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飞利浦

Philips hives off television arm to China joint venture
飞利浦剥离欧洲电视业务

这一此前亏损的业务,将被并入与中国电视制造商冠捷科技的合资公司

Philips, the Dutch electronics group, on Monday said it would spin off its lossmaking television division into a joint venture with Chinese TV manufacturer TPV Technology.

荷兰电子集团飞利浦(Philips)周一表示,将剥离亏损的电视业务,将其并入与中国电视制造商冠捷科技有限公司(TPV Technology)成立的合资企业。

The venture, which will have a licence to market TVs in Europe under the Philips brand, was the first big move by chief executive Frans van Houten, who took over on April 1.

这家合营企业是4月1日履新的飞利浦首席执行官万豪敦(Frans van Houten)第一个大手笔,企业将拥有在欧洲以飞利浦品牌经销电视的牌照。

Analysts had been pressing for Philips to do something about its TV business for months, particularly since it warned last month that TV sales would show a higher-than-expected loss in the first quarter. TVs made up 13 per cent of the company’s sales in 2010.

几个月来,分析师们一直在向飞利浦施压,要求该公司在电视业务方面采取行动,特别是在上月该公司预警一季度电视销售将出现高于预期的亏损之后。2010年,电视销售占飞利浦总销售额的13%。

“We believe TV was the most negative element in the portfolio of the group, because it diluted margins, had a negative impact on top-line growth and also on the risk profile,” said Victor Bareno of SNS Securities.

“我们认为,电视业务是该集团所有业务组合中最具负面效应的环节,因为它稀释了利润率,对收入增长和风险结构造成了负面影响,”荷兰SNS证券公司(SNS Securities)分析师维克托•巴雷诺(Victor Bareno)表示。

The company had licensed out its TV business in China and North America in previous years but Gerard Kleisterlee, the previous chief executive, had been determined to keep the European business in Philips’ hands.

前些年,飞利浦已将中国和北美的电视业务授权给其它企业,但前任首席执行官柯慈雷(Gerard Kleisterlee)一直坚决要把欧洲业务掌握在飞利浦自己手中。

Mr Bareno said TPV Technology, based in Hong Kong, was a logical partner as it was one of Philips’ key outsourcing partners. TPV said the deal would give it an important gateway to consumers in Europe and South America. “We see this as a good opportunity for us to enter the European markets. TV is a consumer electronics product so we need a strong brand like Philips to introduce us to these consumers,” said Shan Tyau, vice-president of corporate finance.

巴雷诺表示,总部位于香港的冠捷科技是一个合乎常理的合作伙伴,因为之前该公司就已经是飞利浦的主要外包伙伴之一。冠捷表示,这笔交易将使公司获得进入欧洲和南美市场的一个重要途径。“我们将此视为进军欧洲市场的一个绝佳机会。电视是一种消费电子产品,因此我们需要像飞利浦这样强大的品牌来向消费者引荐我们,”负责公司财务的副总裁刁申(Shane Tyau)表示。

TPV has traditionally sold computer monitors under its own brand AOC.

冠捷科技一直在以自有的AOC品牌销售电脑显示器。

Mr Tyau said he did not anticipate problems from the acquisition as TPV and Philips have worked together for about six years. In 2005, TPV acquired two manufacturing plants from Philips (both in China) and a research centre in Taiwan. In 2009, TPV took over Philips’ global PC monitor business.

刁申表示,他预计收购交易不会出现问题,因为冠捷与飞利浦的合作已经有6年了。2005年时,冠捷便收购了飞利浦的两家工厂(都在中国大陆)以及台湾的一家研发中心。2009年,冠捷又接管了飞利浦的全球电脑显示器业务。

Martin Prozesky, of Sanford Bernstein, meanwhile, said the TV business would probably continue to lose market share but called the deal “pretty reasonable”. “My expectation is they [Philips] will not be likely to get a lot of value out of [the joint venture],” he said.

与此同时,Sanford Bernstein公司的马丁•普罗泽斯基(Martin Prozesky)表示,电视业务恐怕会继续丧失市场份额,但称此笔交易“颇为合理”。“我预期,他们(飞利浦)不太可能从(合营企业)获得太大价值,”他说道。

Philips announced the deal along with its first-quarter results for 2011. The group reported sales of €5.26bn ($7.5bn) in the first quarter, up 6 per cent from a year earlier or 4 per cent on a comparable basis.

飞利浦宣布此笔交易的同时还发布了第一季度业绩。该集团今年一季度销售额为52.6亿欧元(合75亿美元),同比增长6%,按可比口径增长4%。

Net profit was €138m, down 31 per cent from the first quarter of 2010, including a loss of €87m at the TV division, which the company treats as a discontinued operation.

净利润为1.38亿欧元,同比下降31%,其中电视业务亏损8700万欧元。公司将该业务作为中止经营活动处理。

Earnings per share were €0.14, down 36 per cent on year. The company declared a dividend expense of €711m relating to a payment of €0.75 per share on its 2010 earnings.

该公司一季度每股收益为0.14欧元,同比下降36%。公司宣布,由于2010年每股派息0.75欧元,股息开支达7.11亿欧元。

Philips’ healthcare division showed comparable sales growth of 5 per cent year-on-year, while the lighting division saw sales grow 5 per cent on a comparable basis.

飞利浦医疗保健事业部销售同比增长5%,照明事业部销售折合可比口径也增长5%。

Sales in emerging markets grew 11 per cent on a comparable basis. In a conference call with analysts, Ron Wirahadiraksa, chief financial officer, warned of “substantial headwinds” in 2011 from the Japan disaster.

新兴市场销售折合可比口径增长了11%。在与分析师召开的电话会议中,公司首席财务官罗恩•维拉哈迪拉萨(Ron Wirahadiraksa)警告称,由于日本发生的灾难,2011年或将遭遇“严重滑坡”。

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