Philips 6年来首次报亏 上年4季度亏损 近15亿欧 全球裁员 6000 人 ING 上年4季度亏损超 33 亿欧 裁员 7000
wanghx
http://uk.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUKLN75503320090123
PREVIEW-Philips Q4 to be first quarterly loss since 2003
Fri Jan 23, 2009 4:15pm GMT
* Philips (PHG.AS)(PHG.N) Q4 results
* Jan. 26, 0600 GMT
* Net loss seen on charges, first since 2003
By Harro ten Wolde
AMSTERDAM, Jan 23 (Reuters) - Dutch Philips Electronics is expected to have sunk deep into the red in the final quarter of 2008 after write-downs on some of its stakes and acquisitions, posting its first quarterly net loss since 2003. The world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer is expected to write down more than 1 billion euros ($1.3 billion), mostly for its stakes in NXP Semiconductors [NXP.UL] and LG Display (034220.KS) as well as its Lumileds acquisition.
As a result, the company is expected to swing to a fourth-quarter net loss of 1.2 billion euros from a 1.4 billion euro profit in the previous year, the average in a Reuters poll of 10 analysts showed. Revenue is expected to drop 14 percent to 7.2 billion euros. [ID:nLM747342]
Philips will report following a string of negative news from rivals, such as Japan's Sony (6758.T), which warned it would post a record $2.9 billion annual operating loss, and Samsung Electronics (005930.KS), which posted its first ever quarterly loss. [ID:nSEO164308]
Amsterdam-headquartered Philips has already been forced to admit that it will not meet its 2010 profit targets. [ID:nL4671308]
DIVIDEND CUT?
Philips options expiring in April <0#PHG*.E> are pricing in a potential dividend cut to about 0.60 euros per share, option traders said.
Analysts, however, expect Philips to maintain its dividend at 0.70 euros as the company was sitting on a cash pile of 2.4 billion euros at the end of the third quarter.
The cash-heavy fourth quarter is expected to add even more, UBS analyst Nicolas Gaudois said. He estimates Philips will have almost 3 billion euros in cash at the end of the fourth quarter.
Average analyst estimates for Philips dividend payment is 0.70 euros, with estimates of 24 analysts ranging from 0.40 euros to 0.75 euros per share, according to Reuters Estimates.
Investors will also watch out for news on whether Philips will resume its 5 billion euro share buyback programme, which still has 1.7 billion euros left.
"Philips can better save this cash and spend it on acquisitions," said SNS Securities analyst Victor Bareno.
"The strategic direction has been the right one, but one of the problems is that weight has not yet shifted sufficiently to the more defensive parts of the group away from the weak consumer electronics business. This could be addressed with additional acquisitions," he said. ($1=.7719 Euro)
(Editing by Simon Jessop)
© Thomson Reuters 2009 All
rights reserved.
Electronics Firm Cuts 6,000 Jobs
Breaking News
8:21am UK, Monday January 26, 2009
Electronics giant Philips has announced plans to cut 6,000 jobs worldwide this year, following on from heavy fourth quarter losses.
The Dutch firm said it suffered a net loss of £175m for 2008 after a £1.4bn loss over the most recent three months.
The loss over the last year marks an alarming deterioration in the firm's fortunes after 2007's £3.9bn annual profit.
The announcement from Philips came on the heels of huge job losses from another Dutch firm, ING.
The financial group, which expects to post a fourth quarter loss of more than £3bn, is set to reduce its global workforce by 7,000.
http://uk.reuters.com/article/companyNewsMolt/idUKTRE50P15H20090126
ING to take government guarantees, CEO steps down
Mon Jan 26, 2009 7:30am GMT
By Reed Stevenson
AMSTERDAM (Reuters) - Dutch financial group ING will take a 2008 loss of 1 billion euros ($1.3 billion) and will tap into a Dutch state guarantee for its troubled loan portfolio, it said on Monday, adding its Chief Executive Michel Tilmant will step down.
After what it said was worst quarter for equity and credit markets in over half a century, ING said it would post an underlying loss of 3.3 billion euros for the fourth quarter, including 2 billion euros in losses from its structured credit portfolio.
It will also cut 7,000 jobs out of a total of about 130,000 worldwide.
In order to bolster its capital ratios, ING said the Dutch government would cover 80 percent of its 27.7 billion euros residential mortgage-backed securities (RMBS) in subprime mortgages, made to risky borrowers, and "Alt-A" loans, made to borrowers with a slightly better credit profile.
The Dutch government will take on the risk of the portfolio at a 10 percent discount to par value, and will receive 80 percent of cash generated from the portfolio.
