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0001156973-06-000440.txt : 20060420
0001156973-06-000440.hdr.sgml : 20060420
20060420091256
ACCESSION NUMBER: 0001156973-06-000440
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 22
CONFORMED PERIOD OF REPORT: 20060418
FILED AS OF DATE: 20060420
DATE AS OF CHANGE: 20060420
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: KONINKLIJKE PHILIPS ELECTRONICS NV
CENTRAL INDEX KEY: 0000313216
STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600]
IRS NUMBER: 000000000
STATE OF INCORPORATION: P7
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-05146-01
FILM NUMBER: 06768711
BUSINESS ADDRESS:
STREET 1: BREITNER CENTER
STREET 2: AMSTELPLEIN 2
CITY: AMSTERDAM
STATE: P7
ZIP: 1096 BC
BUSINESS PHONE: 31 20 59 77777
MAIL ADDRESS:
STREET 1: BREITNER CENTER
STREET 2: AMSTELPLEIN 2
CITY: AMSTERDAM
STATE: P7
ZIP: 1096 BC
FORMER COMPANY:
FORMER CONFORMED NAME: PHILIPS ELECTRONICS N V
DATE OF NAME CHANGE: 19930727
FORMER COMPANY:
FORMER CONFORMED NAME: PHILIPS NV
DATE OF NAME CHANGE: 19910903
6-K
1
u50149e6vk.htm
FORM 6-K
e6vk
2006 3
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
For the period commencing February 14 through April 18, 2006
KONINKLIJKE PHILIPS ELECTRONICS N.V.
(Exact name of registrant as specified in its charter)
Royal Philips Electronics
(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.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule101(b)(7): o
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.
Name and address of person authorized to receive notices
and communications from the Securities and Exchange Commission:
A. Westerlaken
Koninklijke Philips Electronics N.V.
Amstelplein 2
1096 BC Amsterdam The Netherlands
This report comprises a copy of the Quarterly Report of the Philips Group for the three months
ended March 31, 2006 and a copy of each of following press releases entitled:
|
|
Philips opens unique facility showcasing solid-state lighting for City Beautification, dated February 14, 2006; |
|
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Worlds First Ambient Experience Cardiology Suite Opens at Catharina Hospital in Eindhoven, the Netherlands, dated
February 22, 2006; |
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Philips to sell Contract Manufacturing Services France SAS (CMS) to Groupe Attel, dated February 24, 2006; |
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Philips completes EUR 1.5 billion share buyback program, daed February 28, 2006; |
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Turnover of Philips Green Flagship products doubles to 2 billion Euros, dated March 6, 2006; |
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Philips to acquire cardiology healthcare company Witt Biomedical corporation, dated March 8, 2006; |
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Philips announces divestment of Anteryon B.V., dated March 9, 2006; |
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Philips and De Lage Landen Announce Medical Financing in Asia Pacific, dated March 10, 2006; |
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Philips invests EUR 30 million in its lighting plant in Aachen, dated March 23, 2006; |
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Philips closes acquisition of Lifeline Systems, Inc., dated March 23, 2006; |
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 18th day of April 2006.
KONINKLIJKE PHILIPS ELECTRONICS N.V.
/s/ G.J. Kleisterlee
(President,
Chairman of the Board of Management)
/s/ P.J. Sivignon
(Chief Financial Officer,
Member of the Board of Management)
Forward-looking statements
This document contains 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 (including, but not limited to, restructuring cost and cost savings),
in particular the outlook paragraph in this report.
By their nature, forward-looking statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future. There are a number of factors
that could cause actual results and developments to differ materially from those expressed or
implied by these forward-looking statements. These factors include, but are not limited to, levels
of consumer and business spending in major economies, changes in consumer tastes and preferences,
changes in law, the performance of the financial markets, pension costs, the levels of marketing
and promotional expenditures by Philips and its competitors, raw materials and employee costs,
changes in exchange and interest rates (in particular changes in the euro and the US dollar can
materially affect results), changes in tax rates and future business combinations, acquisitions or
dispositions and the rate of technological changes, political and military developments in
countries where Philips operates, the risk of a downturn in the semiconductor market, Philips
ability to secure short-term profitability and invest in long-term growth, and industry
consolidation.
