Philips 2004 Annual Report Download - page 88

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Outlook
The mixed signals coming from the world’s major economies make
us cautious, certainly for the first half of 2005. This will mainly
impact our technology-related businesses, and to a lesser extent
Consumer Electronics. We expect that Medical Systems, Lighting
and DAP will continue to grow their market positions through
innovation and – especially at Medical Systems and Consumer
Health & Wellness – selected acquisitions. Our financial position is
excellent and offers significant strategic flexibility.
We will continue to focus our attention on technology and
marketing leadership to achieve sustainable growth through
innovation, also improving our cost structure and further
simplifying our corporate core processes. The pursuit of
operational excellence will drive productivity improvements. Our
ongoing transformation into a truly market-driven company is
reflected in our marketing investments, which – together with our
strong R&D competencies – will help us to deliver the advanced
and innovative products that our customers want.
February 22, 2005
Board of Management
87Philips Annual Report 2004