ING also said Michel Tilmant, Chief Executive since 2004, would step down and would be replaced by board chairman Jan Hommen.
Hommen, who was chief financial officer of Dutch electronics maker Philips until he joined ING's board in 2005, will be appointed after an April 27 shareholders meeting, ING said.
In October, ING agreed to a 10 billion euro cash injection from the Dutch government.
(Editing by David Holmes)
© Thomson Reuters 2009 All rights reserved.
http://www.iht.com/articles/2009/01/26/business/26philips.php
International Herald Tribune
Philips posts 1st quarterly loss in nearly 6 years
Reuters
Monday, January 26, 2009
AMSTERDAM: Royal Philips Electronics, the largest maker of consumer electronics in Europe, posted on Monday its first quarterly loss in almost six years after writing down the value of stakes in LG Display Co. and NXP BV.
Philips said it will stop buying back stock to preserve cash. The fourth- quarter net loss was €1.47 billion, or $1.9 billion, compared with a profit of €1.39 billion a year earlier, the company said in a statement. It was the company's first quarterly loss since the first quarter of 2003, according to Bloomberg data.
Philips, which is led by Gerard Kleisterlee, said Dec. 4 that it would write down its stakes in LG Display of South Korea, the world's second-largest maker of liquid-crystal displays, after Samsung Electronics and NXP, a European maker of semiconductors, by €1.1 billion. Markets for the consumer lifestyle and lighting businesses were deteriorating, the company said at the time.
The net loss had been expected to be €1.24 billion, the median estimate of nine analysts Bloomberg News surveyed by telephone and e-mail. Fourth-quarter sales fell to €7.6 billion, from €8.37 billion a year earlier, beating the median estimate of €7.2 billion.
"Our fourth-quarter results confirm the expectation we expressed early December that the short-term economic outlook is worsening and that 2009 is likely to be a very challenging year," the company said in as statement. Philips said it expected its health care to weaken in first quarter, especially in the United States.
Philips will pay a dividend of 70 cents a share, unchanged from last year.
Philips said on Dec. 4 that it won't meet its goal of doubling operating earnings per share by 2010 because the weakening economy was hurting demand for consumer and automotive products. Kleisterlee, 62, is cutting jobs at all three units, has closed factories and has stopped selling televisions in the United States to protect profit margins.
Before Monday, Philips shares had dropped 51 percent in the past year in Amsterdam trading, compared with a 47 percent slide for the benchmark Amsterdam Exchanges Index.
http://www.newscenter.philips.com/about/news/press/20090126_annual_results.page
Philips' Annual Results 2008
Monday, January 26, 2009
Philips reports Q4 sales of EUR 7.6 billio
EBITA of EUR 141 million includes EUR 390 million of restructuring and acquisition-related charges
-
Healthcare showed strong Q4 sales growth of 9% and improved earnings; lower sales at Consumer Lifestyle and parts of Lighting reflect the challenging retail and automotive markets
-
Rigorous management of working capital secured strong cash flow; production stops to manage inventory impacted EBITA by EUR 60 million
-
Net quarterly loss of EUR 1.5 billion includes EUR 1.3 billion of non-cash value adjustments and EUR 150 million of year-end tax adjustments
-
Proposal to distribute EUR 0.70 per share for 2008
-
Full-year sales of EUR 26.4 billion delivered EBITA of EUR 931 million
Gerard Kleisterlee, President and CEO of Royal Philips Electronics:
“While
we are very pleased with the excellent performance of Healthcare, our
fourth-quarter results are a reflection of both the severe impact of
the global financial and economic crisis and the decisive actions taken
by management. The effects of the steep downturn have led not only to
value adjustments of our remaining financial holdings and the
impairment of goodwill at Lumileds, but also to a sharp reduction in
demand, especially in Consumer Lifestyle and in our OEM businesses in
Lighting, compounded by de-stocking in the whole supply chain. In
response, management has given absolute priority to cash flow, where
necessary at the expense of EBITA, and to the acceleration of our
restructuring and change programs. We expect these programs to deliver
benefits of approximately EUR 400 million on an annualized run rate,
taking effect in the second half of 2009. We have sustained our
spending levels on R&D and marketing as innovation is now more
crucial than ever.
The increased strength of our business portfolio was particularly
evident in Healthcare in the fourth quarter, where we grew sales by 9%
comparably and continued to gain market share, while EBITA was a solid
14.2%. Excluding the 3.5% reduction from restructuring and
acquisition-related charges, EBITA was 17.7%, with a continued strong
contribution from the former Respironics business.
