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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Koninklijke Philips NV | NYSE:PHG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.18 | -0.67% | 26.70 | 26.72 | 26.58 | 26.70 | 328,052 | 16:20:25 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
January 26, 2016
KONINKLIJKE PHILIPS N.V.
(Exact name of registrant as specified in its charter)
Royal Philips
(Translation of registrants name into English)
The Netherlands
(Jurisdiction of incorporation or organization)
Breitner Center, Amstelplein 2, 1096 BC Amsterdam, The Netherlands
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F þ Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No þ
Name and address of person authorized to receive notices
and communications from the Securities and Exchange Commission:
M.J. van Ginneken
Koninklijke Philips N.V.
Amstelplein 2
1096 BC Amsterdam The Netherlands
This report comprises a copy of the following press release:
Philips Fourth Quarter and Annual Results 2015, dated January 26, 2016.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized at Amsterdam, on the 26th of January, 2016.
KONINKLIJKE PHILIPS N.V.
/s/ M.J. van Ginneken
(General Secretary)
Philips reports Q4 comparable sales growth of 2% to EUR 7.1 billion and a 13% improvement in Adjusted EBITA to EUR 842 million
Fourth-quarter highlights
| Comparable sales up 2%, driven by 4% growth in the HealthTech portfolio |
| Currency-comparable order intake up 15%, driven by North America, China and Western Europe |
| Adjusted EBITA1) improved 50 basis points to 11.9% of sales and amounted to EUR 842 million |
| EBITA amounted to EUR 263 million, or 3.7% of sales |
| Net loss of EUR 39 million, impacted by one-time charges including previously announced pension de-risking, compared to net income of EUR 134 million in Q4 2014 |
| Free cash flow of EUR 740 million, compared to EUR 559 million in Q4 2014 |
| Philips Lighting separation process on track |
Full-year highlights
| Comparable sales up 2% to EUR 24.2 billion, driven by above 4% growth in the HealthTech portfolio |
| Currency-comparable order intake up 5%, driven by North America and Western Europe |
| Adjusted EBITA improved 20 basis points to 9.2% of sales and amounted to EUR 2.2 billion |
| EBITA totaled EUR 1.4 billion, or 5.7% of sales, compared to EUR 821 million, or 3.8% of sales, in 2014 |
| Net income amounted to EUR 659 million, compared to EUR 411 million in 2014 |
| Free cash flow of EUR 325 million, compared to EUR 497 million in 2014 |
| Return on invested capital increased to 7.0%, compared to 4.5% in 2014 |
| Proposal to maintain dividend at EUR 0.80 per share |
Frans van Houten, CEO:
The fourth quarter of 2015 was another quarter in which Philips delivered year-on-year operational improvements. We increased Adjusted EBITA across all three sectors and generated close to EUR 1 billion of cash from operations.
In the fourth quarter, we saw continued sales growth and strong 15% currency-comparable order intake growth in Healthcare, with margins also improving year-on-year. Consumer Lifestyle showed continued robust growth across all businesses, most notably Health & Wellness, while productivity and product mix improvements resulted in significantly higher margins. Lighting again delivered year-on-year performance improvements, driven by sustained comparable sales and margin growth in the LED business and our effective management of the market decline in conventional lamps.
Overall, 2015 was a solid year for Philips, as illustrated by consistent performance improvements in the face of ongoing challenging macroeconomic circumstances. Lighting showed another year of operational improvements, and our HealthTech portfolio, which combines the Healthcare and Consumer Lifestyle businesses, delivered promising comparable sales growth of more than 4% overall for the year, demonstrating our progress in capitalizing on opportunities in this large and growing market. Order intake growth of 5% in Healthcare was encouraging.
For 2016, we continue to expect modest comparable sales growth and we will build on our 2015 operational performance improvement. Taking into account ongoing macro-economic headwinds and the phasing of costs and sales, we expect improvements in the year to be back-end loaded.
1) | Adjusted EBITA is defined as Income from operations (EBIT) excluding amortization of acquired intangible assets, impairment of goodwill and other intangible assets, restructuring charges, acquisition-related costs and other significant items. A reconciliation of Adjusted EBITA to EBIT is provided in the section Reconciliation of non-GAAP performance measures of this release. |
Accelerate! and Separation Update
Our Accelerate! program continues to drive strong operational improvements across the organization. In Healthcare, for example, we increased sales of ClarityIQ upgrades for interventional X-ray systems by 50% in 2015 compared to 2013, by automating our system upgrade sales process. In Consumer Lifestyle, we virtually doubled sales on Double 11 day in China compared to 2014, by customizing our propositions and leveraging our digital capabilities. In Lighting, we delivered solid sales growth for Consumer Luminaires in the Benelux and Iberia by adapting the portfolio of this business to locally relevant value propositions.
Philips three cost savings programs all delivered ahead of plan in 2015. The company achieved EUR 290 million of gross savings in overhead costs, EUR 379 million of gross savings in procurement, and EUR 187 million of productivity savings from the End2End process improvement program.
Philips is on schedule to be able to complete the separation of the Lighting business in the first half of this year. As previously stated, Philips is reviewing all strategic options for Philips Lighting, including an initial public offering and a private sale. Costs related to the separation amounted to EUR 183 million in 2015. For 2016, the company continues to expect separation costs to be in the range of EUR 200-300 million.
Q4 2015 Financial and Operational Overview
Healthcare
Healthcare comparable sales grew 3% year-on-year and currency-comparable order intake grew by 15%. The Adjusted EBITA margin increased by 100 basis points to 15.8%, driven by cost productivity improvements and positive currency impacts.
We are encouraged by 15% order intake growth in Healthcare, which was driven by strong growth in North America, Western Europe and a substantial rebound in China. Our focus on multi-year strategic partnerships continued to pay off, as illustrated by three new partnerships based on a managed services model to optimize the delivery of care: with Mackenzie Health in Canada, Granadas Clinical Hospital in Spain, and Hospices Civils de Lyon in France.
