Form 6-K
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
July 22, 2013
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 x 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 x
Name and address of person authorized to receive notices
and communications from the Securities and Exchange Commission:
E.P. Coutinho
Koninklijke Philips N.V.
Amstelplein 2
1096 BC Amsterdam The Netherlands
This report comprises a copy of the following press release:
- Philips Second Quarter Results 2013 and Semi-annual report, dated July 22, 2013.
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 22nd day of July 2013.
KONINKLIJKE PHILIPS N.V.
/s/ E.P. Coutinho
(General Secretary)
Q2 2013 Quarterly report and Semi-annual report
Philips reports second-quarter comparable sales growth of 3% to EUR 5.7 billion; operational results improve by 30% to EUR 530 million
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Comparable sales in growth geographies up 12%, driven by China |
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EBITA was EUR 603 million, or 10.7% of sales, and included a EUR 78 million past-service pension cost gain in the US
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EBITA excluding restructuring and acquisition-related charges and other gains increased to EUR 530 million, or 9.4% of sales
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Net income of EUR 317 million, compared to EUR 102 million in Q2 2012 |
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Inventories as a percentage of sales at 15.7%, a reduction of 1.5 percentage points compared to Q2 2012 |
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EUR 2 billion share buy-back program completed |
Frans van Houten, CEO:
We are pleased that in the second quarter our operational
results improved year-on-year for the fifth quarter in a row and sales grew by 3% in a challenging economic environment, thanks to our highly engaged employees. The Accelerate! transformation program continues to drive performance improvement,
resulting in a better product portfolio, higher gross margins, faster time to market, reduced inventory levels and a structurally lower cost base.
At Healthcare, order intake grew by 7%, supported by new product launches and significant customer wins. Sales were flat year-on-year, due to the weaker order intake growth in the previous quarters in the
United States and Europe. Comparable sales at Consumer Lifestyle increased an impressive 13%, as locally relevant product launches and better operational execution helped to drive growth. At Lighting, all businesses delivered better operational
results. We continued to see strong traction in LED, with LED-based sales growing 28% over the previous year.
Looking ahead to the second
half of 2013, we are concerned about economic uncertainties around the world; however, we remain committed to reach our financial targets this year.
Q2 financials: Results improve across all sectors. Strong growth at Consumer Lifestyle, modest growth at Lighting. Healthcare order intake up by 7%.
Healthcare currency-comparable equipment order intake increased by 7% year-on-year, with both Imaging Systems and Patient Care & Clinical
Informatics showing growth. Comparable sales were flat year-on-year as the growth at Customer Services, Patient Care & Clinical Informatics and Home Healthcare Solutions was offset by a decline at Imaging Systems due to soft order intake in
the previous quarters. In growth geographies, comparable sales showed a double-digit increase. EBITA margin excluding restructuring and acquisition-related charges and the past-service pension cost gain in the US increased by 1.2 percentage points
year-on-year to 14.3%.
Consumer Lifestyle comparable sales increased by 13%, driven by good growth in all businesses, i.e. Domestic
Appliances, Personal Care, as well as Health & Wellness. In growth geographies, comparable sales showed a strong double-digit increase. EBITA margin excluding restructuring and acquisition-related charges and the past-service pension cost
gain in the US increased to 7.8%, a year-on-year improvement of 2.8 percentage points.
Lighting comparable sales increased by 2%, led by Automotive, Lumileds and Consumer Luminaires. LED-based
sales grew by 28%, representing 25% of total Lighting sales. In growth geographies, comparable sales showed a double-digit increase. EBITA margin excluding restructuring and acquisition-related charges and the past-service pension cost gain in the
US was 8.1%, a year-on-year improvement of 2.4 percentage points.
We have completed the EUR 2 billion share buy-back program that started in
July 2011.
Accelerate! is driving performance improvement
Now in its third year, our change and performance improvement program Accelerate! continues to drive better results across the organization. The program, which runs through 2017, has five streams to
enhance customer relevance, change company culture, reduce overhead costs, streamline our End2End customer value chains, and reallocate resources to profitable growth opportunities.
In the second quarter, Accelerate! initiatives to enhance customer relevance resulted in encouraging success in our markets. For example, we established an innovative alliance with Georgia Regents Medical
Center, through which Philips will provide a comprehensive range of consulting services, advanced medical technologies, and operational performance, planning and maintenance services with pre-determined monthly operational costs over a 15-year term.
At Domestic Appliances, we have leveraged our Povos acquisition to make locally relevant and successful products, such as the Noodle Maker in
China and the Multicooker in Russia. And underlining our leadership in innovative, energy-efficient lighting, we installed new lighting systems in Brazil and at The Change Initiatives retail space in Dubai, supporting its claim that it is the
most sustainable commercial building in the world.
Over 1,200 senior leaders and 600 middle managers have participated in change programs to
create a high-performance culture. Additionally, more than 1,300 people have received specialized Lean training to drive End2End transformation of customer value chains. Our overhead cost reduction program has resulted in EUR 673 million total
gross savings to date, including EUR 202 million realized in the first half of 2013. In the quarter, we reduced inventory by 1.5 percentage points of sales year-on-year.
Please refer to page 18 of this press release for more information about forward-looking statements, third-party market share data, use of non-GAAP information and use of fair-value measurements.
Philips Group
Net income
in millions of euros unless otherwise stated
|
|
|
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|
|
|
|
|
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Q2 2012 |
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Q2 2013 |
|
|
|
|
Sales |
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|
5,570 |
|
|
|
5,654 |
|
EBITA |
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|
339 |
|
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|
603 |
|
as a % of sales |
|
|
6.1 |
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|
10.7 |
|
EBIT |
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|
229 |
|
|
|
509 |
|
as a % of sales |
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4.1 |
|
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|
9.0 |
|
Financial income and expenses |
|
|
(99 |
) |
|
|
(78 |
) |
Income taxes |
|
|
(59 |
) |
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|
(121 |
) |
Results investments in associates |
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(9 |
) |
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14 |
|
Income from continuing operations |
|
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62 |
|
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|
324 |
|
Discontinued operations |
|
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40 |
|
|
|
(7 |
) |
Net income |
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|
102 |
|
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|
317 |
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|
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Net income attributable to shareholders per common share (in euros) - basic |
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0.11 |
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0.35 |
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Net income
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Net income amounted to EUR 317 million, an increase of EUR 215 million year-on-year, which reflected better operating results across all
sectors, lower restructuring and acquisition-related charges and higher past-service pension cost gains in Q2 2013 compared to Q2 2012. |
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EBITA amounted to EUR 603 million, reflecting an increase of EUR 264 million year-on-year to 10.7% of sales. Q2 2013 included a gain of EUR
78 million relating to past-service pension costs in the US, EUR 26 million of restructuring and acquisition-related charges, and a EUR 21 million gain on the sale of a business in Healthcare. Q2 2012 EBITA included restructuring and
acquisition-related charges of EUR 94 million and a gain of EUR 25 million relating to past-service costs in respect of a medical retiree benefit plan. |
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EBITA, excluding restructuring and acquisition-related charges, the gains on past-service pension costs in Q2 2013 and in Q2 2012, as well as the gain
on the sale of a business in Healthcare, improved by 30% and amounted to EUR 530 million, or 9.4% of sales, compared to EUR 408 million, or 7.3% of sales, in Q2 2012. |
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Tax charges were EUR 62 million higher than in Q2 2012, mainly due to higher taxable earnings. |
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Income from discontinued operations was a loss of EUR 7 million, a year-on-year decline of EUR 47 million, and represents the results of the
Television business and of the Audio, Video, Multimedia and Accessories business. The decline was attributable to a EUR 20 million gain on the Speech Processing divestment in Q2 2012 and lower results related to the Audio, Video, Multimedia and
Accessories business and the Television business. |
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Q2 2013 Quarterly report and Semi-annual report |
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3 |
Sales by sector
in millions of euros unless otherwise stated
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|
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|
Q2 2012 |
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Q2 2013 |
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|
nominal |
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|
% change comparable |
|
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|
|
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|
Healthcare |
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2,413 |
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|
2,362 |
|
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(2 |
) |
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0 |
|
Consumer Lifestyle |
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960 |
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1,083 |
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|
13 |
|
|
|
13 |
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Lighting |
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2,026 |
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|
2,048 |
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|
|
1 |
|
|
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2 |
|
Innovation, Group & Services |
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|
171 |
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|
|
161 |
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|
(6 |
) |
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(14 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Philips Group |
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5,570 |
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5,654 |
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|
2 |
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3 |
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Sales per geographic cluster
in millions of euros unless otherwise stated
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Q2 2012 |
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Q2 2013 |
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nominal |
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% change comparable |
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Western Europe |
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1,336 |
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1,328 |
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(1 |
) |
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(1 |
) |
North America |
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1,881 |
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1,782 |
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(5 |
) |
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(5 |
) |
Other mature geographies |
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449 |
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441 |
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(2 |
) |
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7 |
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Total mature geographies |
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3,666 |
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3,551 |
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(3 |
) |
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(2 |
) |
Growth geographies |
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1,904 |
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2,103 |
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|
10 |
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12 |
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|
|
|
|
|
|
|
|
|
|
|
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|
Philips Group |
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|
5,570 |
|
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|
5,654 |
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|
2 |
|
|
|
3 |
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Sales per sector
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Group sales amounted to EUR 5,654 million, an increase of 3% on a comparable basis. Group nominal sales increased by 2%, reflecting a 1% negative
currency effect. |
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Healthcare comparable sales were flat year-on-year. Customer Services recorded mid-single-digit growth, while Patient Care & Clinical
Informatics and Home Healthcare Solutions achieved low-single-digit growth. Imaging Systems saw a high-single-digit decline. |
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Consumer Lifestyle comparable sales were 13% higher year-on-year, driven by strong double-digit growth at Domestic Appliances and Personal Care, while
Health & Wellness recorded mid-single-digit growth. |
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Lighting sales grew by 2% on a comparable basis, led by high-single-digit growth at Automotive and mid-single-digit growth at Lumileds and Consumer
Luminaires. Light Sources & Electronics achieved low-single-digit growth, while Professional Lighting Solutions sales were slightly below the level of Q2 2012. |
Sales per geographic cluster
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Comparable sales in the mature geographies declined by 2% compared to Q2 2012, due to Healthcare and Lighting, while Consumer Lifestyle sales improved.
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Growth geographies delivered 12% comparable growth, driven by all sectors. Particularly strong growth was seen in China, Latin America and Russia.