At Lighting, our Professional Luminaires business maintained moderate comparable growth in a declining market, while in our Lamps operations we focused on drastically reducing inventory and production. I am confident the significant restructuring programs we pulled forward in response to the rapid deterioration of the economy towards the end of 2008 will enable us to improve the competitiveness of this sector as well, despite the clear challenges ahead, particularly in the automotive and construction sectors.
In Consumer Lifestyle, we continued to optimize our portfolio by focusing on differentiating, profitable businesses. The choices we made are certainly reflected in the top-line result in this sector. While EBITA came under severe pressure in the fourth quarter, we are creating a much stronger sector for the future, ready to benefit when consumer spending recovers to normal levels.
The development of our quarterly results reflects the unprecedented
speed and ferocity with which the economy softened in 2008. This
prevents us from looking too far into the future. However, I am
confident that the overall strength of our business portfolio, the
proactive measures we have taken to manage the impact of the downturn
and our strong focus on working capital management will carry us
successfully through this economic downturn, making us stronger and
well-positioned to succeed in building Philips into the leading brand
in Health & Well-being.”
Financial Report
Presentation
Audio Webcast
A conference call with Gerard Kleisterlee, President & CEO, and Pierre-Jean Sivignon, Chief Financial Officer, to discuss the results will start at 9:15AM CET, on Monday January 26, 2009. A live audio webcast of the conference call will be available through the link below.Video Webcast
The 2008 Annual Results press conference will be held on Monday January 26, 2009 at 11:00AM CET and will be available via video webcast. Replay will be made available immediately after the ending of the press conference.Biographies
Q4 Highlights
Achieva 3.0T TX |
SatinLux |
Ledino Luminaires |
Magnotech |
New brand campaign |
Sustainable solar lighting |
Intelligent Water Purifier |
Background information
- Philips' Highlights 2008
- Healthcare today - 2008 Key facts and figures
- "Health touches People" photo exhibition - backgrounder
For further information, please contact:
|
|
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 121,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, 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.
Forward-looking statements
This document
contains certain forward-looking statements with respect to the
financial condition, results of operations and business of Philips and
certain of the plans and objectives of Philips with respect to these
items, in particular the outlook paragraph in this report. Examples of
forward-looking statements include statements made about our strategy,
estimates of sales growth, future EBITA and future developments in our
organic business. By their nature, forward-looking statements involve
risk and uncertainty because they relate to future events and
circumstances and there are many factors that could cause actual
results and developments to differ materially from those expressed or
implied by these forward-looking statements.
These factors include but are not limited to domestic and global
economic and business conditions, the successful implementation of our
strategy and our ability to realize the benefits of this strategy, our
ability to develop and market new products, changes in legislation,
legal claims, changes in exchange and interest rates, changes in tax
rates, pension costs, raw materials and employee costs, our ability to
identify and complete successful acquisitions and to integrate those
acquisitions into our business, our ability to successfully exit
certain businesses or restructure our operations, the rate of
technological changes, political, economic and other developments in
countries where Philips operates, industry consolidation and
competition. As a result, Philips’ actual future results may differ
materially from the plans, goals and expectations set forth in such
forward-looking statements.
Statements regarding market share, including those regarding Philips’
competitive position, contained in this document are based on outside
sources such as specialized research institutes, industry and dealer
panels in combination with management estimates. Where information is
not yet available to Philips, those statements may also be based on
estimates and projections prepared by outside sources or management.
Rankings are based on sales unless otherwise stated.
Use of non-US GAAP information
In presenting and discussing the Philips Group’s financial position,
operating results and cash flows, management uses certain non-US GAAP
financial measures. These non-US GAAP financial measures should not be
viewed in isolation as alternatives to the equivalent US GAAP
measure(s) and should be used in conjunction with the most directly
comparable US GAAP measure(s). A discussion of the non-US GAAP measures
included in this document and a reconciliation of such measures to the
most directly comparable US GAAP measure(s) are contained in this
document.
Use of fair-value measurements
In presenting the Philips Group’s financial position, fair values are
used for the measurement of various items in accordance with the
applicable accounting standards. These fair values are based on market
prices, where available, and are obtained from sources that are deemed
to be reliable.
Readers are cautioned that these values are subject to changes over
time and are only valid at the balance sheet date. When an observable
market value does not exist, fair values are estimated using valuation
models which we believe are appropriate for their purpose. They require
management to make significant assumptions with respect to future
developments which are inherently uncertain and may therefore deviate
from actual developments. In certain cases, independent valuations are
obtained to support management’s determination of fair values.