Statements regarding market share, including as to Philips competitive position, contained in this
document are based on outside sources such as specialized 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-US GAAP information
In presenting and discussing the Philips Groups financial position, operating results and cash
flows, management uses certain non-US GAAP financial measures. These non-US GAAP financial measures
should not be viewed in isolation as alternatives to the equivalent US GAAP measure(s) and should
be used in conjunction with the most directly comparable US GAAP measure(s). A discussion of the
non-US GAAP measures included in this document and a reconciliation of such measures to the most
directly comparable US GAAP measure(s) are contained in this document.
Use of fair value measurements
In presenting the Philips Groups 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.
Users are cautioned that these values are subject to changes over time and are only valid at the
balance sheet date. When a readily determinable market value does not exist, fair values are
estimated using valuation models. The models that are used are appropriate for their purpose. They
require management to make significant assumptions with respect to future developments which are
inherently uncertain and may therefore deviate from actual developments. In certain cases,
independent valuations are obtained to support managements determination of fair values.
Report on the performance of the Philips Group
|
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all amounts in millions of euros unless otherwise stated; data included are unaudited |
|
|
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financial reporting according to US GAAP unless otherwise stated |
|
|
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includes reclassification of MDS to discontinued operations |
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|
|
Philips reports improved net income of EUR 160 million
Sales increased 14% to EUR 7,374 million |
|
|
|
In the first quarter, Philips recorded net income of EUR 160 million (EUR 0.13 per share),
compared with net income of EUR 117 million (EUR 0.09 per share) in the corresponding period of
2005. The increase was primarily attributable to improved performance of the main divisions,
particularly Semiconductors and Lighting. |
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|
|
Sales increased strongly to EUR 7,374 million, 14% above Q1 2005. Adjusted for the effects of
currency movements and consolidation changes, comparable sales increased by 10%, driven by
strong growth in all main divisions. |
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|
|
EBIT amounted to EUR 335 million, compared to EUR 207 million in the same period of last year.
The increase was largely driven by higher sales and improved business performance, particularly
in the Semiconductors and Lighting divisions, and a EUR 30 million gain on the sale of the
CryptoTec encryption business reported under Other Activities. |
|
|
|
Financial income and expenses resulted in an expense of EUR 23 million, an improvement of EUR 25
million compared to Q1 2005. This improvement mainly resulted from a EUR 20 million revaluation
of the option on the convertible bond issued by TPV. |
|
|
|
Unconsolidated companies recorded a loss of EUR 36 million, compared to a profit of EUR 22
million in Q1 2005. In Q1 2005, income from TSMC of EUR 71 million was reported under results
relating to unconsolidated companies. From 2006, a change in accounting treatment means that
Philips no longer recognizes income from TSMC but rather will recognize a dividend, which will
be reported in Q2 2006 under financial income and expense. |
|
|
|
Cash outflow from operating activities increased to EUR 867 million, compared to EUR 332 million
in Q1 2005. The increase was entirely due to EUR 582 million additional funding for the UK
pension fund. Inventories as a percentage of sales amounted to 12.3%, marginally higher than in
Q1 2005. |
1
Gerard
Kleisterlee,
Philips President and CEO:
Were pleased that we are keeping our momentum, with strong growth and solid performance
across all our main divisions. A strong customer focus, together with innovative products,
helped expand our already strong position within healthcare, lifestyle and technology.
We also see that our recent acquisitions are starting to make a contribution to our top and
bottom line. Demand for our medical IT solutions was strong in the first quarter, and Lumileds
contributed to a continued good performance in Lighting. With the first acquisition in our
Consumer Health & Wellness business announced in the first quarter, followed by an additional
acquisition in our Medical Systems business, we are consistently building our portfolio to
become increasingly geared to profitable growth.
