Signify reports full-year sales of EUR 6.9 billion, operational profitability of 11.6% and a free cash flow of EUR 614 million
Sales of EUR 2,008 million; comparable sales growth of 4.5%
Order book increase of 67% in Q4 21 vs. Q4 20
Adj. EBITA margin of 13.2% (Q4 20: 13.4%)
Net income of EUR 170 million (Q4 20: EUR 137 million)
Free cash flow of EUR 257 million (Q4 20: EUR 332 million)
Repayment of EUR 350 million of debt, as committed
Signify's installed base of connected light points increased from 77 million at YE 20 to 96 million at YE 21
Sales of EUR 6,860 million; comparable sales growth of 3.8%
LED-based sales represented 83% of total sales (FY 20: 80%)
Adj. EBITA margin of 11.6% (FY 20: 10.7%)
Net income of EUR 407 million (FY 20: EUR 335 million)
Free cash flow of EUR 614 million, 8.9% of sales (FY 20: EUR 817 million)
Net debt/EBITDA ratio of 1.4x (YE 20: 1.7x)
Proposal to pay a cash dividend of EUR 1.45 per share over 2021
Eindhoven, the Netherlands – Signify (Euronext: LIGHT), the world leader in lighting, today announced the company’s fourth quarter and full-year 2021 results.
“The strong demand for connected lighting and our growth platforms, paired with the delivery of delayed orders, enabled us to achieve a comparable sales growth of 4.5% in the fourth quarter. Our teams’ relentless focus on the execution of our strategy enabled us to deliver against our objectives for the year. This, in an external environment that was possibly even more challenging than in 2020. Despite the significant cost increases of raw materials, components, and logistics, we expanded our operational profit margin for the eighth consecutive year, with an improvement of 90 basis points. This was driven by the strong performance of our two digital divisions, which combined now account for more than 80% of our sales, profit and cash flow. Finally, during the year we continuously made significant progress on our journey to double our positive impact on the environment and society,” said CEO Eric Rondolat.
“While we expect uncertainty to remain high in the first half of this year, we’re confident that we will manage this volatility with the same agility as we demonstrated in the past two years. Our 2021 results provide us with a solid base on which to deliver another year of growth in 2022. This will be driven by continued investments in our growth platforms, such as the intended acquisition of Fluence. The world's demand for energy-efficient and digital lighting technologies continues to accelerate and Signify is well positioned to capture the potential this creates.”
Brighter Lives, Better World 2025
In the fourth quarter, Signify completed the first year of its Brighter Lives, Better World 2025 program, making substantial progress towards doubling its positive impact on the environment and society:
Double the pace of the Paris agreement:
Cumulative carbon reduction over the value chain was 60 million tonnes, and is ahead of track. All of Signify's divisions had CO2 emission reductions. The main driver remains the accelerated shift to energy efficient and connected LED lighting in 2021, which decreases the carbon emissions in the use phase.
Double our Circular revenues to 32%:
Circular revenues increased to 25%, compared with the 2019 baseline of 16%. Signify is on track to achieve the 2025 target of 32%. This positive trend is driven by the further expansion of serviceable professional luminaires, and the continuous, stable contribution of consumer luminaires and circular components.
Double our Brighter lives revenues to 32%:
Brighter lives revenues were 27%, with a strong contribution from the consumer well-being portfolio. With this performance, Signify is making good progress towards the 2025 target of 32%.
Double the percentage of women in leadership to 34%:
The percentage of women in leadership positions was 25%, stable when compared with last quarter. This performance is slightly behind the 2021 intermediary step aimed at reaching the 2025 target of 34%. In Q4, Signify launched the Powering Inclusion Series, which increases the awareness of its leaders and people managers on how to foster inclusion.
Signify is in the top 1% of its industry in the S&P Global Corporate Sustainability Assessment and is included in the Dow Jones Sustainability World Index for the fifth consecutive year, illustrating its drive for leadership in sustainability.
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