Philips Electronics posts quarterly loss, to cut jobs
By Sarah Turner
Last update: 2:26 a.m. EST Jan. 26, 2009
LONDON (MarketWatch) -- Philips Electronics (PHG: PHG) said it lost 1.5 billion euros ($1.9 billion) in the fourth quarter, mostly on a write down of the value of financial holdings and goodwill from its acquisition of Lumileds. Last year, the firm posted a profit of 1.4 billion euros. The company noted a sharp reduction in demand, especially in its consumer lifestyle and in its OEM businesses in lighting, compounded by de-stocking in the whole supply chain. Sales fell to 7.6 billion euros, from 8.4 billion euros at the same point a year ago. The company announced a cost-saving plan that may lead to annual savings of 400 million euros. It will also stop its share buyback program. The firm's CEO said that the company expects to cut 6,000 jobs in 2009, Dow Jones Newswires reported.
http://www.google.com/hostednews/ap/article/ALeqM5i3vpcK9J_KCPmzYdwADzXS9EwSnQD95UMD203
Philips posts 4th-quarter loss of euro1.47 billion
59 minutes ago
AMSTERDAM, Netherlands (AP) — Royal Philips Electronics NV, the world's largest lighting maker, on Monday reported a fourth-quarter loss of euro1.47 billion ($1.9 billion) and blamed weak global economic conditions for poor business performance, asset write-downs and restructuring charges.
Philips is also one of the world's largest makers of medical equipment and consumer electronics.
The Amsterdam-based had posted a profit of euro1.40 billion for the same period a year earlier, when Philips booked euro1.2 billion in gains on the sale of stakes in companies.
In 2008, however, the company said it had to write down the value of stakes it holds by more than euro1 billion.
Sales fell 9.7 percent to euro7.62 billion, Philips said.
"The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008," Chief Executive Gerard Kleisterlee said in a statement.
http://news.bbc.co.uk/2/hi/business/7850484.stm
Philips' profits hit by downturn
Philips flat-screen TV
Philips said sales fell in its consumer lifestyle division
Consumer electronics giant Philips has reported a fourth quarter loss of 1.47bn euros ($1.9bn; £1.4bn).
The loss includes a write down of 1.3bn euros, relating to its stakes in NXP Semiconductors, LG Display, and its acquisition of Lumileds.
Chief executive Gerard Kleisterlee said the results reflected the unprecedented "speed and ferocity with which the economy softened in 2008".
Amsterdam-based Philips said it was freezing its share buy-back programme.
The firm recorded total sales of 26.4bn euros for the year.
One of its best performing sectors was healthcare, where sales grew by 9%, and the firm, which is one of the top three global suppliers of hospital equipment, said it had continued to increase market share.
Philips' results follow a string of bad news from its rivals.
Sony has warned it will post a record $2.9bn annual operating loss, and Samsung Electronics of South Korea has posted its first-ever quarterly loss.
http://www.guardian.co.uk/business/2009/jan/26/europe-manufacturing
Philips cuts 6,000 jobs after first loss in five years
Europe's biggest electronics consumer group reports net €1.5bn (£1.4bn) loss in the final quarter of 2008
* David Gow in Brussels
* guardian.co.uk, Monday 26 January 2009 08.15 GMT
* Article history
Philips, Europe's biggest electronics consumer group, today underlined the steep scale of falling demand when it reported a net €1.5bn (£1.4bn) loss in the final quarter of last year – its first deficit for five years, and said it was shedding 6,000 jobs around the world.
The Dutch group, held up by strong sales and earnings growth at its healthcare division, was forced to write off €1.3bn of assets, including recent acquisitions, in the last three months of 2008 as the continental recession deepened and the financial crisis accelerated.
Philips, a rival of the US's General Electric and Germany's Siemens, reported full-year pre-tax earnings of €931m on sales of €26.4bn. GE announced a 43% drop in earnings last week and Siemens is due to report big losses tomorrow, partly because of the cost of settling its corruption case with the US authorities.
Gerard Kleisterlee, the Philips chief executive, said the final quarter figures reflected "both the severe impact of the global financial and economic crisis and the decisive actions taken by management." The group is taking out a further €400m of costs annually.
"The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008," he said.
The depressed sales came especially in consumer products and lighting, with Kleisterlee indicating the group, makes devices such as scanners, would focus more on healthcare.