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4 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
EBITA
in millions of euros
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Healthcare |
|
|
308 |
|
|
|
420 |
|
Consumer Lifestyle |
|
|
40 |
|
|
|
82 |
|
Lighting |
|
|
78 |
|
|
|
153 |
|
Innovation, Group & Services |
|
|
(87 |
) |
|
|
(52 |
) |
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
339 |
|
|
|
603 |
|
EBITA
as a % of sales
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Healthcare |
|
|
12.8 |
|
|
|
17.8 |
|
Consumer Lifestyle |
|
|
4.2 |
|
|
|
7.6 |
|
Lighting |
|
|
3.8 |
|
|
|
7.5 |
|
Innovation, Group & Services |
|
|
(50.9 |
) |
|
|
(32.3 |
) |
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
6.1 |
|
|
|
10.7 |
|
Restructuring and acquisition-related charges
in millions of euros
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Healthcare |
|
|
(8 |
) |
|
|
|
|
Consumer Lifestyle |
|
|
(8 |
) |
|
|
(3 |
) |
Lighting |
|
|
(38 |
) |
|
|
(23 |
) |
Innovation, Group & Services |
|
|
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
(94 |
) |
|
|
(26 |
) |
EBIT
in
millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Healthcare |
|
|
259 |
|
|
|
379 |
|
Consumer Lifestyle |
|
|
27 |
|
|
|
69 |
|
Lighting |
|
|
34 |
|
|
|
115 |
|
Innovation, Group & Services |
|
|
(91 |
) |
|
|
(54 |
) |
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
229 |
|
|
|
509 |
|
as a % of sales |
|
|
4.1 |
|
|
|
9.0 |
|
Earnings
|
|
Healthcare EBITA increased by EUR 112 million year-on-year. Excluding restructuring and acquisition-related charges and other gains, EBITA
improved by EUR 22 million. EBITA in the quarter included a EUR 61 million past-service pension cost gain in the US and a EUR 21 million gain on the sale of a business. |
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Consumer Lifestyle EBITA increased by EUR 42 million year-on-year. Excluding the EUR 3 million restructuring and acquisition-related charges
and the EUR 1 million past-service pension cost gain in the US, EBITA was EUR 36 million higher, driven by higher sales across all businesses and improved gross margins. |
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|
Lighting EBITA increased by EUR 75 million year-on-year. Excluding the EUR 23 million restructuring and acquisition-related charges and the
EUR 10 million past-service pension cost gain in the US, EBITA was EUR 50 million higher, driven by revenue growth and gross margin improvements. All businesses contributed to the EBITA improvement. |
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|
Innovation, Group & Services EBITA improved by EUR 35 million to a net cost of EUR 52 million. The improvement was driven by lower
restructuring charges and the EUR 6 million past-service pension cost gain in the US, partly offset by the EUR 25 million past-service cost gain related to a medical retiree benefit plan in Q2 2012. Excluding restructuring and one-time
gains, EBITA improved by EUR 14 million compared to Q2 2012, mainly related to the remeasurement of environmental provisions due to changes in discount rates.
|
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|
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|
Q2 2013 Quarterly report and Semi-annual report |
|
5 |
Financial income and expenses
in millions of euros
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Net interest expenses |
|
|
(87 |
) |
|
|
(71 |
) |
Value adjustment to option in the UK pension plan |
|
|
(2 |
) |
|
|
5 |
|
Other |
|
|
(10 |
) |
|
|
(12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(99 |
) |
|
|
(78 |
) |
Cash balance
in millions of euros
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Beginning cash balance |
|
|
4,225 |
|
|
|
3,066 |
|
Free cash flow |
|
|
(162 |
) |
|
|
(122 |
) |
Net cash flow from operating activities |
|
|
81 |
|
|
|
124 |
|
Net capital expenditures |
|
|
(243 |
) |
|
|
(246 |
) |
Acquisitions and divestments of businesses |
|
|
8 |
|
|
|
96 |
|
Other cash flow from investing activities |
|
|
(23 |
) |
|
|
(7 |
) |
Treasury shares transactions |
|
|
(288 |
) |
|
|
(265 |
) |
Dividend paid |
|
|
(256 |
) |
|
|
(231 |
) |
Changes in debt/other |
|
|
(274 |
) |
|
|
(137 |
) |
Net cash flow discontinued operations |
|
|
(96 |
) |
|
|
(93 |
) |
|
|
|
|
|
|
|
|
|
Ending balance |
|
|
3,134 |
|
|
|
2,307 |
|
Cash flows from operating activities
in millions of euros
Financial income and expenses
|
|
Financial income and expenses amounted to a net expense of EUR 78 million, an improvement of EUR 21 million compared with Q2 2012. This was
partly attributable to lower interest expenses on pensions and debt, and a value adjustment to the option in the UK pension plan. |
Cash balance
|
|
The Group cash balance decreased during Q2 2013 to EUR 2,307 million. This was largely due to a free cash outflow of EUR 122 million, the use of
EUR 265 million in treasury shares transactions, primarily for our share buy-back program, EUR 231 million of cash dividend, as well as a net decrease of EUR 137 million mainly related to debt redemption. |
|
|
In Q2 2012, the cash balance decreased to EUR 3,134 million, mainly due to a free cash outflow of EUR 162 million, the use of EUR
288 million in treasury shares transactions for our share buy-back program, EUR 256 million of cash dividend, as well as a net decrease of EUR 274 million mainly related to debt redemption. |
Cash flows from operating activities
|
|
Operating activities resulted in a cash inflow of EUR 124 million, higher than the inflow of EUR 81 million in Q2 2012, mainly as a result of
higher earnings. |
|
|
|
|
|
6 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Gross capital expenditures1)
in millions of euros
1) |
Capital expenditures on property, plant and equipment only |
Inventories
as a % of sales1)
1) |
sales is calculated over the preceding 12 months |
Net debt and group equity
in billions of euros
Gross capital expenditures
|
|
Gross capital expenditures on property, plant and equipment were EUR 23 million lower than in Q2 2012, mainly due to lower investments at Lighting
and Consumer Lifestyle. |
Inventories
|
|
Inventory value at the end of Q2 2013 was EUR 3.7 billion and amounted to 15.7% of sales. |
|
|
Compared to Q2 2012, inventories as a percentage of sales improved by 1.5 percentage points. This was attributable to all sectors, but mainly driven by
inventory improvements at Healthcare and Lighting. |
Net debt and group equity
|
|
At the end of Q2 2013, Philips had a net debt position of EUR 2.1 billion, compared to EUR 1.8 billion at the end of Q2 2012. During the quarter, the
net debt position increased by EUR 568 million, mainly due to treasury shares transactions and the distribution of the annual dividend in Q2 2013. |
|
|
Group equity decreased by EUR 395 million in the quarter to EUR 10.8 billion. The decrease was largely a result of treasury shares transactions
and the distribution of the annual dividend, offset partially by net income earned during the period. |
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
7 |
Number of employees
in FTEs
1) |
Number of employees excludes discontinued operations. Discontinued operations, comprising the Audio, Video, Multimedia and Accessories business, had
1,958 employees at the end of Q2 2013 (Q2 2012: 2,166; Q1 2013: 1,970).
|
Employees
|
|
The number of employees decreased by 630 in the quarter, with most of the reduction centered on Consumer Lifestyle and Lighting. The decrease at
Consumer Lifestyle was driven by the seasonal outflow of temporary workers, while the decrease at Lighting was largely attributable to activities to reduce the industrial footprint. |
|
|
Compared to Q2 2012, the number of employees decreased by 4,354. This decrease includes 824 employees from divestments. Excluding divestments, the
number of employees decreased by 3,530, mainly due to the companys overhead reduction program and the industrial footprint rationalization at Lighting.
|
|
|
|
|
|
8 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Healthcare
Key data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Sales |
|
|
2,413 |
|
|
|
2,362 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
16 |
|
|
|
(2 |
) |
% comparable |
|
|
7 |
|
|
|
0 |
|
EBITA |
|
|
308 |
|
|
|
420 |
|
as a % of sales |
|
|
12.8 |
|
|
|
17.8 |
|
EBIT |
|
|
259 |
|
|
|
379 |
|
as a % of sales |
|
|
10.7 |
|
|
|
16.0 |
|
Net operating capital (NOC) |
|
|
8,542 |
|
|
|
7,684 |
|
Number of employees (FTEs) |
|
|
37,887 |
|
|
|
37,270 |
|
Sales
in millions of euros
EBITA
Business highlights
|
|
As a leader in image-guided interventions and therapies, Philips has received 510(k) clearance from the US Food and Drug Administration to market its
low-dose AlluraClarity interventional X-ray system in the US. The innovative technology is also available as an upgrade for the majority of Philips installed base of interventional X-ray systems. |
|
|
Executing on the strategy of delivering affordable solutions across the continuum of care, Philips and Georgia Regents Medical Center (US) entered into
a 15-year alliance worth USD 300 million. Under the agreement, Philips will provide a comprehensive range of medical equipment, consulting and operational performance services with pre-determined monthly operational costs.
|
|
|
Highlighting the companys focus on locally relevant products for growth geographies, Philips introduced a broad range of mother and child care
solutions in India and Africa, including the Efficia range of Infant Warmers and Incubators intended to help reduce infant mortality. |
|
|
Further expanding its geographical reach, Philips will commence its joint venture with Al Faisaliah Medical Systems to provide Philips Healthcare
solutions and services in the Kingdom of Saudi Arabia. |
|
|
Combining its expertise in patient monitoring with clinical informatics technologies, Philips will carry out a hospital-wide installation of connected
patient monitoring solutions at the VU Medical Center Amsterdam (Netherlands). This will enable remote monitoring from a central workstation and monitoring at an individual patients bedside, as well as providing immediate access anywhere in
the hospital to real-time centrally held patient data. |
Financial performance
|
|
Currency-comparable equipment order intake grew 7% year-on-year. Double-digit growth was recorded at Patient Care & Clinical Informatics,
while low-single-digit growth was seen at Imaging Systems. Equipment order intake in North America showed mid-single-digit growth, while orders in growth geographies increased by 19% compared to Q2 2012. Western Europe equipment order intake saw a
low-single-digit decline. |
|
|
Healthcare comparable sales remained flat year-on-year. Customer Services recorded mid-single-digit growth, while Patient Care & Clinical
Informatics and Home Healthcare Solutions achieved low-single-digit growth. Imaging Systems saw a high-single-digit decline.
|
|
|
|
|
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Q2 2013 Quarterly report and Semi-annual report |
|
9 |
|
|
From a regional perspective, comparable sales in growth geographies increased by 10% year-on-year, with strong growth in China and Latin America. Sales
in mature geographies declined 3% year-on-year, with North America and Western Europe showing mid-single-digit and low-single-digit declines respectively. |
|
|
EBITA was EUR 420 million, or 17.8% of sales, compared to EUR 308 million, or 12.8% of sales, in Q2 2012. Excluding restructuring and
acquisition-related charges and other gains, EBITA amounted to EUR 338 million, or 14.3% of sales, compared to EUR 316 million, or 13.1% of sales, in Q2 2012. EBITA in the quarter included a EUR 61 million past-service pension cost
gain in the US and a EUR 21 million gain on the sale of a business. |
|
|
Net operating capital, excluding a currency translation impact of EUR 466 million, decreased by EUR 392 million to EUR 7.7 billion. This
decrease was largely driven by improved working capital and lower fixed assets. Inventories as a percentage of sales improved by 2.6 percentage points year-on-year, with improvements seen across all businesses. |
|
|
Compared to Q2 2012, the number of employees decreased by 617, as a result of reductions in North America and Europe. |
Miscellaneous
|
|
Restructuring and acquisition-related charges in Q3 2013 are expected to total approximately EUR 5 million.