Consumer Lifestyle
Consumer Lifestyle comparable sales increased by 6% year-on-year, driven by double-digit growth in Health & Wellness and low-single-digit growth in Personal Care and Domestic Appliances. The Adjusted EBITA margin increased by 180 basis points to 17.8% year-on-year.
Consumer Lifestyle once again delivered a strong top and bottom-line performance, with double-digit growth in growth geographies. In India, for instance, strong sales of the Philips Airfryer, juicers, soup makers and mixer grinders drove double-digit growth. Oral Healthcare continued its strong trajectory, with a very solid performance in North America, China, and Germany, Austria & Switzerland.
Lighting
Lighting again improved its operational results, with the Adjusted EBITA margin increasing by 150 basis points to 10.5% year-on-year. LED lighting comparable sales grew 26% and LED margins continued to improve. LED sales now represent 48% of total Lighting sales, compared to 37% in Q4 2014. Conventional lamps sales decreased by 16%, in line with industry trends, resulting in an overall comparable sales decline of 2% year-on-year.
The sustained strong performance of our LED business was encouraging, with both sales and margin increasing simultaneously despite significant technology-driven price erosion. In the quarter, Lighting showcased its leadership in connected lighting by teaming up with companies including Cisco and SAP to address opportunities in the office and street lighting markets respectively. We aim to further improve Lighting margins by driving growth and margin expansion in LED and maintaining high profitability in the declining conventional lamps market.
Innovation, Group & Services
Strong comparable sales growth from emerging businesses was more than offset by lower revenue from IP Royalties and as a result of the divestment of the OEM remote controls business in 2014, resulting in an overall IG&S sales decline of EUR 48 million. Adjusted EBITA was a net cost of EUR 183 million, compared to a net cost of EUR 100 million in the fourth quarter of 2014.
We continued to drive leadership positions in emerging business areas such as digital pathology and handheld diagnostics. For example, Philips and Banyan Biomarkers entered into a joint development agreement to develop and commercialize a new handheld blood test to rapidly detect traumatic brain injury, such as concussion. The partnership will broaden the application of Philips handheld diagnostics system and will strengthen its competitive position in point-of-care diagnostics for acute care settings, a new growth market for Philips.
Conference call and audio webcast
A conference call with Frans van Houten, CEO, and Abhijit Bhattacharya, CFO, to discuss the results will start at 10:00AM CET, January 26, 2016. A live audio webcast of the conference call will be available through the link below.
Philips Q4 2015 Earnings call
Amsterdam, January 26, 2016
Philips Group
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Additional information on the combined businesses of Lumileds and Automotive
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Proposed distribution
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Condensed consolidated statements of income
Condensed consolidated statements of income
in millions of EUR unless otherwise stated
Q4 | January to December | |||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||
Sales |
6,536 | 7,095 | 21,391 | 24,244 | ||||||||||||
Cost of sales |
(4,007 | ) | (4,272 | ) | (13,185 | ) | (14,388 | ) | ||||||||
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Gross margin |
2,529 | 2,823 | 8,206 | 9,856 | ||||||||||||
Selling expenses |
(1,499 | ) | (1,644 | ) | (5,124 | ) | (5,815 | ) | ||||||||
General and administrative expenses |
(213 | ) | (530 | ) | (747 | ) | (1,209 | ) | ||||||||
Research and development expenses |
(467 | ) | (537 | ) | (1,635 | ) | (1,927 | ) | ||||||||
Impairment of goodwill |
1 | (3 | ) | |||||||||||||
Other business income |
23 | 64 | 63 | 137 | ||||||||||||
Other business expenses |
(211 | ) | (15 | ) | (274 | ) | (50 | ) | ||||||||
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|
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Income from operations |
162 | 162 | 486 | 992 | ||||||||||||
Financial income |
19 | 27 | 114 | 98 | ||||||||||||
Financial expenses |
(97 | ) | (155 | ) | (415 | ) | (467 | ) | ||||||||
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|
|||||||||
Income before taxes |
84 | 34 | 185 | 623 | ||||||||||||
Income taxes |
(16 | ) | (152 | ) | (26 | ) | (239 | ) | ||||||||
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|||||||||
Income (loss) after taxes |
68 | (118 | ) | 159 | 384 | |||||||||||
Results relating to investments in associates |
(1 | ) | 6 | 62 | 30 | |||||||||||
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|
|
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|
|||||||||
Net income (loss) from continuing operations |
67 | (112) | 221 | 414 | ||||||||||||
Discontinued operations - net of income tax |
67 | 73 | 190 | 245 | ||||||||||||
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|||||||||
Net income (loss) |
134 | (39 | ) | 411 | 659 | |||||||||||
Attribution of net income for the period |
||||||||||||||||
Net income (loss) attributable to Koninklijke Philips N.V. shareholders |
139 | (45 | ) | 415 | 645 | |||||||||||
Net income attributable to non-controlling interests |
(5 | ) | 6 | (4 | ) | 14 | ||||||||||
Earnings per common share attributable to shareholders |
||||||||||||||||
Weighted average number of common shares outstanding (after deduction of treasury shares) during the period (in thousands): |
||||||||||||||||
- basic |