Philips said it would stop its share buyback programme until further notice and proposed a 2008 dividend of €0.70 per share, unchanged from 2007, meeting analyst expectations.
http://www.ft.com/cms/s/0/5cbff378-eb7f-11dd-8838-0000779fd2ac.html
Philips swings to first quarterly loss since 2003
AMSTERDAM, Jan 26 - Dutch Philips Electronics on Monday swung to a fourth quarter net loss of €1.5bn ($1.9bn), its first quarterly loss since 2003, on write-downs on some of its stakes and acquisitions.
Philips said it would accelerate its restructuring, shedding about 6,000 jobs.
Analysts in a Reuters poll were expecting a net loss of €1.2bn, with individual estimates of 10 analysts ranging from a loss of €1.3bn to €1bn.
”The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008,” Philips Chief Executive Gerard Kleisterlee said in a statement.
It proposed a 2008 dividend of €0.70 per share, unchanged from 2007 and meeting analyst expectations, but stopped its share buyback programme.
Philips reported following a string of negative news from rivals, such as Japan’s Sony, which warned it would post a record $2.9bn annual operating loss, and Samsung Electronics posting its first quarterly loss ever.
STEEP DOWNTURN
The net loss included €1.3bn in write-downs and €150m of year-end tax adjustments, resulting in a full year net loss of €186m.
”We were expecting some bad news and I don’t think this is worse than the market has been anticipating,” Petercam analyst Eric de Graaf said, adding that keeping the dividend stable was a major plus.
”They have been taking proactive initiatives in the past year and in this sense, management has been doing much better than some of its peers, such as Sony,” he added.
Philips said the effects of the ”steep downturn” have led to value adjustments of its financial holdings as well as a sharp reduction in demand, especially in its consumer lifestyle unit, which makes TVs and MP3 players as well as electric razors and toothbrushes.
It said it would accelerate its restructuring programmes, which will include around 6,000 job cuts in 2009 and are expected to deliver about €400m in cost savings per year, starting in the second half of 2009.
Philips also has halted its share buyback programme until further notice.
”On the short-term we want to retain maximum flexibility ... We have liquidity to the tune of €6bn and we want to use that liquidity primarily to catch the opportunities that certainly will present itself to further strengthen our market positions,” Mr Kleisterlee told reporters.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMCzmubUgSkc&refer=home
ING Says Chief Tilmant to Resign as Firm Posts Quarterly Loss
By Martijn van der Starre
Jan. 26 (Bloomberg) -- ING Groep NV, the biggest Dutch financial-services company, said Chief Executive Officer Michel Tilmant will step down as the bank and insurer posted its second consecutive quarterly loss on writedowns.
The fourth-quarter loss before tax, excluding asset sales and special items, will amount to 3.3 billion euros ($4.27 billion), Amsterdam-based ING said today in a statement distributed by Hugin. The company will cut 7,000 jobs as it seeks to reduce operating expenses by 1 billion euros in 2009.
ING said Tilmant will step down “in light of the extraordinary developments over the past few months and given his personal condition.” Chairman Jan Hommen of ING’s supervisory board will succeed Tilmant, the company said.
“In the fourth quarter market conditions deteriorated sharply, making it the worst quarter for equity and credit markets in over half a century,” ING said in the statement.
ING reached an agreement with the Netherlands on an “illiquid assets back-up facility” covering 80 percent of the firm’s Alt-A mortgage securities, it also said.
To contact the reporter on this story: Martijn van der Starre in Amsterdam at vander...@bloomberg.net
Last Updated: January 26, 2009 02:15 ESThttp://www.marketwatch.com/news/story/ing-sees-eur10-billion-loss/story.aspx?guid={5DA29114-7481-4C01-B21B-F2DB203FDFF8}&dist=msr_1
ING sees EUR1.0 billion loss in 2008, to cut 7,000 jobs
By Sarah Turner
Last update: 2:41 a.m. EST Jan. 26, 2009
LONDON (MarketWatch) -- Dutch financial services firm ING (ING: ING) said Monday that it expects to post a loss of 1.0 billion euros in 2008 after taking a 3.3 billion euro loss in the fourth quarter on asset impairments and fair value adjustments. In the quarter, banking operations are expected to have posted a loss of 1.3 billion euros while insurance operations are expected to lose 2.0 billion euros. ING said that it intends to cut expenses by 1 billion euros in 2009, partly by eliminatating 7,000 positions. ING also said that it has signed a deal with the Dutch government on an illiquid assets back-up facility covering 80% of ING's Alt-A mortgage securities.