2
Philips Group
Highlights in the quarter
Net
income
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
6,492 |
|
|
|
7,374 |
|
EBIT |
|
|
207 |
|
|
|
335 |
|
as a % of sales |
|
|
3.2 |
|
|
|
4.5 |
|
Financial income and expenses |
|
|
(48 |
) |
|
|
(23 |
) |
Income taxes |
|
|
(44 |
) |
|
|
(91 |
) |
Results unconsolidated companies |
|
|
22 |
|
|
|
(36 |
) |
Minority interests |
|
|
(6 |
) |
|
|
(25 |
) |
|
|
|
|
|
|
|
Income from continuing operations |
|
|
131 |
|
|
|
160 |
|
Discontinued operations |
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
117 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
Per common share basic |
|
|
0.09 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
Net income amounted to EUR 160 million (EUR 0.13 per share), compared to EUR 117
million (EUR 0.09 per share) in Q1 2005. EBIT increased by EUR 128 million, driven by the
Lighting and Semiconductors divisions and a EUR 30 million gain on the sale of the CryptoTec
business. A fair-value gain of EUR 20 million was recognized for the revaluation of the option
on the TPV convertible bond. The improvement in income before taxes was partly offset by the
EUR 58 million decrease in results relating to unconsolidated companies. This decrease
included charges of EUR 45 million mainly for the voluntary support of social plans for
employees impacted by the bankruptcy of some LG.Philips Displays activities and a delay of
income recognition to Q2 2006 following a change in the accounting treatment of TSMC. |
Sales
by sector
in
millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
|
|
Q1 |
|
|
Q1 |
|
|
|
|
|
|
compa- |
|
|
|
2005 |
|
|
2006 |
|
|
nominal |
|
|
rable |
|
Medical Systems |
|
|
1,285 |
|
|
|
1,469 |
|
|
|
14 |
|
|
|
8 |
|
DAP |
|
|
427 |
|
|
|
496 |
|
|
|
16 |
|
|
|
10 |
|
CE |
|
|
2,153 |
|
|
|
2,423 |
|
|
|
13 |
|
|
|
16 |
|
Lighting |
|
|
1,128 |
|
|
|
1,345 |
|
|
|
19 |
|
|
|
8 |
|
Semiconductors |
|
|
1,012 |
|
|
|
1,219 |
|
|
|
20 |
|
|
|
13 |
|
Other Activities |
|
|
487 |
|
|
|
422 |
|
|
|
(13 |
) |
|
|
(16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
6,492 |
|
|
|
7,374 |
|
|
|
14 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by sector |
|
|
|
Nominal sales for the Group increased 14% compared to Q1
2005. Adjusted for a 6% upward effect of currency movements
and a 2% downward effect of consolidation changes, comparable
sales increased 10%. |
|
|
|
Medical Systems growth was driven by Computed
Tomography, Ultrasound, X-ray and Healthcare IT. At DAP,
growth was mainly driven by Shaving & Beauty. At Consumer
Electronics, Connected Displays and Peripherals & Accessories
drove the sales growth. Lightings comparable growth was
attributable to all businesses, most notably Lamps and
Luminaires. Lumileds sales grew by 25% in the quarter in US
dollar terms. Within Semiconductors, all businesses
contributed to the sales growth, led by Automotive &
Identification and MMS. |
Sales
per region
in
millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
|
|
Q1 |
|
|
Q1 |
|
|
|
|
|
|
compa- |
|
|
|
2005 |
|
|
2006 |
|
|
nominal |
|
|
rable |
|
Europe/Africa |
|
|
2,849 |
|
|
|
3,086 |
|
|
|
8 |
|
|
|
10 |
|
North America |
|
|
1,645 |
|
|
|
1,845 |
|
|
|
12 |
|
|
|
6 |
|
Latin America |
|
|
316 |
|
|
|
485 |
|
|
|
53 |
|
|
|
29 |
|
Asia Pacific |
|
|
1,682 |
|
|
|
1,958 |
|
|
|
16 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
6,492 |
|
|
|
7,374 |
|
|
|
14 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by region |
