Philips CEO to Speak at Conference, Foresees a Good Q4 Nov 20, 2003

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Royal Philips Electronics N.V. (Amsterdam, The Netherlands) said on Nov. 20 that its CEO, Gerard Kleisterlee, will address the Morgan Stanley Technology Conference in Barcelona, Spain.

The meeting will provide a forum for recapping on 2003 while looking to the upcoming year, the company said.

Mr. Kleisterlee will review the progress Philips has made in meeting its 2003 management agenda, discussing how the company's change programs are helping it achieve cost savings, boost profitability across its businesses, and become a truly market-driven company, it said.

In commenting on the general business climate, Mr. Kleisterlee said: "We'd like to confirm the change programs we've implemented are bearing fruit, and we foresee a good fourth quarter."

Mr. Kleisterlee said this stronger performance may now be seen across Philips' activities and against the backdrop of an improving economic climate.

Also reflected in this trend are positive effects from earlier restructuring measures in the company's semiconductors business, as well as strengthening demand for Nexperia chips and for LCD televisions in Philips' Consumer Electronics business.

Over the next 3 to 4 years, for example, Philips said it aims to significantly grow its business in Asia Pacific, which in 2002 stood at just more than 7 billion euros in sales.

The company will also further build on its presence in health care categories. Philips said it will push to boost its top-line growth through innovative products and services and strengthened positions in growth markets.

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