http://money.cnn.com/news/newsfeeds/articles/djf500/200901260157DOWJONESDJONLINE000027_FORTUNE5.htm
PRESS RELEASE: ING Update On Results And Measures To Reduce Risk And Costs
Dow Jones
January 26, 2009: 01:57 AM ET
PRESS RELEASE: ING Update On Results And Measures To Reduce Risk And Costs
ALL DATA BASED ON PRELIMINARY AND UNAUDITED FIGURES
* FULL YEAR 2008 UNDERLYING NET RESULT EXPECTED AROUND EUR -0.4
BILLION
- Full year 2008 net result expected of EUR -1.0 billion after
divestments and special items
- Banking underlying net result of EUR 0.5 billion supported by
retail franchise in home markets
- Insurance underlying net result of EUR -0.9 billion impacted
by declines across asset classes
* FOURTH QUARTER UNDERLYING NET RESULT EXPECTED OF EUR -3.3
BILLION
- Result driven by impairments and fair value adjustments on
pressurized assets
- Banking underlying net result approximately EUR -1.3 billion
- Insurance underlying net result around EUR -2.0 billion
* REDUCTION OF RISK AND EXPENSES TO ADAPT ORGANIZATION TO NEW
ENVIRONMENT
- Risks reduced by Illiquid Assets Back-up Facility with Dutch
State covering 80% of Alt-A RMBS
- Further risk reduction by limiting exposure to major asset
classes
- Cutback of expenses by EUR 1 billion in 2009 including
workforce reduction of 7,000 positions
- Selective divestments outside the focus of core franchise
ING announced today that it is taking measures to counter the
implications of the persistently challenging economic and market
conditions. In order to adapt the organization to the new business
environment, ING is taking several steps to reduce risk and expenses
and increase focus on its core savings and investment business.
Based on preliminary and unaudited figures, ING expects to report an
underlying net result of approximately EUR -0.4 billion for the full
year 2008. The net result of around EUR -1.0 billion for the full
year reflects the effects of selling the insurance business in Taiwan
and ending the pension operations in Argentina. The Banking
underlying net result of EUR 0.5 billion was supported by the retail
franchise in our home markets. Insurance is expected to report a full
year underlying net result of EUR -0.9 billion as impairments across
all asset classes impacted results.
In the fourth quarter market conditions deteriorated sharply, making
it the worst quarter for equity and credit markets in over half a
century. This led to an underlying net result of EUR -3.3 billion for
the fourth quarter, based on preliminary and unaudited figures.
Results were impacted by impairments and losses on pressurized assets
(subprime RMBS, Alt-A RMBS and CDOs/CLOs) of EUR -2.0 billion, on
equity securities of EUR -0.7 billion and on debt securities of EUR
-0.3 billion, all on a pre-tax basis. Revaluations on real estate
amounted to EUR -0.6 billion and on private equity to EUR -0.3
billion. Other market impact included equity capital gains and equity
hedges of EUR -0.2 billion, equity related DAC (deferred acquisition
costs) unlocking of EUR -0.3 billion and the result of FX hedges and
other mark-to-market valuations of EUR -0.7 billion. Loan loss
provisions increased to EUR -0.6 billion for the quarter as economic
conditions worsened.
ING's capital and capital ratios remained strong. Total equity was
EUR 28.6 billion at year end 2008, up from EUR 25.6 billion at the
end of the third quarter, including the core Tier-1 securities issued
to the Dutch State. ING Bank's Tier-1 ratio was 9.1% at year end with
a core Tier-1 ratio of 7.1%. The capital coverage ratio for ING
Insurance was 258% while the group debt/equity ratio stood at 12.6%
at year-end.
Commercial activity kept up well given the inevitable impact of
worsening economic conditions. Customer deposits increased in 2008,
despite some currency effects and rebalancing in the fourth quarter.
Lending growth was strong in 2008 despite a decline which occurred in
the fourth quarter except in the Netherlands. Insurance sales
declined from the third quarter reflecting lower demand for
investment products.
"Naturally, I am disappointed with our results in this extremely
tough environment," said Jan Hommen, Chairman and CEO-designate of
ING. "With the continuing challenging outlook, we feel it is
important to take additional action to decrease our risks and
expenses. We sincerely regret the impact that some of the measures we
are announcing today will have on our colleagues, but these steps are
essential to adapt our organization to the new business environment."
ILLIQUID ASSETS BACK-UP FACILITY
ING and the Dutch government have reached an agreement on an Illiquid
Assets Back-up Facility covering 80% of ING's Alt-A mortgage
securities. Market prices for these securities have become depressed
as liquidity dried up, which had an impact on ING's results and
equity far in excess of reasonably expected credit losses. The
transaction will significantly reduce the uncertainty regarding the
impact on ING of any future losses in the portfolio.
