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Annual Report 2019 Signify Annual Report 2019 Annual Report 2019 Signify Annual Report 2019 Our purpose Our values Our values provide our people with a common understanding of is to unlock what matters to us and how we work the extraordinary “Signify has worldwide experience in growing high-wire cucumbers under LED lighting, so they can provide us with good advice and support from their potential of light plant specialists.” Vincent Olivon, co-owner of Jardins Réunis, France for brighter lives Our agreement with Signify marks the beginning of a collaboration between two industry leaders, bringing and a better world together the worlds of telecommunications and lighting.” Gerhard Mack, Head of Technology at Vodafone Deutschland Signify is the world leader in lighting. We provide our customers “Signify is helping the industry by promoting with high-quality, energy-efficient recycling as a key element of the smart home lighting products, systems and formula, […] this type of initiative shows that it will services. become more important for big tech players to lead the way in producing eco-friendly products.” By turning light sources into data Ovum, Industry analysts collection points, we can connect more devices, places and people through light, contributing to a “What’s exciting for me is the opportunity for safer, more productive and smarter growth. As the company is evolving, I feel even more world. proud that it’s not just about my personal impact but the impact the company can make.” Jen Bihlmier, Demand Planning Manager, Signify US Always act with integrity “Integrity means that whatever we do, we do it correctly not only once but every time – and we adhere to it also in the most difficult situations we face.” Asesh Kumar Dasgupta, Sales Manager for Professional Trade, Signify India 3 Signify Annual Report 2019 We are Signify Table of contents 1 Performance highlights 5 2 CEO message 7 3 Creating value 10 4 Corporate performance 23 5 Three-year overview 31 Governance 6 Board of Management 33 7 Supervisory Board 34 8 Supervisory Board report 36 9 Remuneration report 42 10 Corporate governance 54 11 Investor relations 60 12 Risk factors and risk management 63 13 Statement of the Board of Management 71 Corporate statements 14 Consolidated financial statements 74 15 Signify N.V. financial statements 125 16 Sustainability statements 132 17 Combined independent auditor’s report 157 18 Reconciliation of non-IFRS financial measures 169 19 Definitions and abbreviations 174 20 Forward-looking statements and other information 178 In 2019, Signify leveraged 128 years of leadership in lighting to create Forward-looking statements and risks & uncertainties dynamic, innovative and human-centric projects. In homes, offices, Please refer to chapter 20, Forward-looking statements and other information, of this Annual Report, shops, sports stadiums, cities, greenhouses and factories – as well for more information about forward looking statements, market and industry information, fair value as through the Signify Foundation – we’re unlocking the information, IFRS basis of presentation, use of non-IFRS financial measures and statutory financial extraordinary potential of light for brighter lives and a better world. statements. 4 We are Signify Signify Annual Report 2019 We are Signify 5 We are Signify Signify Annual Report 2019 1 Performance highlights 1.1 Financial performance 2018 2019 Comparable sales growth (4.4)% (4.6)% Sales by geography LED-based sales 71% 78% Europe Adjusted EBITA margin 10.1% 10.4% Americas Global Businesses Net income 261 267 Rest of the World Rest of World Global businesses Free cash flow 306 529 Americas Europe Business Groups LED Professional Home Lamps Sales by Business Group Sales 1,891 2,649 521 1,159 Lamps Nominal sales growth 4.4% 0.5% 11.6% (18.8)% LED Lamps Comparable sales growth (1.1)% ( 1.7 ) % 11.3% (20.5)% Professional Home Home EBITA margin 11.5% 8.4% 1.0% 14.5% Professional Adjusted EBITA margin 1 2.7 % 10.0% 3.8% 19.2% LED This chapter contains certain non-IFRS financial measures and ratios, such as comparable sales growth, EBITA, Adjusted EBITA and free cash flow, and related ratios, which are not recognized measures of financial performance or liquidity under IFRS. These measures are further discussed in chapter 4, Corporate performance, of this Annual Report. For a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures, see chapter 18, Reconciliation of non-IFRS financial measures, of this Annual Report. 