and supply chain continuity and on free cash flow generation and operating expenses.

 

To adapt to the fast-changing environment, the company has taken the following decisions:

 

Outlook suspended and dividend proposal withdrawn

Given the high level of global uncertainty and the very limited visibility on how this crisis might unfold, Signify has decided to suspend its financial outlook for 2020 as announced on January 31, 2020.

 

In addition, Signify has decided to withdraw the proposal to pay a dividend of EUR 1.35 per share to ensure resilience during this period of market uncertainty and to further strengthen the company’s financial position. Once market conditions have stabilized, Signify will revisit its capital allocation to shareholders.
 

Capital Markets Day postponed, and AGM will be held on May 19, 2020

Signify has also decided to postpone its Capital Markets Day, that was scheduled to take place on June 18, 2020, in London. A new date will be announced in due course.

 

Signify’s Annual General Meeting of Shareholders (AGM) will take place on May 19, 2020, as originally planned. In view of the COVID-19 outbreak, Signify encourages its shareholders to exercise their voting rights by proxy, to submit questions in advance and to follow the meeting via the live video webcast of the meeting on the company’s website. Signify may take, or may be required to take, additional precautionary measures to protect the health and safety of all stakeholders involved in the AGM.

CEO statement

The COVID-19 pandemic is unprecedented in its scale and the challenges it presents. Our number one priority is the health, safety and wellbeing of our employees, customers, partners and the people around us. Very early on, we established teams, centrally and locally, to monitor the situation, respond quickly and act appropriately, adhering to the advice of governments and local authorities. Special teams are also in place to minimize the impact on deliveries and service levels to our customers and partners. As uncertainty remains high and visibility low, prudence is warranted. We want to make sure that we safeguard our flexibility to react to changes in market conditions and guarantee the stability of the business. We continue to closely monitor the development of COVID-19 and to identify additional mitigating actions."

 

Eric Rondolat

CEO of Signify

Important Information

 

Market Abuse Regulation

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

For further information, please contact:

Signify Investor Relations

Robin Jansen

Tel: +31 6 1594 4569

E-mail: robin.j.jansen@signify.com

Signify Corporate Communications

Elco van Groningen

Tel: +31 6 1086 5519

E-mail: elco.van.groningen@signify.com

About Signify

 

Signify (Euronext: LIGHT) is the world leader in lighting for professionals and consumers. We unlock the extraordinary potential of light for brighter lives and a better world. Our advanced products, systems and data-enabled services deliver business value and transform life in homes, buildings and public spaces. In 2024, we had sales of EUR 6.1 billion, approximately 29,000 employees and a presence in over 70 countries. We feature in the Dow Jones Sustainability World Index and hold the EcoVadis Platinum rating, placing in the top one percent of companies assessed. News from Signify can be found in the Newsroom, on LinkedIn, Instagram and X. Information for investors is located on the Investor Relations page.
 

Signify global brands include: Philips, Philips Hue, WiZ, Interact, ColorKinetics, Dynalite, Telensa, Signify myCreation, Signify BrightSites, NatureConnect, Trulifi.

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