|
|
|
|
|
|
10 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Consumer Lifestyle
* |
Excluding the Audio, Video, Multimedia and Accessories business |
Key data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Sales |
|
|
960 |
|
|
|
1,083 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
15 |
|
|
|
13 |
|
% comparable |
|
|
8 |
|
|
|
13 |
|
EBITA |
|
|
40 |
|
|
|
82 |
|
as a % of sales |
|
|
4.2 |
|
|
|
7.6 |
|
EBIT |
|
|
27 |
|
|
|
69 |
|
as a % of sales |
|
|
2.8 |
|
|
|
6.4 |
|
Net operating capital (NOC) |
|
|
1,514 |
|
|
|
1,182 |
|
Number of employees (FTEs) |
|
|
16,540 |
|
|
|
16,414 |
|
Sales
in millions of euros
EBITA
Business highlights
|
|
Demonstrating the strength of its local-for-local business creation capabilities, Philips introduced the Noodle Maker in China. The appliance has
already seen significant sales with leading Chinese online retailer T-mall. |
|
|
Delivering on its strategy to attract younger customers, Philips latest introduction, the Philips Click & Style, is driving market share
gains in North America. Click & Style is a multifunctional grooming tool designed specifically for younger men to groom their face and body. |
|
|
Philips further strengthened its leadership in Oral Healthcare in Japan, investing in a celebrity-endorsed marketing campaign to stimulate consumers to
start electric brushing, and driving professional endorsement via an education program for dentists. |
|
|
Demonstrating Philips ability to quickly respond to local market opportunities, the company recorded strong sales growth in its air purifier
business in China on the back of heightened awareness of outdoor air quality in the country. |
Financial performance
|
|
Consumer Lifestyle comparable sales increased by 13%. Strong double-digit comparable growth was seen at Domestic Appliances and Personal Care, while
Health & Wellness recorded mid-single-digit growth. |
|
|
From a regional perspective, Consumer Lifestyle achieved a strong double-digit comparable sales increase in growth geographies and mid-single-digit
growth in Western Europe and North America. |
|
|
EBITA amounted to EUR 82 million, an increase of EUR 42 million compared to Q2 2012. |
|
|
EBITA in Q2 2013 included EUR 3 million of restructuring and acquisition-related charges and a EUR 1 million past-service pension cost gain
in the US, compared to EUR 8 million of restructuring and acquisition-related charges in Q2 2012. |
|
|
Excluding restructuring and acquisition-related charges and the US past-service pension cost gain, EBITA was EUR 84 million, or 7.8% of sales,
compared to EUR 48 million, or 5.0% of sales, in Q2 2012. The 2.8 percentage points improvement was largely attributable to higher sales and improved gross margins across all businesses.
|
|
|
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|
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Q2 2013 Quarterly report and Semi-annual report |
|
11 |
|
|
EBITA included EUR 7 million of costs formerly reported as part of the Audio, Video, Multimedia and Accessories business in Consumer Lifestyle (Q2
2012 included EUR 9 million of costs related to the Audio, Video, Multimedia and Accessories business and EUR 9 million of costs related to the Television business). |
|
|
Net operating capital, excluding a currency translation impact of EUR 66 million, decreased by EUR 266 million year-on-year. The decrease was
largely driven by lower working capital. |
|
|
The number of employees decreased by 126 year-on-year, largely due to the seasonal outflow of temporary workers, mainly in the Domestic Appliances
business and the Asian region. |
Miscellaneous
|
|
Restructuring and acquisition-related charges in Q3 2013 are expected to total approximately EUR 5 million.
|
|
|
|
|
|
12 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Lighting
Key data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Sales |
|
|
2,026 |
|
|
|
2,048 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
14 |
|
|
|
1 |
|
% comparable |
|
|
6 |
|
|
|
2 |
|
EBITA |
|
|
78 |
|
|
|
153 |
|
as a % of sales |
|
|
3.8 |
|
|
|
7.5 |
|
EBIT |
|
|
34 |
|
|
|
115 |
|
as a % of sales |
|
|
1.7 |
|
|
|
5.6 |
|
Net operating capital (NOC) |
|
|
5,287 |
|
|
|
4,732 |
|
Number of employees (FTEs) |
|
|
52,749 |
|
|
|
49,148 |
|
Sales
in millions of euros
EBITA
Business highlights
|
|
Underlining Philips leadership in digital lighting, Philips Hue, the connected lighting system for the home, was named Best Product of 2012 by
Forbes magazine. The latest version of the Hue App and the Software Development Kit (SDK) introduces functionality that allows Hue to connect to internet services, making it even more intelligent and attracting a large group of App developers across
the globe. |
|
|
As the leader in total lighting solutions and services, Philips has been selected as a provider of advanced lighting solutions for the 2014 FIFA World
Cup Brazil. This includes interior, exterior and architectural lighting for the Maracanã, the main stadium in Rio de Janeiro. |
|
|
Highlighting its expertise in energy-efficient lighting, Philips installed LED systems in The Change Initiatives retail space in Dubai. This
contributed to a Platinum LEED certification from the US Building Council, making it the most sustainable commercial building in the world. |
|
|
Reflecting its customer-centric approach and focus on LED lighting for its outdoor lighting business in the Nordics, Philips has gained market
leadership in LED-based outdoor lighting in this region in the past 18 months. |
|
|
Philips worked together with Disney to create a portfolio of innovative co-branded digital lighting products, which will be sold through a variety of
retail channels starting in Europe and the US from September, with Asia and Canada to follow later this year. |
Financial
performance
|
|
Comparable sales were 2% higher year-on-year, led by high-single-digit growth at Automotive and mid-single-digit growth at Lumileds and Consumer
Luminaires. Light Sources & Electronics achieved low-single-digit growth, while Professional Lighting Solutions sales were slightly below the level of Q2 2012. |
|
|
From a geographical perspective, comparable sales showed a double-digit increase in growth geographies (8% increase in comparable sales excluding the
OEM Lumileds sales), which was partly offset by a mid-single-digit decrease in mature geographies. |
|
|
LED-based sales grew 28% compared to Q2 2012 and now represent 25% of total Lighting sales. |
|
|
EBITA amounted to EUR 153 million, compared to EUR 78 million in Q2 2012, and included restructuring and acquisition-related charges of EUR
23 million (Q2 2012: EUR 38 million), as well as a past-service pension cost gain in the US of EUR 10 million.
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
13 |
|
|
Excluding restructuring and acquisition-related charges and the past-service pension cost gain in the US, EBITA was EUR 166 million, or 8.1% of
sales, compared to EUR 116 million, or 5.7% of sales, in Q2 2012. The year-on-year EBITA increase was driven by revenue growth and gross margin improvements. All businesses contributed to the EBITA improvement. |
|
|
Net operating capital, excluding a currency translation impact of EUR 185 million, decreased by EUR 370 million year-on-year. The decrease
was largely driven by an increase in provisions and improved working capital. Inventories as a percentage of sales improved by 1.2 percentage points year-on-year. |
|
|
Compared to Q2 2012, the total number of employees decreased by 3,601, mainly driven by the rationalization of the industrial footprint.
|
Miscellaneous
|
|
Restructuring and acquisition-related charges in Q3 2013 are expected to total approximately EUR 40 million.
|
|
|
|
|
|
14 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Innovation, Group & Services
Key data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
Sales |
|
|
171 |
|
|
|
161 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
1 |
|
|
|
(6 |
) |
% comparable |
|
|
(2 |
) |
|
|
(14 |
) |
EBITA of: |
|
|
|
|
|
|
|
|
Group Innovation |
|
|
(41 |
) |
|
|
(34 |
) |
IP Royalties |
|
|
51 |
|
|
|
56 |
|
Group and Regional Costs |
|
|
(29 |
) |
|
|
(34 |
) |
Accelerate! investment |
|
|
(34 |
) |
|
|
(40 |
) |
Pensions |
|
|
25 |
|
|
|
(1 |
) |
Service Units and Other |
|
|
(59 |
) |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
EBITA |
|
|
(87 |
) |
|
|
(52 |
) |
EBIT |
|
|
(91 |
) |
|
|
(54 |
) |
Net operating capital (NOC) |
|
|
(3,858 |
) |
|
|
(3,414 |
) |
Number of employees (FTEs) |
|
|
12,459 |
|
|
|
12,449 |
|
Sales
in millions of euros
EBITA
in millions of euros
Business highlights
|
|
Philips has been recognized in Interbrands annual ranking of the top 50 Best Global Green Brands, moving up eight places to 23rd.
|
|
|
Philips received four awards at the 2013 Australian International Design Awards presented by Good Design Australia. Two of the prestigious Design
Awards went to Philips Healthcare products the SimplyGo oxygen system and the TrueBlue apnea mask. The PerfectCare Aqua iron and the Antumbra lighting user interface panel also received awards. |
|
|
Philips is fostering the growth of the LED lighting industry by offering licensed companies access to its comprehensive portfolio of patented LED
system technologies and solutions. The Philips LED luminaire and retrofit bulb licensing program grew by 50% in one year, reaching 300 licensees. |
|
|
Capitalizing on its strong patent portfolio, Philips is the first company to offer 600 patents through the Intellectual Property Exchange
International, the new financial exchange for licensing and trading intellectual property rights. The portfolio relates to OLED technologies for display screen applications. |
Financial performance
|
|
Sales decreased from EUR 171 million in Q2 2012 to EUR 161 million in Q2 2013, mainly due to lower license income.
|
|
|
EBITA amounted to a net cost of EUR 52 million, including a EUR 6 million past-service pension cost gain in the US. The EBITA net cost of EUR
87 million in Q2 2012 included a past-service cost gain on a medical retiree benefit plan of EUR 25 million. Net restructuring charges in Q2 2013 were close to zero, while restructuring charges in Q2 2012 were EUR 40 million. EBITA excluding
restructuring charges and past-service pension cost gains improved by EUR 14 million compared to Q2 2012, mainly related to the remeasurement of environmental provisions due to changes in discount rates. |
|
|
EBITA of Service Units and Other included EUR 13 million of net costs formerly reported as part of the Audio, Video, Multimedia and Accessories
business in Consumer Lifestyle (Q2 2012 included EUR 9 million related to the Audio, Video, Multimedia and Accessories business and EUR 9 million related to the Television business).
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
15 |
|
|
Net operating capital increased by EUR 444 million year-on-year, mainly due to an increase in the value of currency hedges held at Group level as
well as the reclassification of real estate assets from the sectors to Service Units. |
Miscellaneous
|
|
In Q3 2013, a settlement result arising from a lump sum offering to terminated vested employees in our US pension plan will be reported as part of
EBITA. This concerns the same US pension plan for which a past-service cost gain was reported in Q2 2013. The settlement result, which is dependent on the discount rate on the payment date in September, relates to inactive members and therefore will
be reported in IG&S. |
|
|
Restructuring charges in Q3 2013 are expected to total approximately EUR 10 million.
|
|
|
|
|
|
16 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Additional information on Audio, Video, Multimedia and Accessories business
AVM&A results reconciliation
|
|
|
|
|
|
|
|
|
|
|
Q2 2012 |
|
|
Q2 2013 |
|
|
|
|
EBITA |
|
|
29 |
|
|
|
(10 |
) |
|
|
|
Disentanglement costs |
|
|
|
|
|
|
(7 |
) |
|
|
|
Former AVM&A net costs allocated to Consumer Lifestyle |
|
|
9 |
|
|
|
7 |
|
Former AVM&A net costs allocated to IG&S |
|
|
9 |
|
|
|
13 |
|
|
|
|
Eliminated amortization other AVM&A intangibles |
|
|
(4 |
) |
|
|
|
|
|
|
|
EBIT discontinued operations |
|
|
43 |
|
|
|
3 |
|
Financial income and expenses |
|
|
|
|
|
|
(1 |
) |
Income taxes |
|
|
(10 |
) |
|
|
(2 |
) |
|
|
|
Net income from discontinued operations |
|
|
33 |
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
2,166 |
|
|
|
1,958 |
|
Following the agreement with Funai Electric Co. Ltd, as mentioned in the Q1 2013 press release, the results
of the Audio, Video, Multimedia and Accessories (AVM&A) business are reported as discontinued operations in the Consolidated statements of income and Consolidated statements of cash flows. Prior-period comparative figures have been restated
accordingly. Consequently, Audio, Video, Multimedia and Accessories sales and EBITA are no longer included in the Consumer Lifestyle and Group results of continuing operations.
The net income of discontinued operations attributable to the Audio, Video, Multimedia and Accessories business declined from EUR 33 million in Q2 2012 to zero in Q2 2013. The year-on-year decline in
income was attributable to a EUR 20 million gain on the Speech Processing divestment in Q2 2012 and lower results related to the Audio, Video, Multimedia and Accessories business.