6 We are Signify Signify Annual Report 2019 Sustainable revenues of total revenues 1.2 Sustainability performance Brighter Lives highlights 2018 2019 Employees (full-time equivalent) 29,237 32,005 2017 2018 2019 Employee Net Promoter Score 13 18 Operational carbon footprint (gross) Female executives (% of total) 17% 17% Kilotonnes CO equivalent Safety at work (TRC rate) 0.29 0.32 Supplier sustainability performance 93% 99% Better World highlights 2018 2019 Sustainable revenues 79.0% 82.5% 2017 2018 2019 Carbon footprint (gross, kilotonnes) 401 363 Supplier sustainability performance Performance rate Carbon footprint (net, kilotonnes) 146 64 100 99% 95% 93% Renewable electricity 89% 94% 80 Total waste to landfill (kilotonnes) 2.4 0.7 60 40 20 2017 2018 2019 7 We are Signify Signify Annual Report 2019 2 CEO message 2019 – A year of strengthening our industry leadership amid economic challenges “I’m very proud of our employees and the progress we made in 2019 in improving our business, in developing new innovations and in making our business even more sustainable. We further increased our leadership in LED lighting, made some key moves in terms of acquisitions, strengthened the offerings of our growth platforms and boosted our sustainability profile, all while lowering our costs.” – Eric Rondolat, Signify CEO 2019 was a year of rapid change and global Exciting developments in our growth Strategic focus uncertainty, due to political volatility, market platforms - connected systems, IoT We continue to execute against our instability and technological advancements. services, horticulture, solar, and LiFi - strategic priorities, transforming our Against this backdrop we adapted continue to show that we’re leading the industry and building on our heritage. effectively, making necessary adjustments, industry toward a new era. All of this, • Our LED sales increased by 10% to 78% of seizing ambitious inorganic growth amid some challenging market conditions, our total sales at the end of the year opportunities and defining new possibilities increase my confidence that we’re on the • We installed 12 million connected light for lighting through our technology. right track. points, bringing our total to 56 million globally A spirit of change and development runs We announced several acquisitions this year: • Our continuous innovation and through our organization, powering our Klite in China for private and branded LED responsiveness to customer needs are industry leadership and resilience. And with labels; WiZ in Hong Kong for WiFi-based demonstrated by the launch of programs such as Horizon, we’re speeding connected lighting; US-based Once Inc. BrightSites smart poles and the Philips up our transformation, bringing us closer to and iLOX in Germany for animal-centric Hue HDMI SyncBox, as well as the where we need to be to achieve our lighting; and Cooper Lighting Solutions in continued enhancements to our LiFi business ambition. the US for professional lighting in North offering (to name but a few) America. These strategically sound moves • We again increased our market share in Thanks to our continued dedication to contribute to differentiating us structurally, conventional lamps, sustaining a high simplification and cost reduction measures, while enhancing our ability to serve our level of profitability, benefiting from our our operational profitability continues to customers. ‘last company standing’ strategy improve, and free cash flow is strong. 8 We are Signify Signify Annual Report 2019 will improve our business mix, with extending the benefits of these Professional revenues increasing from 42% technologies from outdoors to indoors, “Horizon aims to speed to 53% of total sales, based on 2018 figures. while we also partner with Latécoère to bring LiFi connectivity to commercial Our financial performance airplanes, and with Ellamp to enable bus and up our execution, improve In 2019 we increased our profitability for the train passengers to reap the benefits of LiFi sixth consecutive year, resulting in further to the fullest. improvement to our adjusted EBITA margin, our top line, profitability as well as the highest level of free cash flow As part of our commitment to sustainable since our IPO. The profit and cash innovation, we launched a 3D printing and cash, and boost our contribution of the growing profit engines service that enables customers to custom- increased in 2019 and now stands at more design or tailor their luminaires. We then 3D than twice the contribution of Lamps, as we print and deliver their luminaires, saving on organizational health” continue to shift from conventional lamps to time, energy, waste and packaging. All these lighting products, systems and services. luminaires are recyclable, as part of our This strong performance has been achieved move to a circular economy. in a challenging macro-environment; lower activity in several markets - including India, Additionally, we’re expanding growth areas • Our transformation program Horizon aims These
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