916,767 | 919,297 | 915,193 | 916,087 | ||||||||||||
- diluted |
922,270 | 926,260 | 922,714 | 923,625 | ||||||||||||
Net income (loss) attributable to shareholders per common share in EUR: |
||||||||||||||||
- basic |
0.15 | (0.05 | ) | 0.45 | 0.70 | |||||||||||
- diluted |
0.15 | (0.05 | ) | 0.45 | 0.70 |
24 | Press Release Q4 2015 |
Condensed consolidated balance sheets
Condensed consolidated balance sheets
in millions of EUR
December 31, 2014 |
December 31, 2015 |
|||||||
Non-current assets: |
||||||||
Property, plant and equipment |
2,095 | 2,322 | ||||||
Goodwill |
7,158 | 8,523 | ||||||
Intangible assets excluding goodwill |
3,368 | 3,693 | ||||||
Non-current receivables |
177 | 191 | ||||||
Investments in associates |
157 | 181 | ||||||
Other non-current financial assets |
462 | 489 | ||||||
Non-current derivative financial assets |
15 | 58 | ||||||
Deferred tax assets |
2,460 | 2,758 | ||||||
Other non-current assets |
69 | 68 | ||||||
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|
|
|||||
Total non-current assets |
15,961 | 18,283 | ||||||
Current assets: |
||||||||
Inventories |
3,314 | 3,463 | ||||||
Other current financial assets |
125 | 12 | ||||||
Other current assets |
411 | 444 | ||||||
Current derivative financial assets |
192 | 103 | ||||||
Income tax receivable |
140 | 114 | ||||||
Receivables |
4,723 | 4,982 | ||||||
Assets classified as held for sale |
1,613 | 1,809 | ||||||
Cash and cash equivalents |
1,873 | 1,766 | ||||||
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|
|
|||||
Total current assets |
12,391 | 12,693 | ||||||
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Total assets |
28,352 | 30,976 | ||||||
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|||||
Equity |
||||||||
Shareholders equity |
10,867 | 11,662 | ||||||
Non-controlling interests |
101 | 118 | ||||||
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|
|||||
Group equity |
10,968 | 11,780 | ||||||
Non-current liabilities: |
||||||||
Long-term debt |
3,712 | 4,095 | ||||||
Non-current derivative financial liabilities |
551 | 695 | ||||||
Long-term provisions |
2,500 | 2,392 | ||||||
Deferred tax liabilities |
107 | 164 | ||||||
Other non-current liabilities |
1,838 | 1,782 | ||||||
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Total non-current liabilities |
8,708 | 9,128 | ||||||
Current liabilities: |
||||||||
Short-term debt |
392 | 1,665 | ||||||
Current derivative financial liabilities |
306 | 238 | ||||||
Income tax payable |
102 | 116 | ||||||
Accounts payable |
2,499 | 2,673 | ||||||
Accrued liabilities |
2,692 | 2,863 | ||||||
Short-term provisions |
945 | 833 | ||||||
Liabilities directly associated with assets held for sale |
349 | 407 | ||||||
Other current liabilities |
1,391 | 1,273 | ||||||
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|
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Total current liabilities |
8,676 | 10,068 | ||||||
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|
|||||
Total liabilities and group equity |
28,352 | 30,976 |
Press Release Q4 2015 | 25 |
Condensed consolidated statements of cash flows
Condensed consolidated statements of cash flows
in millions of EUR
Q4 | January to December | |||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||
Cash flows from operating activities |
||||||||||||||||
Net income (loss) |
134 | (39 | ) | 411 | 659 | |||||||||||
Results of discontinued operations - net of income tax |
(67 | ) | (73 | ) | (190 | ) | (245 | ) | ||||||||
Adjustments to reconcile net income (loss) to net cash of operating activities: |
||||||||||||||||
Depreciation, amortization, and impairments of fixed assets |
393 | 355 | 1,187 | 1,281 | ||||||||||||
Impairment of goodwill and other non-current financial assets |
3 | 43 | 21 | 48 | ||||||||||||
Net gain on sale of assets |
(9 | ) | (47 | ) | (83 | ) | (110 | ) | ||||||||
Interest income |
(11 | ) | (13 | ) | (39 | ) | (48 | ) | ||||||||
Interest expense on debt, borrowings and other liabilities |
63 | 72 | 231 | 278 | ||||||||||||
Income taxes |
16 | 152 | 26 | 239 | ||||||||||||
Results from investments in associates |
2 | (7 | ) | (62 | ) | (10 | ) | |||||||||
Decrease in working capital: |
221 | 680 | 312 | 67 | ||||||||||||
Decrease (increase) in receivables and other current assets |
28 | (67 | ) | (75 | ) | 161 | ||||||||||
Decrease (increase) in inventories |
399 | 618 | (77 | ) | 22 | |||||||||||
Increase (decrease) in accounts payable, accrued and other liabilities |
(206 | ) | 129 | 464 | (116 | ) | ||||||||||
Decrease (increase) in non-current receivables, other assets, other liabilities |
14 | (80 | ) | (412 | ) | (135 | ) | |||||||||
Increase (decrease) in provisions |
230 | 32 | 640 | (278 | ) | |||||||||||
Other items |
(85 | ) | (69 | ) | (242 | ) | (99 | ) | ||||||||
Interest paid |
(26 | ) | (29 | ) | (232 | ) | (265 | ) | ||||||||
Interest received |
11 | 12 | 38 | 48 | ||||||||||||
Dividends received from investments in associates |
8 | 11 | 41 | 17 | ||||||||||||
Income taxes paid |
(56 | ) | (44 | ) | (344 | ) | (280 | ) | ||||||||
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|||||||||
Net cash provided by operating activities |
841 | 956 | 1,303 | 1,167 | ||||||||||||
Cash flows from investing activities |
||||||||||||||||
Net capital expenditures |
(282 | ) | (216 | ) | (806 | ) | (842 | ) | ||||||||
Purchase of intangible assets |
(56 | ) | (24 | ) | (114 | ) | (121 | ) | ||||||||
Expenditures on development assets |
(88 | ) | (85 | ) | (295 | ) | (314 | ) | ||||||||
Capital expenditures on property, plant and equipment |
(153 | ) | (178 | ) | (437 | ) | (522 | ) | ||||||||
Proceeds from sale of property, plant and equipment |
15 | 71 | 40 | 115 | ||||||||||||