|
|
|
In Europe/Africa, comparable sales increased in all main operating divisions. In
North America, Semiconductors and Consumer Electronics were the main drivers of the growth. In
Latin America,
all main divisions saw double-digit increases in sales. In Asia Pacific, all divisions
reported growth, led by Medical Systems and DAP. |
3
EBIT
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Medical Systems |
|
|
100 |
|
|
|
99 |
|
DAP |
|
|
56 |
|
|
|
62 |
|
CE |
|
|
46 |
|
|
|
58 |
|
Lighting |
|
|
149 |
|
|
|
195 |
|
Semiconductors |
|
|
14 |
|
|
|
89 |
|
Other Activities |
|
|
(59 |
) |
|
|
(67 |
) |
Unallocated |
|
|
(99 |
) |
|
|
(101 |
) |
|
|
|
|
|
|
|
Philips Group |
|
|
207 |
|
|
|
335 |
|
as a % of sales |
|
|
3.2 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
Earnings before interest and tax (EBIT) |
|
|
|
EBIT improved by EUR 128 million, or 1.3% of sales,
compared to Q1 2005, mainly driven by the Semiconductors and
Lighting divisions. |
|
|
|
Medical Systems EBIT, excluding MedQuist, increased
slightly despite a less favorable geographical sales mix,
additional investments in R&D and ongoing charges relating to
the acquisition of Stentor. |
|
|
|
DAPs EBIT improved thanks to higher sales, particularly
in Shaving & Beauty. Excluding restructuring charges, EBIT
improved by EUR 18 million compared to Q1 2005. |
|
|
|
CEs EBIT improved by 0.3% of sales to EUR 58 million.
Licenses EBIT improved, driven by higher revenues from DVD
patents. |
|
|
|
The improvement in Lightings EBIT was due to higher
sales and lower restructuring charges. |
|
|
|
Semiconductors EBIT improved by EUR 75 million, which
was attributable to higher sales, mainly in the MMS and
Automotive & Identification businesses. |
|
|
|
Other Activities EBIT declined due to Corporate
Investments, which reported lower sales in a number of
businesses. Corporate Technologies EBIT improved, thanks to
the gain on the sale of the CryptoTec business. |
4
Financial
income and expenses
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
in millions of euros |
|
2005 |
|
|
2006 |
|
Interest expenses (net) |
|
|
(48 |
) |
|
|
(42 |
) |
Other |
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
Total |
|
|
(48 |
) |
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
Financial income and expenses |
|
|
|
Net interest expenses amounted to EUR 42 million,
compared to EUR 48 million in Q1 2005. |
|
|
|
A fair-value gain of EUR 20 million was recognized for
the revaluation of the option on the TPV convertible bond. |
Results
unconsolidated companies
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
in millions of euros |
|
2005 |
|
|
2006 |
|
LG.Philips
LCD: Operational |
|
|
(34 |
) |
|
|
15 |
|
LG.Philips Displays: Operational |
|
|
2 |
|
|
|
|
|
Restructuring |
|
|
(18 |
) |
|
|
|
|
Others |
|
|
72 |
|
|
|
(51 |
) |
|
|
|
|
|
|
|
Total |
|
|
22 |
|
|
|
(36 |
) |
|
|
|
|
|
|
|
|
|
Results relating to unconsolidated companies |
|
|
|
Results relating to unconsolidated companies were EUR 58
million lower than in Q1 2005 due to the change in accounting
treatment of TSMC and charges of EUR 45 million mainly
relating to the voluntary support of social plans for
employees impacted by the bankruptcy of some LG.Philips
Displays activities. |
|
|
|
LG.Philips LCDs results were EUR 49 million better than
in Q1 2005; sales improved by 20% year-over-year. |
|
|
|
Q1 2005 results included EUR 71 million income from TSMC. |