Since Q1 2013, the applicable net operating capital of this business is reported under Assets and Liabilities classified as held for sale in the Consolidated balance sheet.
The EBITA of Consumer Lifestyle includes net costs of EUR 7 million formerly reported as part of the results of this business. The EBITA of
Innovation, Group & Services includes net costs of EUR 13 million formerly reported as part of this business.
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
17 |
Forward-looking statements
Forward-looking statements
This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of
operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about our strategy, estimates of sales growth, future EBITA and future
developments in our organic business. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ
materially from those expressed or implied by these statements.
These factors include but are not limited to domestic and global economic and
business conditions, developments within the euro zone, the successful implementation of our strategy and our ability to realize the benefits of this strategy, our ability to develop and market new products, changes in legislation, legal claims,
changes in exchange and interest rates, changes in tax rates, pension costs and actuarial assumptions, raw materials and employee costs, our ability to identify and complete successful acquisitions and to integrate those acquisitions into our
business, our ability to successfully exit certain businesses or restructure our operations, the rate of technological changes, political, economic and other developments in countries where Philips operates, industry consolidation and competition.
As a result, Philips actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such
forward-looking statements, see the Risk management chapter included in our Annual Report 2012.
Third-party market share data
Statements regarding market share, including those regarding Philips competitive position, contained in this document are based on
outside sources such as research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, those statements may also be based on estimates and projections prepared by outside
sources or management. Rankings are based on sales unless otherwise stated.
Use of non-GAAP information
In presenting and discussing the Philips Group financial position, operating results and cash flows, management uses certain non-GAAP financial measures. These non-GAAP financial measures should not be
viewed in isolation as alternatives to the equivalent IFRS measures and should be used in conjunction with the most directly comparable IFRS measures. A reconciliation of these non-GAAP measures to the most directly comparable IFRS measures is
contained in this document. Further information on non-GAAP measures can be found in our Annual Report 2012.
Use of fair-value
measurements
In presenting the Philips Group financial position, fair values are used for the measurement of various items in accordance
with the applicable accounting standards. These fair values are based on market prices, where available, and are obtained from sources that are deemed to be reliable. Readers are cautioned that these values are subject to changes over time and are
only valid at the balance sheet date. When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Such fair value estimates require management to make
significant assumptions with respect to future developments, which are inherently uncertain and may therefore deviate from actual developments. Critical assumptions used are disclosed in our Annual Report 2012. Independent valuations may have been
obtained to support managements determination of fair values.
All amounts are in millions of euros unless otherwise stated. All
reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2012, unless otherwise stated.
Prior-period financials have been restated for the treatment of Audio, Video, Multimedia and Accessories as discontinued operations, the adoption of IAS 19R, which mainly relates to pension reporting, and
adjustments to the quarterly figures of 2012, which have already been included in the Annual Report 2012 (for an explanation refer to Annual Report 2012 section 12.10 Significant Accounting Policies). An overview of the revised 2012
figures per quarter is available on the Philips website, in the Investor Relations section.
|
|
|
|
|
18 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Semi-annual report
Introduction
This report contains the semi-annual report of Koninklijke Philips N.V. (the Company), a company with limited liability, headquartered in Amsterdam, the Netherlands. The principal activities
of the Company and its group companies (the Group) are described in note 4, Segment information.
The semi-annual report for the six months
ended June 30, 2013 consists of the semi-annual condensed consolidated financial statements, the semi-annual management report and responsibility statement by the Companys Board of Management. The information in this semi-annual report is
unaudited.
The semi-annual condensed consolidated financial statements do not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with the Companys consolidated IFRS financial statements for the year ended December 31, 2012.
Responsibility statement
The Board of Management of the Company hereby declares that to the best of their knowledge, the semi-annual report, which has been prepared in accordance with the applicable financial reporting standards
for interim financial reporting, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole, and the semi-annual management report
gives a fair review of the information required pursuant to section 5:25d(8)/(9) of the Dutch Financial Markets Supervision Act (Wet op het Financieel toezicht).
Amsterdam, July 22, 2013
Board of Management
|
|
|
Frans van Houten |
|
Ron Wirahadiraksa |
|
|
Pieter Nota |
|
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
19 |
Management report
The first six months of 2013
|
|
Group sales amounted to EUR 10.9 billion, a 2% comparable sales increase year-on-year, with strong double-digit growth at Consumer Lifestyle.
|
|
|
High-single-digit comparable sales increase in growth geographies and a mid-single-digit decline in North America. |
|
|
Group EBITA improved by EUR 215 million compared to the first half of 2012. |
|
|
Net income, at EUR 479 million, was EUR 194 million higher than in the first half of 2012, mainly as a result of higher earnings across all
operational sectors. |
|
|
Cash flow from operating activities was an outflow of EUR 104 million, compared to an inflow of EUR 378 million in the first half of 2012.
|
Net income
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
|
|
Sales |
|
|
10,877 |
|
|
|
10,912 |
|
EBITA |
|
|
790 |
|
|
|
1,005 |
|
as a % of sales |
|
|
7.3 |
|
|
|
9.2 |
|
EBIT |
|
|
570 |
|
|
|
814 |
|
as a % of sales |
|
|
5.2 |
|
|
|
7.5 |
|
Financial income and expenses |
|
|
(174 |
) |
|
|
(161 |
) |
Income taxes |
|
|
(121 |
) |
|
|
(190 |
) |
Results investments in associates |
|
|
(12 |
) |
|
|
15 |
|
Income from continuing operations |
|
|
263 |
|
|
|
478 |
|
Discontinued operations |
|
|
22 |
|
|
|
1 |
|
Net income |
|
|
285 |
|
|
|
479 |
|
|
|
|
Net income attributable to shareholders per common share (in euros) - basic |
|
|
0.31 |
|
|
|
0.52 |
|
Performance of the Group
|
|
Group sales amounted to EUR 10.9 billion, slightly above the first half of 2012. Adjusted for currency impacts and portfolio changes, sales increased
2% year-on-year, with strong double-digit growth at Consumer Lifestyle and low-single-digit growth at Lighting, while Healthcare comparable sales were slightly below the level of the first half of 2012. |
|
|
Group EBITA improved by EUR 215 million compared to the first half of 2012. It included EUR 45 million of restructuring and
acquisition-related charges, a EUR 78 million gain related to past-service pension costs in the US and a EUR 21 million gain on the sale of a business in Healthcare. The first half of 2012 included EUR 137 million of restructuring and
acquisition-related charges, EUR 172 million of gains mainly related to the Senseo transaction and the sale of the High Tech Campus real estate, and a EUR 25 million past-service pension cost gain in the US. |
|
|
Excluding the impact of restructuring and acquisition-related charges and other gains and losses, the improvement in EBITA was driven by gross margin
improvements across all businesses in Lighting and Consumer Lifestyle, higher volumes at Consumer Lifestyle, and lower costs at Healthcare. |
|
|
Net income, at EUR 479 million, was EUR 194 million higher than in the first half of 2012, mainly as a result of higher earnings across the
operational sectors. The impact of lower restructuring and acquisition-related charges was offset by lower gains compared to the first half of 2012. |
|
|
Cash flow from operating activities was an outflow of EUR 104 million, compared to an inflow of EUR 378 million in the first half of 2012.
The cash flow in the first half of 2013 includes a working capital outflow of EUR 890 million compared to an outflow of EUR 373 million in the first half of 2012. The higher working capital outflow was mainly related to the EUR
509 million CRT fine payment. |
|
|
|
|
|
20 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Sales by sector
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to June |
|
|
|
|
|
% change |
|
|
|
2012 |
|
|
2013 |
|
|
nominal |
|
|
comparable |
|
|
|
|
|
|
Healthcare |
|
|
4,622 |
|
|
|
4,489 |
|
|
|
(3 |
) |
|
|
(1 |
) |
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lifestyle |
|
|
1,883 |
|
|
|
2,086 |
|
|
|
11 |
|
|
|
12 |
|
Lighting |
|
|
4,041 |
|
|
|
4,023 |
|
|
|
(0 |
) |
|
|
1 |
|
Innovation, Group & Services |
|
|
331 |
|
|
|
314 |
|
|
|
(5 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
10,877 |
|
|
|
10,912 |
|
|
|
0 |
|
|
|
2 |
|
EBITA
in millions of euros
|
|
|
|
|
|
|
|
|
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
|
|
Healthcare |
|
|
510 |
|
|
|
642 |
|
Consumer Lifestyle |
|
|
251 |
|
|
|
180 |
|
Lighting |
|
|
124 |
|
|
|
300 |
|
Innovation, Group & Services |
|
|
(95 |
) |
|
|
(117 |
) |
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
790 |
|
|
|
1,005 |
|
EBITA
as a % of sales
|
|
|
|
|
|
|
|
|
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
|
|
Healthcare |
|
|
11.0 |
|
|
|
14.3 |
|
Consumer Lifestyle |
|
|
13.3 |
|
|
|
8.6 |
|
Lighting |
|
|
3.1 |
|
|
|
7.5 |
|
Innovation, Group & Services |
|
|
(28.7 |
) |
|
|
(37.3 |
) |
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
7.3 |
|
|
|
9.2 |
|
Philips sectors
Healthcare
|
|
Equipment order intake at Healthcare increased 1% compared to the first half of 2012, with low-single-digit growth at Patient Care & Clinical
Informatics and flat order intake at Imaging Systems. In North America, equipment orders declined by 2% year-on-year, while total mature geographies showed a low-single-digit decline. Growth geographies reported high-single-digit growth.
|
|
|
First-half sales at Healthcare amounted to EUR 4,489 million, a nominal decrease of 3%. Excluding currency effects and portfolio changes,
comparable sales decreased by 1% year-on-year. Customer Services achieved mid-single-digit growth, while Patient Care & Clinical Informatics and Home Healthcare Solutions recorded low-single-digit growth. Imaging Systems saw a
high-single-digit decline. From a regional perspective, comparable sales in growth geographies increased by 5%, while sales in mature geographies declined by 2%, with North America declining by 5%. |
|
|
EBITA amounted to EUR 642 million, or 14.3% of sales, EUR 132 million higher than in the first half of 2012. EBITA in the first half of 2013
included a EUR 61 million gain on past-service pension costs in the US and a EUR 21 million gain on the sale of a business. EBITA excluding restructuring and acquisition-related charges and other gains amounted to EUR 562 million in
the first half of 2013, which was EUR 35 million higher than in the first half of 2012. |
Consumer Lifestyle
|
|
Sales amounted to EUR 2,086 million, a nominal increase of 11% compared to the first half of 2012, or 12% on a comparable basis. Domestic
Appliances and Personal Care showed strong double-digit growth, while Health & Wellness recorded mid-single-digit growth. From a geographical perspective, a strong double-digit comparable sales increase in growth geographies was tempered by
mid-single-digit growth in mature geographies. |
|
|
EBITA amounted to EUR 180 million, or 8.6% of sales, EUR 71 million lower compared to the first half of 2012, which included the EUR
160 million gain from the Senseo transaction and EUR 19 million of restructuring and acquisition-related charges (first half of 2013: EUR 4 million). |
|
|
EBITA excluding restructuring and acquisition-related charges and the gain on the Senseo transaction was EUR 73 million better compared to the
first half of 2012. The EBITA improvement was driven by higher sales and gross margin improvements across all businesses.