Net proceeds from (used for) derivatives and current financial assets |
(12 | ) | 6 | (7 | ) | (72 | ) | |||||||||
Purchase of other non-current financial assets |
(7 | ) | (5 | ) | (81 | ) | (21 | ) | ||||||||
Proceeds from other non-current financial assets |
14 | 15 | 107 | 53 | ||||||||||||
Purchase of businesses, net of cash acquired |
(13 | ) | (12 | ) | (177 | ) | (1,116 | ) | ||||||||
Net proceeds (used for) from sale of interest in businesses |
39 | (4 | ) | (20 | ) | 57 | ||||||||||
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Net cash used for investing activities |
(261 | ) | (216 | ) | (984 | ) | (1,941 | ) | ||||||||
Cash flows from financing activities |
||||||||||||||||
Proceeds from issuance (payments) of short-term debt |
(371 | ) | 37 | (37 | ) | 1,241 | ||||||||||
Principal payments on long-term debt |
(19 | ) | (23 | ) | (333 | ) | (104 | ) | ||||||||
Proceeds from issuance of long-term debt |
24 | 30 | 69 | 94 | ||||||||||||
Re-issuance of treasury shares |
9 | 7 | 117 | 81 | ||||||||||||
Purchase of treasury shares |
(143 | ) | (108 | ) | (713 | ) | (506 | ) | ||||||||
Dividend paid |
(292 | ) | (298 | ) | ||||||||||||
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Net cash provided by (used for) financing activities |
(500 | ) | (57 | ) | (1,189 | ) | 508 | |||||||||
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|
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Net cash provided by (used for) continuing operations |
80 | 683 | (870 | ) | (266 | ) | ||||||||||
Cash flows from discontinued operations |
||||||||||||||||
Net cash provided by operating activities |
49 | 67 | 105 | 79 | ||||||||||||
Net cash provided (used for) by investing activities |
(11 | ) | | 88 | | |||||||||||
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Net cash provided by discontinued operations |
38 | 67 | 193 | 79 | ||||||||||||
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Net cash provided by (used for) continuing and discontinued operations |
118 | 750 | (677 | ) | (187 | ) | ||||||||||
Effect of change in exchange rates on cash and cash equivalents |
39 | (9 | ) | 85 | 80 | |||||||||||
Cash and cash equivalents at the beginning of the period |
1,716 | 1,025 | 2,465 | 1,873 | ||||||||||||
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|
|
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|
|||||||||
Cash and cash equivalents at the end of the period |
1,873 | 1,766 | 1,873 | 1,766 |
For a number of reasons, principally the effects of translation differences, certain items in the statements of cash flows do not correspond to the differences between the balance sheet amounts for the respective items.
26 | Press Release Q4 2015 |
Condensed consolidated statement of changes in equity
Condensed consolidated statement of changes in equity
in millions of EUR
common shares |
capital in excess of par value |
retained earnings |
revaluation reserve |
currency translation differences |
available- for-sale financial assets |
cash flow hedges |
treasury shares at cost |
total shareholders equity |
non-controlling interests |
Group equity |
||||||||||||||||||||||||||||||||||
January to December 2015 |
||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 |
187 | 2,181 | 8,790 | 13 | 229 | 27 | (13 | ) | (547 | ) | 10,867 | 101 | 10,968 | |||||||||||||||||||||||||||||||
Total comprehensive income |
562 | (9 | ) | 829 | 29 | 25 | 1,436 | 14 | 1,450 | |||||||||||||||||||||||||||||||||||
Dividend distributed |
3 | 429 | (730 | ) | (298 | ) | (298 | ) | ||||||||||||||||||||||||||||||||||||
Movement non-controlling interest |
| 3 | 3 | |||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares |
(12 | ) | (495 | ) | (507 | ) | (507 | ) | ||||||||||||||||||||||||||||||||||||
Re-issuance of treasury shares |
(23 | ) | (57 | ) | 162 | 82 | 82 | |||||||||||||||||||||||||||||||||||||
Cancelation of treasury shares |
(4 | ) | (513 | ) | 517 | | | |||||||||||||||||||||||||||||||||||||
Share-based compensation plans |
101 | 101 | 101 | |||||||||||||||||||||||||||||||||||||||||
Income tax share-based compensation plans |
(19 | ) | (19 | ) | (19 | ) | ||||||||||||||||||||||||||||||||||||||
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Total other equity movements |
(1 | ) | 488 | (1,312 | ) | 184 | (641 | ) | 3 | (638 | ) | |||||||||||||||||||||||||||||||||
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Balance as of December 31, 2015 |
186 | 2,669 | 8,040 | 4 | 1,058 | 56 | 12 | (363 | ) | 11,662 | 118 | 11,780 |
Press Release Q4 2015 | 27 |
Pension costs and cash flows
Specification of pension costs
in millions of EUR
Q4 2014 | Q4 2015 | |||||||||||||||||||||||
Netherlands | other | total | Netherlands | other | total | |||||||||||||||||||
Defined-benefit plans |
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Pensions |
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Current service cost |
44 | 17 | 61 | 12 | 12 | |||||||||||||||||||
Past service cost (incl. curtailments) |
(68 | ) | (1 | ) | (69 | ) | 16 | 16 | 1) | |||||||||||||||
Settlements |
(1 | ) | (1 | ) | 329 | 329 | 1) | |||||||||||||||||
Interest expense |
17 | 17 | 19 | 19 | ||||||||||||||||||||
Interest income |
(3 | ) | (3 | ) | ||||||||||||||||||||
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Total |
(27 | ) | 32 | 5 | 376 | 376 | ||||||||||||||||||
of which discontinued operations |
1 | 1 | ||||||||||||||||||||||
Retiree Medical |
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Current service cost |
1 | 1 | (1 | ) | (1 | ) | ||||||||||||||||||
Interest expense |
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|
2 | 2 |
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|
4 | 4 | ||||||||||||||||
Total |
3 | 3 | 3 | 3 | ||||||||||||||||||||
