Restructuring costs were EUR 75 million and incidental items were EUR 12 million. Restructuring and incidental items amounted to EUR 88 million. Adjusted indirect costs as a percentage of sales decreased by 160 basis points to 29.1%, as a result of the company's cost reduction initiatives.Īdjusted EBITA increased to EUR 207 million, resulting in a 120 basis points improvement of the Adjusted EBITA margin to 10.9%. The adjusted gross margin improved by 10 basis points to 38.6%, largely driven by procurement savings and increased productivity, partly offset by price erosion. Europe, the Americas and Greater China contributed to the growth, while market conditions in the Middle East & Turkey, most notably Saudi Arabia, remained challenging. Total LED-based sales now represent 68% of total sales compared with 59% in the same quarter a year earlier. On a comparable basis, the increase was 3.0%, driven by LED, Professional and Home, driving total LED-based comparable sales growth of 19%. Our team remains focused on achieving our medium-term outlook," he commented. This will enable us to continue to invest in growth opportunities, provide a return to shareholders and optimize our balance sheet. "We also further increased our operational profitability with significant improvements in LED, Professional and Home and we delivered a solid free cash flow. "In line with our objectives, Philips Lighting returned to comparable sales growth in 2017 driven by the growth of LED and connected lighting Systems & Services, which demonstrates the successful execution of our strategy," said CEO Eric Rondolat. Philips Lighting just announced the company's fourth quarter and full year results 2017.
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