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
21 |
Lighting
|
|
Lighting sales, at EUR 4,023 million, were broadly in line with the first half of 2012. Excluding currency effects and portfolio changes,
comparable sales increased by 1% year-on-year, led by double-digit growth at Lumileds and high-single-digit growth at Automotive. Both Light Sources & Electronics and Consumer Luminaires recorded low-single-digit growth, while Professional
Lighting Solutions showed a low-single-digit decline. From a geographical perspective, comparable sales showed a 7% increase in growth geographies (4% excluding the OEM Lumileds sales), which was partly offset by a mid-single-digit decline in mature
geographies. |
|
|
EBITA amounted to EUR 300 million, or 7.5% of sales, EUR 176 million higher than in the first half of 2012. EBITA included restructuring and
acquisition-related charges of EUR 42 million, compared to EUR 62 million in 2012. The first half of 2013 was also impacted by a past-service pension cost gain in the US of EUR 10 million, while the first half of 2012 included a EUR
25 million loss on the sale of industrial assets. EBITA excluding restructuring and acquisition-related charges and other gains and losses amounted to EUR 332 million, which was EUR 121 million higher than in the first half of 2012.
This increase was driven by gross margin improvements across all businesses. |
Innovation, Group & Services
|
|
EBITA amounted to a net cost of EUR 117 million, including a EUR 6 million past-service pension cost gain in the US. EBITA in the first half
of 2012 included a EUR 37 million gain on the High Tech Campus real estate transaction and a EUR 25 million past-service cost gain related to a medical retiree benefit plan, resulting in a year-on-year net cost increase of EUR 22 million.
Excluding these gains and restructuring and acquisition-related charges (EUR 39 million in 2012 and EUR 3 million release in 2013), EBITA was a EUR 8 million higher cost than in the first half of 2012. The EBITA decline compared to
the first half of 2012 was largely due to higher costs in Service Units. |
|
|
|
|
|
22 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Risks and uncertainties
|
|
Looking ahead to the second half of 2013, we are concerned about economic uncertainties around the world. |
|
|
In our Annual Report 2012, we described certain risk categories and risk factors which could have a material adverse effect on our financial position
and results. Those risk categories and risk factors should be read in conjunction with this semi-annual report. |
|
|
Additional risks not known to us, or currently believed not to be material, could later turn out to have a material impact on our businesses,
objectives, revenues, income, assets, liquidity or capital resources. |
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
23 |
Consolidated statements of income
all amounts in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
Sales |
|
|
5,570 |
|
|
|
5,654 |
|
|
|
10,877 |
|
|
|
10,912 |
|
Cost of sales |
|
|
(3,431 |
) |
|
|
(3,307 |
) |
|
|
(6,730 |
) |
|
|
(6,464 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
2,139 |
|
|
|
2,347 |
|
|
|
4,147 |
|
|
|
4,448 |
|
|
|
|
|
|
Selling expenses |
|
|
(1,314 |
) |
|
|
(1,245 |
) |
|
|
(2,510 |
) |
|
|
(2,435 |
) |
General and administrative expenses |
|
|
(151 |
) |
|
|
(230 |
) |
|
|
(350 |
) |
|
|
(430 |
) |
Research and development expenses |
|
|
(440 |
) |
|
|
(416 |
) |
|
|
(890 |
) |
|
|
(840 |
) |
Other business income |
|
|
17 |
|
|
|
56 |
|
|
|
232 |
|
|
|
82 |
|
Other business expenses |
|
|
(22 |
) |
|
|
(3 |
) |
|
|
(59 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
229 |
|
|
|
509 |
|
|
|
570 |
|
|
|
814 |
|
|
|
|
|
|
Financial income |
|
|
12 |
|
|
|
18 |
|
|
|
49 |
|
|
|
36 |
|
Financial expenses |
|
|
(111 |
) |
|
|
(96 |
) |
|
|
(223 |
) |
|
|
(197 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
130 |
|
|
|
431 |
|
|
|
396 |
|
|
|
653 |
|
|
|
|
|
|
Income tax expense |
|
|
(59 |
) |
|
|
(121 |
) |
|
|
(121 |
) |
|
|
(190 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income after taxes |
|
|
71 |
|
|
|
310 |
|
|
|
275 |
|
|
|
463 |
|
|
|
|
|
|
Results relating to investments in associates |
|
|
(9 |
) |
|
|
14 |
|
|
|
(12 |
) |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
|
62 |
|
|
|
324 |
|
|
|
263 |
|
|
|
478 |
|
|
|
|
|
|
Discontinued operations - net of income tax |
|
|
40 |
|
|
|
(7 |
) |
|
|
22 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
102 |
|
|
|
317 |
|
|
|
285 |
|
|
|
479 |
|
|
|
|
|
|
Attribution of net income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to shareholders |
|
|
102 |
|
|
|
317 |
|
|
|
284 |
|
|
|
478 |
|
Net income attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
Weighted average number of common shares outstanding (after deduction of treasury shares) during the period (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic |
|
|
922,862 |
1) |
|
|
906,446 |
|
|
|
923,037 |
1) |
|
|
911,622 |
|
- diluted |
|
|
926,968 |
1) |
|
|
916,345 |
|
|
|
926,569 |
1) |
|
|
921,941 |
|
|
|
|
|
|
Net income attributable to shareholders per common share in euros: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic |
|
|
0.11 |
|
|
|
0.35 |
|
|
|
0.31 |
|
|
|
0.52 |
|
- diluted |
|
|
0.11 |
|
|
|
0.35 |
|
|
|
0.31 |
|
|
|
0.52 |
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin as a % of sales |
|
|
38.4 |
|
|
|
41.5 |
|
|
|
38.1 |
|
|
|
40.8 |
|
Selling expenses as a % of sales |
|
|
(23.6 |
) |
|
|
(22.0 |
) |
|
|
(23.1 |
) |
|
|
(22.3 |
) |
G&A expenses as a % of sales |
|
|
(2.7 |
) |
|
|
(4.1 |
) |
|
|
(3.2 |
) |
|
|
(3.9 |
) |
R&D expenses as a % of sales |
|
|
(7.9 |
) |
|
|
(7.4 |
) |
|
|
(8.2 |
) |
|
|
(7.7 |
) |
|
|
|
|
|
EBIT |
|
|
229 |
|
|
|
509 |
|
|
|
570 |
|
|
|
814 |
|
as a % of sales |
|
|
4.1 |
|
|
|
9.0 |
|
|
|
5.2 |
|
|
|
7.5 |
|
|
|
|
|
|
EBITA |
|
|
339 |
|
|
|
603 |
|
|
|
790 |
|
|
|
1,005 |
|
as a % of sales |
|
|
6.1 |
|
|
|
10.7 |
|
|
|
7.3 |
|
|
|
9.2 |
|
1) |
Adjusted to make
2012 comparable for the bonus shares (273 thousand) issued in June 2013 |
|
|
|
|
|
24 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Consolidated statements of comprehensive income
all amounts in millions of euros
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
Net income for the period |
|
|
102 |
|
|
|
317 |
|
|
|
285 |
|
|
|
479 |
|
Other comprehensive income items that will not be reclassified to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions and other postemployment plans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period change, before tax |
|
|
8 |
|
|
|
(11 |
) |
|
|
12 |
|
|
|
(26 |
) |
Actuarial gains and losses |
|
|
14 |
|
|
|
|
|
|
|
29 |
|
|
|
|
|
Changes in the effect of the asset ceiling |
|
|
(6 |
) |
|
|
(11 |
) |
|
|
(17 |
) |
|
|
(26 |
) |
Income tax on net current period change |
|
|
(3 |
) |
|
|
3 |
|
|
|
(9 |
) |
|
|
7 |
|
|
|
|
|
|
Revaluation reserve: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Release revaluation reserve |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(8 |
) |
|
|
(8 |
) |
Reclassification into retained earnings |
|
|
4 |
|
|
|
4 |
|
|
|
8 |
|
|
|
8 |
|
|
|
|
|
|
Total Other comprehensive income items that will not be reclassified to profit or loss |
|
|
5 |
|
|
|
(8 |
) |
|
|
3 |
|
|
|
(19 |
) |
|
|
|
|
|
Other comprehensive income items that are or may be reclassified to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation differences: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period change, before tax |
|
|
327 |
|
|
|
(151 |
) |
|
|
172 |
|
|
|
(97 |
) |
Income tax on net current period change |
|
|
|
|
|
|
10 |
|
|
|
(2 |
) |
|
|
4 |
|
Reclassification adjustment for (loss) gain realized |
|
|
(3 |
) |
|
|
(8 |
) |
|
|
(1 |
) |
|
|
(8 |
) |
|
|
|
|
|
Available-for-sale financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period change, before tax |
|
|
1 |
|
|
|
(15 |
) |
|
|
4 |
|
|
|
(5 |
) |
Income tax on net current period change |
|
|
|
|
|
|
3 |
|
|
|
(1 |
) |
|
|
|
|
Reclassification adjustment for (loss) gain realized |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
Cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period change, before tax |
|
|
(42 |
) |
|
|
23 |
|
|
|
(26 |
) |
|
|
32 |
|
Income tax on net current period change |
|
|
10 |
|
|
|
|
|
|
|
6 |
|
|
|
(2 |
) |
Reclassification adjustment for (loss) gain realized |
|
|
10 |
|
|
|
(25 |
) |
|
|
8 |
|
|
|
(31 |
) |
|
|
|
|
|
Total Other comprehensive income items that are or may be reclassified to profit or loss |
|
|
303 |
|
|
|
(162 |
) |
|
|
160 |
|
|
|
(105 |
) |
|
|
|
|
|
Other comprehensive income (loss) for the period |
|
|
308 |
|
|
|
(170 |
) |
|
|
163 |
|
|
|
(124 |
) |
|
|
|
|
|
Total comprehensive income for the period |
|
|
410 |
|
|
|
147 |
|
|
|
448 |
|
|
|
355 |
|
|
|
|
|
|
Total comprehensive income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders |
|
|
410 |
|
|
|
147 |
|
|
|
447 |
|
|
|
354 |
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
25 |
Consolidated balance sheets
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 1, |
|
|
December 31, |
|
|
June 30, |
|
|
|
2012 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
3,040 |
|
|
|
2,959 |
|
|
|
2,902 |
|
Goodwill |
|
|
7,290 |
|
|
|
6,948 |
|
|
|
6,878 |
|
Intangible assets excluding goodwill |
|
|
4,061 |
|
|
|
3,731 |
|
|
|
3,567 |
|
Non-current receivables |
|
|
148 |
|
|
|
176 |
|
|
|
172 |
|
Investments in associates |
|
|
203 |
|
|
|
177 |
|
|
|
164 |
|
Other non-current financial assets |
|
|
576 |
|
|
|
549 |
|
|
|
567 |
|
Deferred tax assets |
|
|
1,809 |
|
|
|
1,919 |
|
|
|
1,886 |
|
Other non-current assets |
|
|
77 |
|
|
|
94 |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
17,204 |
|
|
|
16,553 |
|
|
|
16,207 |
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Inventories - net |
|
|
3,973 |
|
|
|
3,495 |
|
|
|
3,699 |
|
Other current financial assets |
|
|
|
|
|
|
|
|
|
|
1 |
|
Other current assets |
|
|
418 |
|
|
|
337 |
|
|
|
446 |
|
Derivative financial assets |
|
|
172 |
|
|
|
137 |
|
|
|
157 |
|
Income tax receivable |
|
|
137 |
|
|
|
97 |
|
|
|
82 |
|
Receivables |
|
|
4,429 |
|
|
|
4,585 |
|
|
|
4,280 |
|
Assets classified as held for sale |
|
|
48 |
|
|
|
43 |
|
|
|
446 |
|
Cash and cash equivalents |
|
|
3,134 |
|
|
|
3,834 |
|
|
|
2,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
12,311 |
|
|
|
12,528 |
|
|
|
11,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
29,515 |
|
|
|
29,081 |
|
|
|
27,625 |
|
|
|
|
|
Shareholders equity |
|
|
12,114 |
|
|
|
11,151 |
|
|
|
10,763 |
|
Non-controlling interests |
|
|
35 |
|
|
|
34 |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group equity |
|
|
12,149 |
|
|
|
11,185 |
|
|
|
10,802 |
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
4,123 |
|
|
|
3,725 |
|
|
|
3,501 |
|
Long-term provisions |
|
|
1,890 |
|
|
|
2,119 |
|
|
|
2,015 |
|
Deferred tax liabilities |
|
|
153 |
|
|
|
92 |
|
|
|
62 |
|
Other non-current liabilities |
|
|
1,962 |
|
|
|
2,005 |
|
|
|
1,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
8,128 |
|
|
|
7,941 |
|
|
|
7,407 |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term debt |
|
|
777 |
|
|
|
809 |
|
|
|
910 |
|
Derivative financial liabilities |
|
|
845 |
|
|
|
517 |
|
|
|
505 |
|
Income tax payable |
|
|
149 |
|
|
|
200 |
|
|
|
165 |
|
Accounts and notes payable |
|
|
2,717 |
|
|
|
2,839 |
|
|
|
2,716 |
|
Accrued liabilities |
|
|
2,990 |
|
|
|
3,171 |
|
|
|
3,049 |
|
Short-term provisions |
|
|
691 |
|
|
|
837 |
|
|
|
684 |
|
Dividend payable |
|
|
|
|
|
|
|
|
|
|
42 |
|
Liabilities directly associated with assets held for sale |
|
|
53 |
|
|
|
27 |
|
|
|
238 |
|
Other current liabilities |
|
|
1,016 |
|
|
|
1,555 |
|
|
|
1,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
9,238 |
|
|
|
9,955 |
|
|
|
9,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and group equity |
|
|
29,515 |
|
|
|
29,081 |
|
|
|
27,625 |
|
|
|
|
|
|
26 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 1, |
|
|
December 31, |
|
|
June 30, |
|
|
|
2012 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
Number of common shares outstanding (after deduction of treasury shares) at the end of period (in thousands) |
|
|
931,391 |
|
|
|
914,591 |
|
|
|
913,874 |
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity per common share in euros |
|
|
13.01 |
|
|
|
12.19 |
|
|
|
11.78 |
|
Inventories as a % of sales1) |
|
|
17.2 |
|
|
|
14.3 |
|
|
|
15.7 |
|
Net debt: group equity |
|
|
13:87 |
|
|
|
6:94 |
|
|
|
16:84 |
|
Net operating capital |
|
|
11,485 |
|
|
|
9,316 |
|
|
|
10,184 |
|
|
|
|
|
Employees at end of period |
|
|
121,801 |
|
|
|
118,087 |
|
|
|
117,239 |
|
of which discontinued operations |
|
|
2,166 |
|
|
|
2,005 |
|
|
|
1,958 |
|
1) |
sales is calculated over the preceding 12 months |
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
27 |
Consolidated statements of cash flows
all amounts in millions of euros
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
102 |
|
|
|
317 |
|
|
|
285 |
|
|
|
479 |
|
(Income) loss from discontinued operations |
|
|
(40 |
) |
|
|
7 |
|
|
|
(22 |
) |
|
|
(1 |
) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
334 |
|
|
|
311 |
|
|
|
670 |
|
|
|
616 |
|
Impairment of other non-current financial assets |
|
|
3 |
|
|
|
2 |
|
|
|
3 |
|
|
|
3 |
|
Net gain on sale of assets |
|
|
(8 |
) |
|
|
(36 |
) |
|
|
(192 |
) |
|
|
(40 |
) |
(Income) loss from investments in associates |
|
|
6 |
|
|
|
(13 |
) |
|
|
6 |
|
|
|
(15 |
) |
Dividends received from investments in associates |
|
|
7 |
|
|
|
6 |
|
|
|
7 |
|
|
|
6 |
|
Decrease in working capital: |
|
|
(319 |
) |
|
|
(427 |
) |
|
|
(373 |
) |
|
|
(890 |
) |
Decrease (increase) in receivables and other current assets |
|
|
(153 |
) |
|
|
(128 |
) |
|
|
97 |
|
|
|
7 |
|
Increase in inventories |
|
|
(65 |
) |
|
|
(192 |
) |
|
|
(286 |
) |
|
|
(397 |
) |
Decrease in accounts payable, accrued and other liabilities |
|
|
(101 |
) |
|
|
(107 |
) |
|
|
(184 |
) |
|
|
(500 |
) |
Increase in non-current receivables, other assets and other liabilities |
|
|
(44 |
) |
|
|
(62 |
) |
|
|
(129 |
) |
|
|
(139 |
) |
Increase (decrease) in provisions |
|
|
29 |
|
|
|
(69 |
) |
|
|
56 |
|
|
|
(167 |
) |
Other items |
|
|
11 |
|
|
|
88 |
|
|
|
67 |
|
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used for) operating activities |
|
|
81 |
|
|
|
124 |
|
|
|
378 |
|
|
|
(104 |
) |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of intangible assets |
|
|
(8 |
) |
|
|
(6 |
) |
|
|
(14 |
) |
|
|
(8 |
) |
Proceeds from sale of intangible assets |
|
|
|
|
|
|
|
|
|
|
160 |
|
|
|
|
|
Expenditures on development assets |
|
|
(88 |
) |
|
|
(100 |
) |
|
|
(164 |
) |
|
|
(180 |
) |
Capital expenditures on property, plant and equipment |
|
|
(168 |
) |
|
|
(145 |
) |
|
|
(305 |
) |
|
|
(269 |
) |
Proceeds from disposals of property, plant and equipment |
|
|
21 |
|
|
|
5 |
|
|
|
409 |
|
|
|
8 |
|
Cash to derivatives and securities |
|
|
(21 |
) |
|
|
(10 |
) |
|
|
(45 |
) |
|
|
(82 |
) |
Purchase of other non-current financial assets |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(154 |
) |
|
|
(4 |
) |
Proceeds from other non-current financial assets |
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
9 |
|
Purchase of businesses, net of cash acquired |
|
|
10 |
|
|
|
4 |
|
|
|
(231 |
) |
|
|
(6 |
) |
Proceeds from sale of interests in businesses, net of cash disposed of |
|
|
(2 |
) |
|
|
92 |
|
|
|
9 |
|
|
|
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing activities |
|
|
(258 |
) |
|
|
(157 |
) |
|
|
(335 |
) |
|
|
(441 |
) |
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of (payments on) short-term debt |
|
|
147 |
|
|
|
(108 |
) |
|
|
188 |
|
|
|
(127 |
) |
Principal payments on long-term debt |
|
|
(459 |
) |
|
|
(19 |
) |
|
|
(483 |
) |
|
|
(41 |
) |
Proceeds from issuance of long-term debt |
|
|
36 |
|
|
|
17 |
|
|
|
1,173 |
|
|
|
34 |
|
Treasury shares transactions |
|
|
(288 |
) |
|
|
(265 |
) |
|
|
(442 |
) |
|
|
(487 |
) |
Dividends paid |
|
|
(256 |
) |
|
|
(231 |
) |
|
|
(256 |
) |
|
|
(231 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used for) provided by financing activities |
|
|
(820 |
) |
|
|
(606 |
) |
|
|
180 |
|
|
|
(852 |
) |
|
|
|
|
|
Net cash (used for) provided by continuing operations |
|
|
(997 |
) |
|
|
(639 |
) |
|
|
223 |
|
|
|
(1,397 |
) |
|
|
|
|
|
Cash flows from discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for operating activities |
|
|
(247 |
) |
|
|
(82 |
) |
|
|
(203 |
) |
|
|
(132 |
) |
Net cash provided by (used for) investing activities |
|
|
151 |
|
|
|
(11 |
) |
|
|
3 |
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for discontinued operations |
|
|
(96 |
) |
|
|
(93 |
) |
|
|
(200 |
) |
|
|
(143 |
) |
|
|
|
|
|
Net cash provided by (used for) continuing and discontinued operations |
|
|
(1,093 |
) |
|
|
(732 |
) |
|
|
23 |
|
|
|
(1,540 |
) |
|
|
|
|
|
28 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
Effect of change in exchange rates on cash and cash equivalents |
|
|
2 |
|
|
|
(27 |
) |
|
|
(36 |
) |
|
|
13 |
|
Cash and cash equivalents at the beginning of the period |
|
|
4,225 |
|
|
|
3,066 |
|
|
|
3,147 |
|
|
|
3,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
|
3,134 |
|
|
|
2,307 |
|
|
|
3,134 |
|
|
|
2,307 |
|
|
|
|
|
|
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows before financing activities |
|
|
(177 |
) |
|
|
(33 |
) |
|
|
43 |
|
|
|
(545 |
) |
|
|
|
|
|
Net cash paid during the period for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions |
|
|
(147 |
) |
|
|
(134 |
) |
|
|
(341 |
) |
|
|
(332 |
) |
Interest |
|
|
(32 |
) |
|
|
(26 |
) |
|
|
(108 |
) |
|
|
(119 |
) |
Income taxes |
|
|
(102 |
) |
|
|
(96 |
) |
|
|
(183 |
) |
|
|
(239 |
) |
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.