Defined-contribution plans |
||||||||||||||||||||||||
Cost |
10 | 31 | 41 | 52 | 38 | 90 | ||||||||||||||||||
of which discontinued operations |
1 | 1 | 1 | 1 |
Specification of pension costs
in millions of EUR
January to December | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
Netherlands | other | total | Netherlands | other | total | |||||||||||||||||||
Defined-benefit plans |
||||||||||||||||||||||||
Pensions |
||||||||||||||||||||||||
Current service cost |
183 | 71 | 254 | 80 | 66 | 146 | ||||||||||||||||||
Past service cost (incl. curtailments) |
(68 | ) | (1 | ) | (69 | ) | 14 | 14 | 1) | |||||||||||||||
Settlements |
(1 | ) | (1 | ) | 329 | 329 | 1) | |||||||||||||||||
Interest expense |
59 | 59 | 61 | 61 | ||||||||||||||||||||
Interest income |
(11 | ) | (11 | ) | (1 | ) | (1 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
104 | 128 | 232 | 79 | 470 | 549 | ||||||||||||||||||
of which discontinued operations |
1 | 3 | 4 | 1 | 1 | 2 | ||||||||||||||||||
Retiree Medical |
||||||||||||||||||||||||
Current service cost |
2 | 2 | ||||||||||||||||||||||
Interest expense |
11 | 11 | 12 | 12 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
13 | 13 | 12 | 12 | ||||||||||||||||||||
Defined-contribution plans |
||||||||||||||||||||||||
Costs |
16 | 132 | 148 | 140 | 159 | 299 | ||||||||||||||||||
of which discontinued operations |
1 | 3 | 4 | 2 | 4 | 6 |
Pension cash flows
in millions of EUR
Q4 | January to December | |||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||
Contributions and benefits paid by the Company |
205 | 564 | 1) | 1,050 | 1,189 |
1) | Includes a EUR 305 million cash payment related to the UK plan settlement, recognized as a cost in the lines Past service cost for EUR 31 million and Settlements for EUR 274 million, and a EUR 141 million cash payment related to the realized settlement of a part of the US plan |
28 | Press Release Q4 2015 |
Sectors
Sales and income (loss) from operations
in millions of EUR unless otherwise stated
Q4 2014 | Q4 2015 | |||||||||||||||||||||||
sales | income from operations | sales | income from operations | |||||||||||||||||||||
as a % of sales | as a % of sales | |||||||||||||||||||||||
Healthcare |
2,849 | 351 | 12.3 | % | 3,270 | 374 | 11.4 | % | ||||||||||||||||
Consumer Lifestyle |
1,528 | 237 | 15.5 | % | 1,663 | 235 | 14.1 | % | ||||||||||||||||
Lighting |
1,975 | (83 | ) | (4.2 | )% | 2,026 | 125 | 6.2 | % | |||||||||||||||
Innovation, Group & Services |
184 | (343 | ) | | 136 | (572 | ) | | ||||||||||||||||
|
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|
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|
|
|
|
|
|
|||||||||||||
Philips Group |
6,536 | 162 | 2.5 | % | 7,095 | 162 | 2.3 | % |
Sales and income (loss) from operations
in millions of EUR unless otherwise stated
January to December | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
sales | income from operations | sales | income from operations | |||||||||||||||||||||
as a % of sales | as a % of sales | |||||||||||||||||||||||
Healthcare |
9,186 | 456 | 5.0 | % | 10,912 | 819 | 7.5 | % | ||||||||||||||||
Consumer Lifestyle |
4,731 | 520 | 11.0 | % | 5,347 | 621 | 11.6 | % | ||||||||||||||||
Lighting |
6,869 | 185 | 2.7 | % | 7,411 | 486 | 6.6 | % | ||||||||||||||||
Innovation, Group & Services |
605 | (675 | ) | | 574 | (934 | ) | | ||||||||||||||||
|
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|
|
|
|
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|
|
|
|
|
|||||||||||||
Philips Group |
21,391 | 486 | 2.3 | % | 24,244 | 992 | 4.1 | % |
Press Release Q4 2015 | 29 |
Sectors and main countries
Sales, total assets and total liabilities excluding debt
in millions of EUR
sales | total assets | total liabilities excluding debt | ||||||||||||||||||||||
January to December | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | 2014 | 2015 | |||||||||||||||||||
Healthcare |
9,186 | 10,912 | 11,274 | 13,363 | 3,629 | 4,095 | ||||||||||||||||||
Consumer Lifestyle |
4,731 | 5,347 | 3,049 | 3,080 | 1,696 | 1,627 | ||||||||||||||||||
Lighting |
6,869 | 7,411 | 5,739 | 5,875 | 2,081 | 2,043 | ||||||||||||||||||
Innovation, Group & Services |
605 | 574 | 6,677 | 6,849 | 5,525 | 5,264 | ||||||||||||||||||
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|||||||||||||
Sector totals |
26,739 | 29,167 | 12,931 | 13,029 | ||||||||||||||||||||
Assets classified as held for sale |
1,613 | 1,809 | 349 | 407 | ||||||||||||||||||||
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|
|
|||||||||||||
Philips Group |
21,391 | 24,244 | 28,352 | 30,976 | 13,280 | 13,436 |
Sales and tangible and intangible assets
in millions of EUR
sales | tangible and intangible assets1) | |||||||||||||||
January to December | December 31, | December 31, | ||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||
Netherlands |
594 | 639 | 937 | 970 | ||||||||||||
United States |
6,160 | 7,522 | 7,649 | 9,291 | ||||||||||||
China |
2,362 | 2,774 | 1,135 | 1,194 | ||||||||||||
Germany |
1,351 | 1,357 | 153 | 170 | ||||||||||||
Japan |
908 | 992 | 379 | 455 | ||||||||||||
India |
684 | 845 | 123 | 134 | ||||||||||||
France |
839 | 806 | 52 | 48 | ||||||||||||
Other countries |
8,493 | 9,309 | 2,193 | 2,276 | ||||||||||||
|
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|
|
|
|
|
|
|||||||||
Philips Group |
21,391 | 24,244 | 12,621 | 14,538 |
1) | Includes property, plant and equipment, intangible assets excluding goodwill, and goodwill |
30 | Press Release Q4 2015 |
Reconciliation of non-GAAP performance measures
Certain non-GAAP financial measures are presented when discussing the Philips Groups performance. In the following tables, reconciliations to the most directly comparable IFRS measures are presented.
