Royal Philips Electronics NV (PHG) Monday said it will write down EUR232 million on the book value of its Lumileds lighting subsidiary.

The company said the value adjustment is the result of slowed demand in the automotive and consumer sectors. After the impairment costs, Lumileds' book value will be EUR637 million, Philips said.

The value adjustment of Lumileds is part of a larger write-down scheme Philips announced in December, without providing financial details.

Due to plummeting demand, the company said it expects to write down approximately EUR1.1 billion in the fourth quarter, especially on its financial stakes in LG Display and NXP Semiconductors.

The Amsterdam-based maker of shavers, lighting and high-end medical equipment added it no longer expects to double earnings before interest, taxes and amortization, or EBITA, per share from 2010. Philips also announced accelerated restructuring measures.

The company reports its fourth-quarter and full-year results Jan. 26.

At 1250 GMT its shares were trading up 1.8% at EUR13.80.

-By Maarten van Tartwijk, Dow Jones Newswires; +31-20-571-52-01; maarten.vantartwijk@dowjones.com

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