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Philips losses mount on writedowns
Tuesday, February 11, 2003 Posted: 0707 GMT
AMSTERDAM, The Netherlands (Reuters) -- Philips Electronics posted a higher-than-expected net loss for 2002 on Tuesday, due to bigger than expected charges, and said it expected no short-term improvement in the economic conditions.
Philips, Europe's largest maker of consumer electronics and lighting, booked a net loss of 3.21 billion euros. Analysts polled by Reuters had expected it to report a net loss of 3.16 billion to 1.45 billion euros, with consensus at 2.28 billion.
The result was dented by a write-down of 1.96 billion euros on equity stakes in Vivendi Universal as well as impairment charges of 1.31 billion euros for shareholdings in companies Atos Origin and LG Philips Displays.
Profit from operations in 2002, excluding the writedowns, came in at the high end of expectations at 420 million euros.
It was estimated by analysts at an average 334 million euros, with forecasts ranging between 112 and 448 million euros.
"I was pleasantly surprised by the operating profit, but there are some very serious impairment charges, even higher than I expected," said analyst Eric de Graaf at ING.
"On the operating front, lighting, domestic appliances and medical systems did better than expected, while the semiconductors figure is a major disappointment," he added.
Philips' chips unit, Europe's third largest, booked a 537 million euro operating loss in 2002 on sales of 4.61 billion.
Overall full year sales declined two percent to 31.8 billion euros as a result of weak end markets and a more expensive euro compared with the dollar.
Philip issued no outlook for 2003 or the first quarter, considering the current economic and political uncertainties.
"We move into 2003 focused on improving profitable operational performance," Chief Executive Gerard Kleisterlee said in a statement.
Philips shares are up 15 percent since October when technology stocks troughed, in line with peers in the Dow Jones Eurotech index.
Since December, when a rally based on 2003 recovery hopes peaked, Philips shares are down 35 percent.
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