Sales growth composition
in %
Q4 | January to December | |||||||||||||||||||||||||||||||
comparable growth |
currency effects |
consolidation changes |
nominal growth |
comparable growth |
currency effects |
consolidation changes |
nominal growth |
|||||||||||||||||||||||||
2015 versus 2014 |
||||||||||||||||||||||||||||||||
Healthcare |
3.4 | 8.3 | 3.1 | 14.8 | 3.8 | 11.7 | 3.3 | 18.8 | ||||||||||||||||||||||||
Consumer Lifestyle |
5.5 | 3.3 | 0.0 | 8.8 | 5.8 | 7.2 | 0.0 | 13.0 | ||||||||||||||||||||||||
Lighting |
(2.4 | ) | 5.0 | 0.0 | 2.6 | (2.8 | ) | 8.5 | 2.2 | 7.9 | ||||||||||||||||||||||
IG&S |
(10.6 | ) | (0.3 | ) | (15.2 | ) | (26.1 | ) | 5.4 | 1.7 | (12.2 | ) | (5.1 | ) | ||||||||||||||||||
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|
|
|||||||||||||||||
Philips Group |
1.8 | 6.0 | 0.8 | 8.6 | 2.2 | 9.4 | 1.7 | 13.3 |
Adjusted EBITA1)
in millions of EUR
Q4 | January to December | |||||||||||||||||||||||||||||||||||||||
Philips Group |
Healthcare | Consumer Lifestyle |
Lighting | Innovation, Group & Services |
Philips Group |
Healthcare | Consumer Lifestyle |
Lighting | Innovation, Group & Services |
|||||||||||||||||||||||||||||||
2015 |
||||||||||||||||||||||||||||||||||||||||
Adjusted EBITA |
842 | 516 | 296 | 213 | (183 | ) | 2,240 | 1,259 | 722 | 707 | (448 | ) | ||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||
Other items |
(429 | ) | (8 | ) | (13 | ) | (14 | ) | (394 | ) | (585 | ) | (67 | ) | (13 | ) | (14 | ) | (491 | ) | ||||||||||||||||||||
Restructuring and acquisition-related charges |
(150 | ) | (77 | ) | (36 | ) | (47 | ) | 10 | (283 | ) | (168 | ) | (36 | ) | (99 | ) | 20 | ||||||||||||||||||||||
EBITA (or Adjusted income from operations) |
263 | 431 | 247 | 152 | (567 | ) | 1,372 | 1,024 | 673 | 594 | (919 | ) | ||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Amortization of acquired intangibles2) |
(102 | ) | (57 | ) | (12 | ) | (28 | ) | (5 | ) | (380 | ) | (205 | ) | (52 | ) | (108 | ) | (15 | ) | ||||||||||||||||||||
Impairment of goodwill |
1 | 1 | ||||||||||||||||||||||||||||||||||||||
|
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|
|
|
|||||||||||||||||||||
Income from operations (or EBIT) |
162 | 374 | 235 | 125 | (572 | ) | 992 | 819 | 621 | 486 | (934 | ) | ||||||||||||||||||||||||||||
2014 |
||||||||||||||||||||||||||||||||||||||||
Adjusted EBITA |
743 | 421 | 244 | 178 | (100 | ) | 1,915 | 1,085 | 571 | 593 | (334 | ) | ||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||
Other items |
(202 | ) | 16 | 11 | (55 | ) | (174 | ) | (660 | ) | (399 | ) | 11 | (55 | ) | (217 | ) | |||||||||||||||||||||||
Restructuring and acquisition-related charges |
(279 | ) | (47 | ) | (4 | ) | (163 | ) | (65 | ) | (434 | ) | (70 | ) | (9 | ) | (245 | ) | (110 | ) | ||||||||||||||||||||
EBITA (or Adjusted income from operations) |
262 | 390 | 251 | (40 | ) | (339 | ) | 821 | 616 | 573 | 293 | (661 | ) | |||||||||||||||||||||||||||
|
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|
|
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|
|
|||||||||||||||||||||
Amortization of acquired intangibles2) |
(100 | ) | (39 | ) | (14 | ) | (43 | ) | (4 | ) | (332 | ) | (159 | ) | (53 | ) | (106 | ) | (14 | ) | ||||||||||||||||||||
Impairment of goodwill |
(3 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||
|
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|
|
|
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|
|
|
|||||||||||||||||||||
Income from operations (or EBIT) |
162 | 351 | 237 | (83 | ) | (343 | ) | 486 | 456 | 520 | 185 | (675 | ) |
1) | Adjusted EBITA is defined as Income from operations (EBIT) excluding amortization of acquired intangible assets, impairment of goodwill and other intangible assets, restructuring charges, acquisition-related costs and other significant items |
2) | Excluding amortization of software and product development |
Press Release Q4 2015 | 31 |
Reconciliation of non-GAAP performance measures (continued)
Net operating capital to total assets
in millions of EUR
Philips Group | Healthcare | Consumer Lifestyle |
Lighting | IG&S | ||||||||||||||||
December 31, 2015 |
||||||||||||||||||||
Net operating capital (NOC) |
11,096 | 9,212 | 1,453 | 3,813 | (3,382 | ) | ||||||||||||||
Exclude liabilities comprised in NOC: |
||||||||||||||||||||
- payables/liabilities |
9,640 | 3,064 | 1,356 | 1,510 | 3,710 | |||||||||||||||
- intercompany accounts |
| 128 | 36 | 87 | (251 | ) | ||||||||||||||
- provisions |
3,225 | 903 | 235 | 446 | 1,641 | |||||||||||||||
Include assets not comprised in NOC: |
||||||||||||||||||||
- investments in associates |
