Philips asserts 2008 ended with strong balance sheet

Philips has asserted it ended the 2008 financial year with a strong balance sheet and robust operating cash flows.

The firm stated it was affected by the global economic downturn, resulting in a three per cent decrease in sales and overall lower earnings.

However, trade in healthcare products increased by six per cent, while its emerging markets rose by 31 per cent.

President of the company Gerard Kleisterlee predicted the year ahead will be a challenging one for mature markets in Western Europe, but he still remains optimistic for the company?s future performance.

“The overall strength of our business portfolio, coupled with our strong balance sheet and tight focus on cost and cash management, will enable us to weather the current turmoil,” he said.

Mr Kleisterlee added this would also enable the business to make the most of the economic upturn when it arrives.

The firm, founded in the Netherlands by Anton and Gerard Philips, manufactures electrical products.

Its mission is to improve the quality of individuals’ lives through innovation.