Philips Reports a 17% Decline in Sales to EUR 5.1 billion in Q1

- Global downturn in consumer and lighting markets
- Healthcare facing a very soft US hospital market; performance in emerging markets and Home Healthcare Solutions remains strong
- EBITA loss of EUR 74 million includes charges of EUR 77 million
- Reduction of fixed cost base progressing well and expected to exceed EUR 500 million annualized by the end of this year
- Rigorous management of working capital continues; cash balance increased, net debt reduced