181 | 56 | | 19 | 106 | |||||||||||||||
- other current financial assets |
12 | 12 | ||||||||||||||||||
- other non-current financial assets |
489 | 489 | ||||||||||||||||||
- deferred tax assets |
2,758 | 2,758 | ||||||||||||||||||
- cash and cash equivalents |
1,766 | 1,766 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets excluding assets classified as held for sale |
29,167 | 13,363 | 3,080 | 5,875 | 6,849 | |||||||||||||||
Assets classified as held for sale |
1,809 | |||||||||||||||||||
|
|
|||||||||||||||||||
Total assets |
30,976 | |||||||||||||||||||
December 31, 2014 |
||||||||||||||||||||
Net operating capital (NOC) |
8,838 | 7,565 | 1,353 | 3,638 | (3,718 | ) | ||||||||||||||
Exclude liabilities comprised in NOC: |
||||||||||||||||||||
- payables/liabilities |
9,379 | 2,711 | 1,411 | 1,422 | 3,835 | |||||||||||||||
- intercompany accounts |
| 125 | 65 | 129 | (319 | ) | ||||||||||||||
- provisions |
3,445 | 793 | 220 | 530 | 1,902 | |||||||||||||||
Include assets not comprised in NOC: |
||||||||||||||||||||
- investments in associates |
157 | 80 | | 20 | 57 | |||||||||||||||
- other current financial assets |
125 | 125 | ||||||||||||||||||
- other non-current financial assets |
462 | 462 | ||||||||||||||||||
- deferred tax assets |
2,460 | 2,460 | ||||||||||||||||||
- cash and cash equivalents |
1,873 | 1,873 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets excluding assets classified as held for sale |
26,739 | 11,274 | 3,049 | 5,739 | 6,677 | |||||||||||||||
Assets classified as held for sale |
1,613 | |||||||||||||||||||
|
|
|||||||||||||||||||
Total assets |
28,352 |
32 | Press Release Q4 2015 |
Reconciliation of non-GAAP performance measures (continued)
Composition of net debt to group equity
in millions of EUR unless otherwise stated
December 31, 2014 |
December 31, 2015 |
|||||||
Long-term debt |
3,712 | 4,095 | ||||||
Short-term debt |
392 | 1,665 | ||||||
|
|
|
|
|||||
Total debt |
4,104 | 5,760 | ||||||
Cash and cash equivalents |
1,873 | 1,766 | ||||||
|
|
|
|
|||||
Net debt (total debt less cash and cash equivalents) |
2,231 | 3,994 | ||||||
Shareholders equity |
10,867 | 11,662 | ||||||
Non-controlling interests |
101 | 118 | ||||||
|
|
|
|
|||||
Group equity |
10,968 | 11,780 | ||||||
Net debt and group equity |
13,199 | 15,774 | ||||||
Net debt divided by net debt and group equity (in %) |
17 | % | 25 | % | ||||
Group equity divided by net debt and group equity (in %) |
83 | % | 75 | % |
Composition of cash flows
in millions of EUR
Q4 | January to December | |||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||
Cash flows provided by operating activities |
841 | 956 | 1,303 | 1,167 | ||||||||||||
Cash flows used for investing activities |
(261 | ) | (216 | ) | (984 | ) | (1,941 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flows before financing activities |
580 | 740 | 319 | (774 | ) | |||||||||||
Cash flows provided by operating activities |
841 | 956 | 1,303 | 1,167 | ||||||||||||
Net capital expenditures: |
(282 | ) | (216 | ) | (806 | ) | (842 | ) | ||||||||
Purchase of intangible assets |
(56 | ) | (24 | ) | (114 | ) | (121 | ) | ||||||||
Expenditures on development assets |
(88 | ) | (85 | ) | (295 | ) | (314 | ) | ||||||||
Capital expenditures on property, plant and equipment |
(153 | ) | (178 | ) | (437 | ) | (522 | ) | ||||||||
Proceeds from sale of property, plant and equipment |
15 | 71 | 40 | 115 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Free cash flows |
559 | 740 | 497 | 325 |
Press Release Q4 2015 | 33 |
Philips statistics
in millions of EUR unless otherwise stated
2014 | 2015 | |||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||
Sales |
4,692 | 4,969 | 5,194 | 6,536 | 5,339 | 5,974 | 5,836 | 7,095 | ||||||||||||||||||||||||
comparable sales |
(1 | )% | (1 | )% | 0 | % | (2 | )% | 2 | % | 3 | % | 2 | % | 2 | % | ||||||||||||||||
Gross margin |
1,900 | 2,075 | 1,702 | 2,529 | 2,116 | 2,495 | 2,422 | 2,823 | ||||||||||||||||||||||||
as a % of sales |
40.5 | % | 41.8 | % | 32.8 | % | 38.7 | % | 39.6 | % | 41.8 | % | 41.5 | % | 39.8 | % | ||||||||||||||||
Selling expenses |
(1,166 | ) | (1,214 | ) | (1,245 | ) | (1,499 | ) | (1,341 | ) | (1,440 | ) | (1,390 | ) | (1,644 | ) | ||||||||||||||||
as a % of sales |
(24.9 | )% | (24.4 | )% | (24.0 | )% | (22.9 | )% | (25.1 | )% | (24.1 | )% | (23.8 | )% | (23.2 | )% | ||||||||||||||||
G&A expenses |
(167 | ) | (176 | ) | (191 | ) | (213 | ) | (214 | ) | (224 | ) | (241 | ) | (530 | ) | ||||||||||||||||
as a % of sales |
(3.6 | )% | (3.5 | )% | (3.7 | )% | (3.3 | )% | (4.0 | )% | (3.7 | )% | (4.1 | )% | (7.5 | )% | ||||||||||||||||
