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HEALTHCARE: Philips (PHIANA: Baa1/BBB+/BBB+): Q4 FY24

HEALTHCARE
Credit BulletsCEEMEANetherlandsEurozoneBullet

Double Digit declines in China offset by 4% growth in Rest of World

  • Q4 Adj.EBITDA €905m +1% yoy but Net Income reported a loss due to €449m tax charge
  • Sales overall were steady at +1% comparable despite double digit declines in China
  • Adj EBITA margin FY 11.5% and 13.5% Q4 up 90bps and 60bps respectively
  • Guiding for 1-3% comparable sales growth; Adj EBITA margin of 11.8-12.3% and FCF around €1.4-1.6bn with a large proviso that there will be a $1.1bn US litigation payment in 1H25 to come out of that. Net €0.4-0.6bn
  • NetDebt/Adj.EBITDA 1.8x. Total Net Debt €5.2bn over 6.5yrs with €1bn credit facilities
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Double Digit declines in China offset by 4% growth in Rest of World

  • Q4 Adj.EBITDA €905m +1% yoy but Net Income reported a loss due to €449m tax charge
  • Sales overall were steady at +1% comparable despite double digit declines in China
  • Adj EBITA margin FY 11.5% and 13.5% Q4 up 90bps and 60bps respectively
  • Guiding for 1-3% comparable sales growth; Adj EBITA margin of 11.8-12.3% and FCF around €1.4-1.6bn with a large proviso that there will be a $1.1bn US litigation payment in 1H25 to come out of that. Net €0.4-0.6bn
  • NetDebt/Adj.EBITDA 1.8x. Total Net Debt €5.2bn over 6.5yrs with €1bn credit facilities