Under the terms of the Back-up Facility, a full risk transfer to the
Dutch State will be realized on 80% of ING's EUR 27.7 billion
portfolio of Alt-A RMBS at ING Direct USA and ING Insurance Americas.
The Dutch State therefore will participate in 80% of any results of
the portfolio. This risk transfer will take place at a discount of
10% of par value. ING will remain the legal owner of 100% of the
securities and will remain exposed to 20% of any results on the
portfolio.
As a consequence of the transaction, the Dutch State will be entitled
to receive 80% of the cash flows of the total portfolio. ING will pay
to the Dutch state an annual Guarantee Fee consisting of a fixed
amount plus a percentage of the payments received on the securities.
The net present value of this fee is EUR -0.6 billion. ING will
receive from the Dutch State payments representing a net present
value of EUR 0.5 billion. In addition ING will receive from the Dutch
State a management fee with a net present value of EUR 0.7 billion.
As a consequence of the factors above, the transaction will have a
limited impact on ING's first quarter profit & loss.
The effects of the transaction on ING's capital and balance sheet
will include a reduction of equity volatility, a positive impact on
shareholders' equity of EUR 5 billion through a reduction of the
negative revaluation reserve. Risk-weighted assets will be reduced by
approximately EUR 15 billion, raising ING Bank's Tier-1 ratio by
approximately 40 basis points to 9.5% and the core Tier-1 by 32 basis
points to 7.4%, both on a pro forma basis. The transaction is
expected to close in the first quarter of 2009, subject to further
documentation and regulatory approval.
ING will earmark part of the capital released by the Back-up Facility
to support the growth of the Dutch lending business for an amount of
EUR 25 billion at market conforming conditions. Under the terms of
the agreement, ING commits itself to pro-actively use EUR 10 billion
of the Credit Guarantee Scheme of the State of the Netherlands to
support the scheme.
For the duration of the Back-up Facility, ING will maintain the
corporate governance measures agreed upon issuing core Tier-1
securities to the State in November 2008. In addition, the
government-nominated members of the ING Supervisory Board will have
approval rights on certain executive appointments. The Executive
Board of ING has agreed to forego all bonuses until a reviewed
remuneration policy will be completed. This policy will include
criteria on sustainability for the Executive Board and is expected to
be proposed to the annual General Meeting of Shareholders in 2010.
"With this agreement, we take a firm stride to reduce the risks on
our balance sheet. We much appreciate the measures the Dutch
government is taking in this phase to restore confidence in the
financial sector and stimulate the economy and thank them for
reaching this agreement," said Jan Hommen.
REDUCING RISK AND LEVERAGE
ING has also initiated measures to reduce exposure to several major
other asset classes. Proprietary equity exposure has been reduced
from EUR 15.8 billion at the end of 2007 to EUR 5.8 billion at
year-end 2008, which for EUR 1.9 billion consists of strategic
banking stakes including in Bank of Beijing and Kookmin. Of the
remainder, EUR 3.9 billion is hedged against further market losses. A
temporary hedging program was put in place to reduce earnings
volatility as a result of DAC unlocking.
ING aims to reduce the bank balance sheet by 10% by decreasing the
non-lending part by 25%. The available for sale portfolio will be
reduced over time as proceeds from maturing securities will be used
to fund ING-originated loans. Reducing trading activities, deposits
at other banks and reverse-repos will make up most of the remaining
reduction. At the same time, lending growth will be maintained
especially in our core Corporate and Retail business.
REDUCING EXPENSES
ING will cut operating expenses by EUR 1 billion in 2009. The
structural expense reduction will lead to annual savings of
approximately EUR 1.1 billion from 2010 onwards. Of the cutback, 35%
will come from a reduction of the workforce by approximately 7,000
full-time positions in 2009. The remainder of the expense reduction
comes from decreasing costs for our head office, marketing, the
Formula 1 program, consultancy, third-party staff and the
renegotiating of certain contracts with IT-vendors. Of the total
expense reduction, EUR 650 million will be realized in Banking and
EUR 350 million in Insurance.
Further details of the expense reduction program will become
available in the coming months. The workforce measures will be made
in accordance with local regulations and will be discussed with the
respective stakeholders. A restructuring provision for severance
costs of approximately EUR 450 million after-tax will be booked of
which two thirds in the first quarter of 2009 and the remainder in
the second quarter.
INCREASING FOCUS
"Even in the current circumstances, our strategic focus on retail
savings and investments is proving to be a solid foundation for our
business. Inherent to ING's business model of collecting retail
savings and investments are a strong liquidity position and a limited
reliance on wholesale funding. These have positioned us relatively
well in the current environment and will be a strong advantage when
the financial industry emerges from the current crisis," said Jan
Hommen.