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
29 |
Consolidated statements of changes in equity
in millions of euros
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other reserves |
|
|
|
common shares |
|
|
capital in excess of par value |
|
|
retained earnings |
|
|
revaluation reserve |
|
|
currency translation differences |
|
|
unrealized gain (loss) on available- for-sale financial assets |
|
|
changes in fair value of cash flow hedges |
|
|
total |
|
|
treasury shares at cost |
|
|
total shareholders equity |
|
|
non- controlling interests |
|
|
total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to June 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2012 |
|
|
191 |
|
|
|
1,304 |
|
|
|
10,724 |
|
|
|
54 |
|
|
|
(93 |
) |
|
|
54 |
|
|
|
20 |
|
|
|
(19 |
) |
|
|
(1,103 |
) |
|
|
11,151 |
|
|
|
34 |
|
|
|
11,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
467 |
|
|
|
(8 |
) |
|
|
(101 |
) |
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(105 |
) |
|
|
|
|
|
|
354 |
|
|
|
1 |
|
|
|
355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distributed |
|
|
4 |
|
|
|
402 |
|
|
|
(678 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(272 |
) |
|
|
|
|
|
|
(272 |
) |
Movement non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
4 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
(38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(531 |
) |
|
|
(569 |
) |
|
|
|
|
|
|
(569 |
) |
Re-issuance of treasury shares |
|
|
|
|
|
|
(37 |
) |
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133 |
|
|
|
50 |
|
|
|
|
|
|
|
50 |
|
Share-based compensation plans |
|
|
|
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 |
|
|
|
|
|
|
|
46 |
|
Income tax share-based compensation plans |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
414 |
|
|
|
(762 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(398 |
) |
|
|
(742 |
) |
|
|
4 |
|
|
|
(738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2013 |
|
|
195 |
|
|
|
1,718 |
|
|
|
10,429 |
|
|
|
46 |
|
|
|
(194 |
) |
|
|
51 |
|
|
|
19 |
|
|
|
(124 |
) |
|
|
(1,501 |
) |
|
|
10,763 |
|
|
|
39 |
|
|
|
10,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to June 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2011 |
|
|
202 |
|
|
|
813 |
|
|
|
12,890 |
|
|
|
70 |
|
|
|
7 |
|
|
|
45 |
|
|
|
(9 |
) |
|
|
43 |
|
|
|
(1,690 |
) |
|
|
12,328 |
|
|
|
34 |
|
|
|
12,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
295 |
|
|
|
(8 |
) |
|
|
169 |
|
|
|
3 |
|
|
|
(12 |
) |
|
|
160 |
|
|
|
|
|
|
|
447 |
|
|
|
1 |
|
|
|
448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distributed |
|
|
6 |
|
|
|
422 |
|
|
|
(687 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(259 |
) |
|
|
|
|
|
|
(259 |
) |
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
(47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(416 |
) |
|
|
(463 |
) |
|
|
|
|
|
|
(463 |
) |
Re-issuance of treasury shares |
|
|
|
|
|
|
(19 |
) |
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60 |
|
|
|
21 |
|
|
|
|
|
|
|
21 |
|
Share-based compensation plans |
|
|
|
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 |
|
|
|
|
|
|
|
41 |
|
Income tax share-based compensation plans |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
443 |
|
|
|
(754 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(356 |
) |
|
|
(661 |
) |
|
|
|
|
|
|
(661 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of July 1, 2012 |
|
|
208 |
|
|
|
1,256 |
|
|
|
12,431 |
|
|
|
62 |
|
|
|
176 |
|
|
|
48 |
|
|
|
(21 |
) |
|
|
203 |
|
|
|
(2,046 |
) |
|
|
12,114 |
|
|
|
35 |
|
|
|
12,149 |
|
|
|
|
|
|
30 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Sectors
all amounts in millions of euros unless otherwise stated
Sales and income (loss) from
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
|
2012 |
|
|
2013 |
|
|
|
sales including intercompany |
|
|
|
|
|
|
|
|
|
|
|
sales including intercompany |
|
|
|
|
|
|
|
|
|
|
|
|
|
sales |
|
|
income from operations |
|
|
|
sales |
|
|
income from operations |
|
|
|
|
|
|
|
|
|
amount |
|
|
as a % of sales |
|
|
|
|
|
|
|
|
amount |
|
|
as a % of sales |
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
|
2,418 |
|
|
|
2,413 |
|
|
|
259 |
|
|
|
10.7 |
|
|
|
2,369 |
|
|
|
2,362 |
|
|
|
379 |
|
|
|
16.0 |
|
Consumer Lifestyle |
|
|
962 |
|
|
|
960 |
|
|
|
27 |
|
|
|
2.8 |
|
|
|
1,087 |
|
|
|
1,083 |
|
|
|
69 |
|
|
|
6.4 |
|
Lighting |
|
|
2,031 |
|
|
|
2,026 |
|
|
|
34 |
|
|
|
1.7 |
|
|
|
2,053 |
|
|
|
2,048 |
|
|
|
115 |
|
|
|
5.6 |
|
Innovation, Group & Services |
|
|
233 |
|
|
|
171 |
|
|
|
(91 |
) |
|
|
|
|
|
|
241 |
|
|
|
161 |
|
|
|
(54 |
) |
|
|
|
|
Inter-sector eliminations |
|
|
(74 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(96 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,570 |
|
|
|
5,570 |
|
|
|
229 |
|
|
|
4.1 |
|
|
|
5,654 |
|
|
|
5,654 |
|
|
|
509 |
|
|
|
9.0 |
|
Sales and income (loss) from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
|
sales including intercompany |
|
|
|
|
|
|
|
|
|
|
|
sales including intercompany |
|
|
|
|
|
|
|
|
|
|
|
|
|
sales |
|
|
income from operations |
|
|
|
sales |
|
|
income from operations |
|
|
|
|
|
|
|
|
|
amount |
|
|
as a % of sales |
|
|
|
|
|
|
|
|
amount |
|
|
as a % of sales |
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
|
4,632 |
|
|
|
4,622 |
|
|
|
410 |
|
|
|
8.9 |
|
|
|
4,501 |
|
|
|
4,489 |
|
|
|
555 |
|
|
|
12.4 |
|
Consumer Lifestyle |
|
|
1,888 |
|
|
|
1,883 |
|
|
|
224 |
|
|
|
11.9 |
|
|
|
2,093 |
|
|
|
2,086 |
|
|
|
153 |
|
|
|
7.3 |
|
Lighting |
|
|
4,050 |
|
|
|
4,041 |
|
|
|
36 |
|
|
|
0.9 |
|
|
|
4,032 |
|
|
|
4,023 |
|
|
|
225 |
|
|
|
5.6 |
|
Innovation, Group & Services |
|
|
456 |
|
|
|
331 |
|
|
|
(100 |
) |
|
|
|
|
|
|
463 |
|
|
|
314 |
|
|
|
(119 |
) |
|
|
|
|
Inter-sector eliminations |
|
|
(149 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(177 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,877 |
|
|
|
10,877 |
|
|
|
570 |
|
|
|
5.2 |
|
|
|
10,912 |
|
|
|
10,912 |
|
|
|
814 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
31 |
Sectors and main countries
in millions of euros
Sales, total assets and total liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sales January to June |
|
|
total assets |
|
|
total liabilities excluding debt |
|
|
|
|
July 1, |
|
|
June 30, |
|
|
July 1, |
|
|
June 30, |
|
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
|
|
Healthcare |
|
|
4,622 |
|
|
|
4,489 |
|
|
|
11,760 |
|
|
|
10,945 |
|
|
|
3,130 |
|
|
|
3,180 |
|
Consumer Lifestyle |
|
|
1,883 |
|
|
|
2,086 |
|
|
|
3,419 |
|
|
|
2,897 |
|
|
|
1,905 |
|
|
|
1,715 |
|
Lighting |
|
|
4,041 |
|
|
|
4,023 |
|
|
|
7,394 |
|
|
|
7,165 |
|
|
|
2,085 |
|
|
|
2,412 |
|
Innovation, Group & Services |
|
|
331 |
|
|
|
314 |
|
|
|
6,894 |
|
|
|
6,172 |
|
|
|
5,293 |
|
|
|
4,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,877 |
|
|
|
10,912 |
|
|
|
29,467 |
|
|
|
27,179 |
|
|
|
12,413 |
|
|
|
12,174 |
|
Assets classified as held for sale |
|
|
|
|
|
|
|
|
|
|
48 |
|
|
|
446 |
|
|
|
53 |
|
|
|
238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,515 |
|
|
|
27,625 |
|
|
|
12,466 |
|
|
|
12,412 |
|
Sales and tangible and intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sales January to June |
|
|
tangible and intangible assets1) |
|
|
|
|
July 1, |
|
|
June 30, |
|
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
Netherlands |
|
|
280 |
|
|
|
292 |
|
|
|
894 |
|
|
|
874 |
|
United States |
|
|
3,273 |
|
|
|
3,136 |
|
|
|
8,591 |
|
|
|
7,932 |
|
China |
|
|
1,187 |
|
|
|
1,328 |
|
|
|
1,169 |
|
|
|
1,127 |
|
Germany |
|
|
590 |
|
|
|
608 |
|
|
|
261 |
|
|
|
279 |
|
Japan |
|
|
545 |
|
|
|
527 |
|
|
|
625 |
|
|
|
463 |
|
France |
|
|
440 |
|
|
|
420 |
|
|
|
95 |
|
|
|
85 |
|
India |
|
|
343 |
|
|
|
331 |
|
|
|
148 |
|
|
|
134 |
|
Other countries |
|
|
4,219 |
|
|
|
4,270 |
|
|
|
2,608 |
|
|
|
2,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,877 |
|
|
|
10,912 |
|
|
|
14,391 |
|
|
|
13,347 |
|
1) |
Includes property,
plant and equipment, intangible assets excluding goodwill, and goodwill |
|
|
|
|
|
32 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Pension costs
in millions of euros
Specification of pension costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
|
2012 |
|
|
2013 |
|
|
|
Netherlands |
|
|
other |
|
|
total |
|
|
Netherlands |
|
|
other |
|
|
total |
|
|
|
|
|
|
|
|
Defined-benefit plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current service cost |
|
|
43 |
|
|
|
22 |
|
|
|
65 |
|
|
|
48 |
|
|
|
21 |
|
|
|
69 |
|
Past-service cost (incl. curtailments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(78 |
) |
|
|
(78 |
) |
Interest expense |
|
|
|
|
|
|
19 |
|
|
|
19 |
|
|
|
|
|
|
|
16 |
|
|
|
16 |
|
Interest income |
|
|
(1 |
) |
|
|
|
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
42 |
|
|
|
41 |
|
|
|
83 |
|
|
|
47 |
|
|
|
(41 |
) |
|
|
6 |
|
of which discontinued operations |
|
|
1 |
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retiree Medical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past-service cost (incl. curtailments) |
|
|
|
|
|
|
(25 |
) |
|
|
(25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
(22 |
) |
|
|
(22 |
) |
|
|
|
|
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
|
Defined-contribution plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
2 |
|
|
|
30 |
|
|
|
32 |
|
|
|
2 |
|
|
|
31 |
|
|
|
33 |
|
of which discontinued operations |
|
|
|
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
Specification of pension costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
|
Netherlands |
|
|
other |
|
|
total |
|
|
Netherlands |
|
|
other |
|
|
total |
|
|
|
|
|
|
|
|
Defined-benefit plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current service cost |
|
|
87 |
|
|
|
44 |
|
|
|
131 |
|
|
|
96 |
|
|
|
41 |
|
|
|
137 |
|
Past-service cost (incl. curtailments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(78 |
) |
|
|
(78 |
) |
Interest expense |
|
|
|
|
|
|
38 |
|
|
|
38 |
|
|
|
|
|
|
|
32 |
|
|
|
32 |
|
Interest income |
|
|
(2 |
) |
|
|
|
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
85 |
|
|
|
82 |
|
|
|
167 |
|
|
|
94 |
|
|
|
(5 |
) |
|
|
89 |
|
of which discontinued operations |
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
Retiree Medical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current service cost |
|
|
|
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
Past-service cost (incl. curtailments) |
|
|
|
|
|
|
(25 |
) |
|
|
(25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
6 |
|
|
|
6 |
|
|
|
|
|
|
|
6 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
(18 |
) |
|
|
(18 |
) |
|
|
|
|
|
|
7 |
|
|
|
7 |
|
|
|
|
|
|
|
|
Defined-contribution plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs |
|
|
5 |
|
|
|
67 |
|
|
|
72 |
|
|
|
4 |
|
|
|
71 |
|
|
|
75 |
|
of which discontinued operations |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
33 |
Reconciliation of non-GAAP performance measures
all amounts in millions of euros unless otherwise stated.
