According to foreign media reports, consumer electronics and medical device maker Philips Electronics NV (PHG) issued a warning on Thursday that the company will not be able to double its earnings by 2010 due to the economic crisis affecting product demand. The goal.
The company also reduced the value of the shares held by several companies by 11 euros (about 1.39 billion US dollars).
The company's chief executive, Gerard Kleisterlee, said in a statement that the speed and severity of the impact of the economic crisis on key markets is now testing Philips' financial capabilities.
He also pointed out that we are experiencing a serious economic crisis, and the speed and impact of its development are beyond our expectations.
In the Amsterdam stock market, Philips shares fell 1.6% in early trading.
The company noted that demand for the consumer, construction and automotive markets has fallen sharply since the third quarter, and that these markets are critical to their lighting and quality lifestyle sectors.
Affected by the deterioration of the economic situation, the company expects sales of high-quality daily necessities in the fourth quarter to be between 2.8 billion euros and 3 billion euros, and sales of lighting products ranging from 1.825 billion euros to 1.925 billion euros.
Analysts at Société Générale (15.10, 0.41, 2.79%, bar) pointed out that Philips' new high-quality daily necessities department's sales are expected to drop by about 20% from the original expectations, while the lighting equipment department's sales forecast is lower than originally expected. 10%.
The company expects sales in the health products sector to be between 225 million euros and 2.35 billion euros.
In a message to the client, Societe Generale, an analyst at Société Générale, said that the company’s unprecedented decline in revenue could have a significant impact on profit margins.
The broker downgraded Philips' stock rating from buy to hold, citing disappointing performance in recent quarters. The brokerage is concerned that Philips' plan to divest TV business may be further delayed due to the deterioration of the trading environment. In their view, giving up this business is very beneficial to the development of Philips.
Philips announced on Thursday that it will take more restructuring measures in three sectors to ensure profit margins and profitability. These measures may result in an expenditure of 110 million euros, which will increase the expenditure in the fourth quarter to 340 million euros.
The company also issued a warning that the poor economic environment has also led to a sharp decline in the value of its other companies. The company is preparing to write down the value of this part of the equity by 1.1 billion euros. At present, the company holds mainly the equity of LG Display, the world's second largest LCD manufacturer, and NXP, a chip manufacturer.
Philips owns a 19.9% ​​stake in NXP. Currently, the latter is the third-largest chip maker in Europe, and most of its stake is in the hands of a consortium led by Kohlberg Kravis Roberts. Founded 10 years ago, LG Display is a collaboration between LG Electronics and Philips. Philips currently controls only 13% of the company's equity.
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