Philips Updates Markets on Value Adjustment to Lumileds
Royal Philips Electronics (NYSE: PHG, AEX: PHI) today announced that, as initially indicated during the investor and analyst day on December 4, 2008, Philips will impair the book value of its Lumileds business by EUR 232 million.
This value adjustment, a consequence of reduced short-term market demand and uncertain outlook caused by the current macro economic downturn, will be booked in the results for the fourth quarter of 2008, which will be published on January 26, 2009.
About Royal Philips Electronics:
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 128,000 employees in more than 60 countries worldwide. With sales of EUR 27 billion in 2007, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.