ING will increase its focus on businesses and regions where it has a
strong position in savings and investments that is sustainable for
the long term. In this context, we have reviewed investments in new
greenfield operations to preserve capital and have decided not to
launch ING Direct operations in Japan. In addition, several business
units have been identified for divestment. ING will work towards
these disposals in a disciplined way.
ADDITIONAL INFORMATION
All figures mentioned in this press release are based on preliminary
data, are unaudited and may change. ING will present its complete
2008 Full Year Results on Wednesday 18 February 2009, including the
customary presentations for the media and investment communities.
Analyst and media conference calls
An investor and analyst conference call will start at 9:00 CET.
Members of the investment community can join in listen-only mode at
+31 45 631 6900 (NL) or +44 207 153 2027 (UK) or +1 480 248 5085 (US)
or via live audio webcast at www.ing.com.
A media conference call will start at 11:00 CET. Journalists can join
in listen-only mode at +31 20 796 5332 (NL) or +44 20 8515 2303 (UK)
or via live audio webcast at www.ing.com.
Press enquiries Investor enquiries
Peter Jong Raymond Vermeulen ING Group Investor
relations
+31 20 541 5457 +31 20 541 5682 +31 20 541 5571
Peter...@ing.com Raymond....@ing.com Investor...@ing.com
ING Profile
ING is a global financial institution of Dutch origin offering
banking, investments, life insurance and retirement services to over
85 million private, corporate and institutional clients in more than
50 countries. With a diverse workforce of about 130,000 people, ING
is dedicated to setting the standard in helping our clients manage
their financial future.
Important legal information
Certain of the statements contained herein are statements of future
expectations and other forward-looking statements. These expectations
are based on management's current views and assumptions and involve
known and unknown risks and uncertainties. Actual results,
performance or events may differ materially from those in such
statements due to, among other things, (i) general economic
conditions, in particular economic conditions in ING's core markets,
(ii) performance of financial markets, including emerging markets,
(iii) the frequency and severity of insured loss events, (iv)
mortality and morbidity levels and trends, (v) persistency levels,
(vi) interest rate levels, (vii) currency exchange rates (viii)
general competitive factors, (ix) changes in laws and regulations,
(x) changes in the policies of governments and/or regulatory
authorities, (XI) conclusions with regard to purchase accounting
assumptions and methodologies, (XII) ING's ability to achieve
projected operational synergies. ING assumes no obligation to update
any forward-looking information contained in this document.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
http://hugin.info/130668/R/1284774/287908.pdf
http://www.ing.com
Copyright © Hugin AS 2009. All rights reserved.
(END) Dow Jones Newswires
01-26-09 0157ET
Copyright (c) 2009 Dow Jones & Company, Inc.
历史上的报亏裁员
http://news.zdnet.co.uk/itmanagement/0,1000000308,2091397,00.htm
Philips loss to be followed by 4,000 job cuts
17 Jul 2001 10:57
Europe's largest consumer electronics firm posts a massive loss, and announces plan to cut a further 2 percent of its workforce
Shares in Philips fell almost three percent in Tuesday morning trading after the Dutch semiconductor and consumer electronics manufacturer declared a loss of £470m for the second quarter of this year. The company said it would cut 4,000 jobs bringing the total figure for the year to date to over 10,000 -- five percent of its workforce -- but did not say where the latest cuts would be.
The company also warned that it might make a loss for this financial year, although it was hoping to break even. Sales in the last three months fell to £4.68bn, compared with £5.58bn for the same period a year ago. The £470m loss, after tax, compares to a profit of £2.2bn in the second quarter of 2000.
The loss was blamed on a general decline in the technology sector. In a statement, Philips warned that the downturn in the semiconductor, telecoms and PC sectors had worsened and spread to all the major economic areas. It added that the semiconductor market would not improve until 2002. Philips has already been hit by the troubles in the mobile sector, and decided earlier this year to stop making mobile handsets.
Although Philips was expected to record a loss, the suggestion that the US slowdown had spread worldwide worried investors. Technology stocks opened lower on the London stock exchange, with telecoms companies and semiconducter manufacturers badly hit.
Analysts were not surprised that Philips had a cautious approach to the future, given recent economic problems. However, they did predict that the stock market could be in for another difficult day.
Shares in Baltimore Technologies have fallen 14 percent since it said it was not in takeover discussions with Computer Associates or rival security firm Chantilley.