R&D expenses |
(396 | ) | (400 | ) | (372 | ) | (467 | ) | (436 | ) | (483 | ) | (471 | ) | (537 | ) | ||||||||||||||||
as a % of sales |
(8.4 | )% | (8.0 | )% | (7.2 | )% | (7.1 | )% | (8.2 | )% | (8.1 | )% | (8.1 | )% | (7.6 | )% | ||||||||||||||||
EBIT |
172 | 291 | (139 | ) | 162 | 139 | 349 | 342 | 162 | |||||||||||||||||||||||
as a % of sales |
3.7 | % | 5.9 | % | (2.7 | )% | 2.5 | % | 2.6 | % | 5.8 | % | 5.9 | % | 2.3 | % | ||||||||||||||||
EBITA |
253 | 368 | (62 | ) | 262 | 230 | 450 | 429 | 263 | |||||||||||||||||||||||
as a % of sales |
5.4 | % | 7.4 | % | (1.2 | )% | 4.0 | % | 4.3 | % | 7.5 | % | 7.4 | % | 3.7 | % | ||||||||||||||||
Net income (loss) |
137 | 243 | (103 | ) | 134 | 100 | 274 | 324 | (39 | ) | ||||||||||||||||||||||
Net income (loss) attributable to shareholders |
138 | 242 | (104 | ) | 139 | 99 | 272 | 319 | (45 | ) | ||||||||||||||||||||||
Net income (loss) - shareholders per common share in EUR - diluted |
0.15 | 0.26 | (0.11 | ) | 0.15 | 0.11 | 0.30 | 0.34 | (0.05 | ) |
2014 | 2015 | |||||||||||||||||||||||||||||||
January- March |
January- June |
January- September |
January- December |
January- March |
January- June |
January- September |
January- December |
|||||||||||||||||||||||||
Sales |
4,692 | 9,661 | 14,855 | 21,391 | 5,339 | 11,313 | 17,149 | 24,244 | ||||||||||||||||||||||||
comparable sales |
(1 | )% | (1 | )% | (1 | )% | (1 | )% | 2 | % | 3 | % | 2 | % | 2 | % | ||||||||||||||||
Gross margin |
1,900 | 3,975 | 5,677 | 8,206 | 2,116 | 4,611 | 7,033 | 9,856 | ||||||||||||||||||||||||
as a % of sales |
40.5 | % | 41.1 | % | 38.2 | % | 38.4 | % | 39.6 | % | 40.8 | % | 41.0 | % | 40.7 | % | ||||||||||||||||
Selling expenses |
(1,166 | ) | (2,380 | ) | (3,625 | ) | (5,124 | ) | (1,341 | ) | (2,781 | ) | (4,171 | ) | (5,815 | ) | ||||||||||||||||
as a % of sales |
(24.9 | )% | (24.6 | )% | (24.4 | )% | (24.0 | )% | (25.1 | )% | (24.6 | )% | (24.3 | )% | (24.0 | )% | ||||||||||||||||
G&A expenses |
(167 | ) | (343 | ) | (534 | ) | (747 | ) | (214 | ) | (438 | ) | (679 | ) | (1,209 | ) | ||||||||||||||||
as a % of sales |
(3.6 | )% | (3.6 | )% | (3.6 | )% | (3.5 | )% | (4.0 | )% | (3.9 | )% | (4.0 | )% | (5.0 | )% | ||||||||||||||||
R&D expenses |
(396 | ) | (796 | ) | (1,168 | ) | (1,635 | ) | (436 | ) | (919 | ) | (1,390 | ) | (1,927 | ) | ||||||||||||||||
as a % sales |
(8.4 | )% | (8.2 | )% | (7.9 | )% | (7.6 | )% | (8.2 | )% | (8.1 | )% | (8.1 | )% | (7.9 | )% | ||||||||||||||||
EBIT |
172 | 463 | 324 | 486 | 139 | 488 | 830 | 992 | ||||||||||||||||||||||||
as a % of sales |
3.7 | % | 4.8 | % | 2.2 | % | 2.3 | % | 2.6 | % | 4.3 | % | 4.8 | % | 4.1 | % | ||||||||||||||||
EBITA |
253 | 621 | 559 | 821 | 230 | 680 | 1,109 | 1,372 | ||||||||||||||||||||||||
as a % of sales |
5.4 | % | 6.4 | % | 3.8 | % | 3.8 | % | 4.3 | % | 6.0 | % | 6.5 | % | 5.7 | % | ||||||||||||||||
Net income |
137 | 380 | 277 | 411 | 100 | 374 | 698 | 659 | ||||||||||||||||||||||||
Net income attributable to shareholders |
138 | 380 | 276 | 415 | 99 | 371 | 690 | 645 | ||||||||||||||||||||||||
Net income - shareholders per common share in EUR - diluted |
0.15 | 0.41 | 0.30 | 0.45 | 0.11 | 0.40 | 0.75 | 0.70 | ||||||||||||||||||||||||
Net income from continuing operations as a % of shareholders equity |
4.0 | % | 5.7 | % | 2.0 | % | 2.0 | % | 2.4 | % | 5.3 | % | 6.5 | % | 3.6 | % | ||||||||||||||||
Number of common shares outstanding (after deduction of treasury shares) at the end of period (in thousands) |
913,485 | 923,933 | 919,973 | 914,389 | 910,616 | 925,277 | 921,181 | 917,104 | ||||||||||||||||||||||||
Shareholders equity per common share in EUR |
12.06 | 11.63 | 11.86 | 11.88 | 12.50 | 12.32 | 12.43 | 12.72 | ||||||||||||||||||||||||
Inventories as a % of sales 1,2) |
14.8 | % | 15.9 | % | 17.1 | % | 15.3 | % | 17.3 | % | 17.0 | % | 16.8 | % | 14.2 | % | ||||||||||||||||
Net debt : group equity ratio |
15:85 | 18:82 | 19:81 | 17:83 | 26:74 | 28:72 | 28:72 | 25:75 | ||||||||||||||||||||||||
Net operating capital |
10,381 | 10,500 | 10,841 | 8,838 | 10,977 | 11,397 | 11,427 | 11,096 | ||||||||||||||||||||||||
Total employees |
114,268 | 112,834 | 115,261 | 113,678 | 115,970 | 114,606 | 114,380 | 112,959 | ||||||||||||||||||||||||
of which discontinued operations |
9,957 | 8,256 | 8,489 | 8,313 | 8,334 | 8,689 | 8,812 | 8,755 |
1) | Sales is calculated over the preceding 12 months |
2) | Inventories as a % of sales excludes inventories and sales related to acquisitions, divestments and discontinued operations |
34 | Press Release Q4 2015 |
http://www.philips.com/investorrelations
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