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 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
January to June |
|
|
|
comparable growth |
|
|
currency effects |
|
|
consolidation changes |
|
|
nominal growth |
|
|
comparable growth |
|
|
currency effects |
|
|
consolidation changes |
|
|
nominal growth |
|
|
|
|
|
|
|
|
|
|
2013 versus 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
|
(0.1 |
) |
|
|
(1.9 |
) |
|
|
(0.1 |
) |
|
|
(2.1 |
) |
|
|
(0.7 |
) |
|
|
(2.2 |
) |
|
|
0.0 |
|
|
|
(2.9 |
) |
Consumer Lifestyle |
|
|
13.3 |
|
|
|
(0.5 |
) |
|
|
|
|
|
|
12.8 |
|
|
|
11.6 |
|
|
|
(0.8 |
) |
|
|
|
|
|
|
10.8 |
|
Lighting |
|
|
1.9 |
|
|
|
(0.7 |
) |
|
|
(0.1 |
) |
|
|
1.1 |
|
|
|
0.7 |
|
|
|
(1.0 |
) |
|
|
(0.1 |
) |
|
|
(0.4 |
) |
IG&S |
|
|
(13.7 |
) |
|
|
0.4 |
|
|
|
7.5 |
|
|
|
(5.8 |
) |
|
|
(9.0 |
) |
|
|
(0.0 |
) |
|
|
3.9 |
|
|
|
(5.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
2.5 |
|
|
|
(1.2 |
) |
|
|
0.2 |
|
|
|
1.5 |
|
|
|
1.7 |
|
|
|
(1.5 |
) |
|
|
0.1 |
|
|
|
0.3 |
|
EBITA (or Adjusted income from operations) to Income from operations (or EBIT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
January to June |
|
|
|
Income from operations (or EBIT) |
|
|
Amortization of intangibles1) |
|
|
EBITA (or Adjusted income from operations) |
|
|
Income from operations (or EBIT) |
|
|
Amortization of intangibles1) |
|
|
EBITA (or Adjusted income from operations) |
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
|
379 |
|
|
|
(41 |
) |
|
|
420 |
|
|
|
555 |
|
|
|
(87 |
) |
|
|
642 |
|
Consumer Lifestyle |
|
|
69 |
|
|
|
(13 |
) |
|
|
82 |
|
|
|
153 |
|
|
|
(27 |
) |
|
|
180 |
|
Lighting |
|
|
115 |
|
|
|
(38 |
) |
|
|
153 |
|
|
|
225 |
|
|
|
(75 |
) |
|
|
300 |
|
IG&S |
|
|
(54 |
) |
|
|
(2 |
) |
|
|
(52 |
) |
|
|
(119 |
) |
|
|
(2 |
) |
|
|
(117 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
509 |
|
|
|
(94 |
) |
|
|
603 |
|
|
|
814 |
|
|
|
(191 |
) |
|
|
1005 |
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
|
259 |
|
|
|
(49 |
) |
|
|
308 |
|
|
|
410 |
|
|
|
(100 |
) |
|
|
510 |
|
Consumer Lifestyle |
|
|
27 |
|
|
|
(13 |
) |
|
|
40 |
|
|
|
224 |
|
|
|
(27 |
) |
|
|
251 |
|
Lighting |
|
|
34 |
|
|
|
(44 |
) |
|
|
78 |
|
|
|
36 |
|
|
|
(88 |
) |
|
|
124 |
|
IG&S |
|
|
(91 |
) |
|
|
(4 |
) |
|
|
(87 |
) |
|
|
(100 |
) |
|
|
(5 |
) |
|
|
(95 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
229 |
|
|
|
(110 |
) |
|
|
339 |
|
|
|
570 |
|
|
|
(220 |
) |
|
|
790 |
|
1) |
Excluding
amortization of software and product development |
|
|
|
|
|
34 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Reconciliation of non-GAAP performance measures (continued)
all amounts in millions of euros
Net operating capital to total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
Healthcare |
|
|
Lifestyle |
|
|
Lighting |
|
|
IG&S |
|
|
|
|
|
|
|
June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
10,184 |
|
|
|
7,684 |
|
|
|
1,182 |
|
|
|
4,732 |
|
|
|
(3,414 |
) |
Exclude liabilities comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- payables/liabilities |
|
|
9,371 |
|
|
|
2,751 |
|
|
|
1,424 |
|
|
|
1,781 |
|
|
|
3,415 |
|
- intercompany accounts |
|
|
|
|
|
|
122 |
|
|
|
71 |
|
|
|
105 |
|
|
|
(298 |
) |
- provisions |
|
|
2,699 |
|
|
|
307 |
|
|
|
220 |
|
|
|
526 |
|
|
|
1,646 |
|
Include assets not comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- investments in associates |
|
|
164 |
|
|
|
81 |
|
|
|
|
|
|
|
21 |
|
|
|
62 |
|
- other current financial assets |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
- other non-current financial assets |
|
|
567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
567 |
|
- deferred tax assets |
|
|
1,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,886 |
|
- cash and cash equivalents |
|
|
2,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,179 |
|
|
|
10,945 |
|
|
|
2,897 |
|
|
|
7,165 |
|
|
|
6,172 |
|
Assets classified as held for sale |
|
|
446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
27,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
9,316 |
|
|
|
7,976 |
|
|
|
1,205 |
|
|
|
4,635 |
|
|
|
(4,500 |
) |
Exclude liabilities comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- payables/liabilities |
|
|
10,287 |
|
|
|
2,760 |
|
|
|
1,718 |
|
|
|
1,695 |
|
|
|
4,114 |
|
- intercompany accounts |
|
|
|
|
|
|
71 |
|
|
|
42 |
|
|
|
37 |
|
|
|
(150 |
) |
- provisions |
|
|
2,956 |
|
|
|
355 |
|
|
|
315 |
|
|
|
581 |
|
|
|
1,705 |
|
Include assets not comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- investments in associates |
|
|
177 |
|
|
|
86 |
|
|
|
|
|
|
|
22 |
|
|
|
69 |
|
- other non-current financial assets |
|
|
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
549 |
|
- deferred tax assets |
|
|
1,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,919 |
|
- cash and cash equivalents |
|
|
3,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,038 |
|
|
|
11,248 |
|
|
|
3,280 |
|
|
|
6,970 |
|
|
|
7,540 |
|
Assets classified as held for sale |
|
|
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
29,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 1, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
11,485 |
|
|
|
8,542 |
|
|
|
1,514 |
|
|
|
5,287 |
|
|
|
(3,858 |
) |
Exclude liabilities comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- payables/liabilities |
|
|
9,679 |
|
|
|
2,775 |
|
|
|
1,541 |
|
|
|
1,700 |
|
|
|
3,663 |
|
- intercompany accounts |
|
|
|
|
|
|
68 |
|
|
|
31 |
|
|
|
54 |
|
|
|
(153 |
) |
- provisions |
|
|
2,581 |
|
|
|
287 |
|
|
|
333 |
|
|
|
331 |
|
|
|
1,630 |
|
Include assets not comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- investments in associates |
|
|
203 |
|
|
|
88 |
|
|
|
|
|
|
|
22 |
|
|
|
93 |
|
- other non-current financial assets |
|
|
576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
576 |
|
- deferred tax assets |
|
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,809 |
|
- cash and cash equivalents |
|
|
3,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,467 |
|
|
|
11,760 |
|
|
|
3,419 |
|
|
|
7,394 |
|
|
|
6,894 |
|
Assets classified as held for sale |
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
29,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2013 Quarterly report and Semi-annual report |
|
35 |
Reconciliation of non-GAAP performance measures (continued)
all amounts in millions of euros
Composition of net debt to group equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 1, |
|
|
December 31, |
|
|
June 30, |
|
|
|
2012 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
Long-term debt |
|
|
4,123 |
|
|
|
3,725 |
|
|
|
3,501 |
|
Short-term debt |
|
|
777 |
|
|
|
809 |
|
|
|
910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt |
|
|
4,900 |
|
|
|
4,534 |
|
|
|
4,411 |
|
Cash and cash equivalents |
|
|
3,134 |
|
|
|
3,834 |
|
|
|
2,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt (cash) (total debt less cash and cash equivalents) |
|
|
1,766 |
|
|
|
700 |
|
|
|
2,104 |
|
|
|
|
|
Shareholders equity |
|
|
12,114 |
|
|
|
11,151 |
|
|
|
10,763 |
|
Non-controlling interests |
|
|
35 |
|
|
|
34 |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group equity |
|
|
12,149 |
|
|
|
11,185 |
|
|
|
10,802 |
|
|
|
|
|
Net debt and group equity |
|
|
13,915 |
|
|
|
11,885 |
|
|
|
12,906 |
|
|
|
|
|
Net debt divided by net debt and group equity (in %) |
|
|
13 |
|
|
|
6 |
|
|
|
16 |
|
Group equity divided by net debt and group equity (in %) |
|
|
87 |
|
|
|
94 |
|
|
|
84 |
|
Composition of cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
January to June |
|
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
Cash flows provided by (used for) operating activities |
|
|
81 |
|
|
|
124 |
|
|
|
378 |
|
|
|
(104 |
) |
Cash flows used for investing activities |
|
|
(258 |
) |
|
|
(157 |
) |
|
|
(335 |
) |
|
|
(441 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows before financing activities |
|
|
(177 |
) |
|
|
(33 |
) |
|
|
43 |
|
|
|
(545 |
) |
|
|
|
|
|
Cash flows provided by (used for) operating activities |
|
|
81 |
|
|
|
124 |
|
|
|
378 |
|
|
|
(104 |
) |
Net capital expenditures: |
|
|
(243 |
) |
|
|
(246 |
) |
|
|
86 |
|
|
|
(449 |
) |
Purchase of intangible assets |
|
|
(8 |
) |
|
|
(6 |
) |
|
|
(14 |
) |
|
|
(8 |
) |
Proceeds from sale of intangible assets |
|
|
|
|
|
|
|
|
|
|
160 |
|
|
|
|
|
Expenditures on development assets |
|
|
(88 |
) |
|
|
(100 |
) |
|
|
(164 |
) |
|
|
(180 |
) |
Capital expenditures on property, plant and equipment |
|
|
(168 |
) |
|
|
(145 |
) |
|
|
(305 |
) |
|
|
(269 |
) |
Proceeds from disposals of property, plant and equipment |
|
|
21 |
|
|
|
5 |
|
|
|
409 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flows |
|
|
(162 |
) |
|
|
(122 |
) |
|
|
464 |
|
|
|
(553 |
) |
|
|
|
|
|
36 |
|
Q2 2013 Quarterly report and Semi-annual report |
|
|
Philips quarterly statistics
all amounts in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
2013 |
|
|
1st quarter |
|
|
2nd quarter |
|
|
3rd quarter |
|
|
4th quarter |
|
|
1st quarter |
|
|
2nd quarter |
|
|
3rd quarter |
|
4th quarter |
|
|
|
|
|
|
|
|
|
Sales |
|
|
5,307 |
|
|
|
5,570 |
|
|
|
5,821 |
|
|
|
6,759 |
|
|
|
5,258 |
|
|
|
5,654 |
|
|
|
|
|
% increase |
|
|
8 |
|
|
|
15 |
|
|
|
16 |
|
|
|
9 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITA |
|
|
451 |
|
|
|
339 |
|
|
|
366 |
|
|
|
(50 |
) |
|
|
402 |
|
|
|
603 |
|
|
|
|
|
as a % of sales |
|
|
8.5 |
|
|
|
6.1 |
|
|
|
6.3 |
|
|
|
(0.7 |
) |
|
|
7.6 |
|
|
|
10.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT |
|
|
341 |
|
|
|
229 |
|
|
|
254 |
|
|
|
(176 |
) |
|
|
305 |
|
|
|
509 |
|
|
|
|
|
as a % of sales |
|
|
6.4 |
|
|
|
4.1 |
|
|
|
4.4 |
|
|
|
(2.6 |
) |
|
|
5.8 |
|
|
|
9.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
183 |
|
|
|
102 |
|
|
|
105 |
|
|
|
(420 |
) |
|
|
162 |
|
|
|
317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to shareholders per common share (in euros) - basic |
|
|
0.20 |
|
|
|
0.11 |
|
|
|
0.11 |
|
|
|
(0.46 |
) |
|
|
0.18 |
|
|
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
January- |
|
|
March |
|
|
June |
|
|
September |
|
|
December |
|
|
March |
|
|
June |
|
|
September |
|
December |
|
|
|
|
|
|
|
|
|
Sales |
|
|
5,307 |
|
|
|
10,877 |
|
|
|
16,698 |
|
|
|
23,457 |
|
|
|
5,258 |
|
|
|
10,912 |
|
|
|
|
|
% increase |
|
|
8 |
|
|
|
11 |
|
|
|
13 |
|
|
|
12 |
|
|
|
(1 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITA |
|
|
451 |
|
|
|
790 |
|
|
|
1,156 |
|
|
|
1,106 |
|
|
|
402 |
|
|
|
1,005 |
|
|
|
|
|
|