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Philips comparable sales increased 3%

Staff Writer | July 25, 2016
Philips reported Q2 sales of EUR 5.9 billion and comparable sales growth of 3%. There was a 9% improvement in adjusted EBITA to EUR 544 million and net income was EUR 431 million.
Philips   There was a 9% improvement in adjusted EBITA
Comparable sales of the HealthTech portfolio continued to grow at 5% Adjusted EBITA amounted to EUR 544 million, or 9.3% of sales, compared to 8.4% of sales in Q2 2015. EBITA totaled EUR 464 million, or 7.9% of sales, compared to 7.5% of sales in Q2 2015.

Income from operations (EBIT) amounted to EUR 376 million, compared to EUR 349 million in Q2 2015.

Net income amounted to EUR 431 million, including a EUR 144 million award from the Funai arbitration, compared to EUR 274 million in Q2 2015.

Operating cash flow of EUR 318 million, compared to EUR 186 million in Q2 2015, and a free cash inflow of EUR 127 million, compared to an outflow of EUR 30 million in Q2 2015.

CEO Frans van Houten said: "Philips’ performance in the second quarter of 2016 was solid, with 3% comparable sales growth overall and strong 5% growth from our HealthTech businesses.

"Our Accelerate! transformation program delivered further operational improvements across most businesses, while we continued to invest in quality and innovation.

I am pleased with the successful listing of Philips Lighting on Euronext in Amsterdam at the end of May." â–