5
Cash
balance
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
in millions of euros |
|
2005 |
|
|
2006 |
|
Beginning balance |
|
|
4,349 |
|
|
|
5,293 |
|
|
Net cash from operating activities |
|
|
(332 |
) |
|
|
(867 |
) |
Gross capital expenditures |
|
|
(220 |
) |
|
|
(274 |
) |
Acquisitions/divestments |
|
|
(74 |
) |
|
|
(585 |
) |
Other cash from investing activities |
|
|
10 |
|
|
|
1 |
|
Changes in debt/other |
|
|
(498 |
) |
|
|
(180 |
) |
Cash provided by discontinued
operations |
|
|
(25 |
) |
|
|
1 |
|
|
|
|
|
|
|
|
Ending balance |
|
|
3,210 |
|
|
|
3,389 |
|
|
|
|
|
|
|
|
|
|
Cash balance |
|
|
|
The cash position decreased by EUR 1,904 million in the
quarter, compared to a decrease of EUR 1,139 million in Q1
2005. |
|
|
|
Cash was primarily used for additional funding for the
UK pension fund (EUR 582 million), the acquisition of
Lifeline Systems (EUR 579 million) and the completion of the
EUR 1.5 billion share repurchase program (EUR 414 million). |
|
|
Cash flows from operating activities |
|
|
|
The higher cash outflow (EUR 535 million) compared to Q1
2005 was entirely due to the additional funding for the UK
pension fund, which has been recognized as a prepayment in
the balance sheet. |
|
|
|
Excluding the additional pension funding, cash required
for working capital declined compared to Q1 2005. Higher
working capital requirements in Consumer Electronics and
Lighting were more than compensated by improvements in the
other divisions. |
|
|
Gross capital expenditures |
|
|
|
Gross capital expenditures amounted to EUR 274 million, an increase of EUR 54
million compared to Q1 2005. Lighting, through investments in Lumileds, was the main driver
behind the increase. Semiconductors expenditure was stable while Other Activities spend
decreased. |
6
|
|
Inventories |
|
|
|
Net inventories as a percentage of sales amounted to 12.3%, an increase of 0.3
percentage points compared to Q1 2005. The sequential increase in inventories was largely in
line with the seasonal trend. |
|
|
Net debt and group equity |
|
|
|
Net debt increased by EUR 2.1 billion during the quarter,
primarily as a result of the EUR 1.6 billion cash required to
fund the Lifeline acquisition, to provide additional funding
for the UK pension fund and to complete the share repurchase
program. |
|
|
|
Group equity increased EUR 4.3 billion, mainly due to
the change in accounting treatment of TSMC (from equity to
fair- value accounting) and the net income of EUR 160
million. This was partly offset by a dividend charge of EUR
523 million and the repurchase of shares for an amount of EUR
414 million. |
|
|
Employment |
|
|
|
The number of employees at the end of Q1 2006 was 161,498, of which 1,684 related
to discontinued operations. Excluding the effects of consolidation and deconsolidation, the
increase during the quarter was 2,055. This increase was mainly driven by higher levels of
business activity at the Lighting division. |
7
Medical Systems
Key
data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
1,285 |
|
|
|
1,469 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
2 |
|
|
|
14 |
|
% comparable |
|
|
5 |
|
|
|
8 |
|
|
EBIT |
|
|
100 |
|
|
|
99 |
|
as a % of sales |
|
|
7.8 |
|
|
|
6.7 |
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
3,058 |
|
|
|
3,362 |
|
|
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
30,756 |
|
|
|
30,696 |
|
|
|
|
|
|
|
|
|
|
Business highlights |
|
|
|
Subject to receipt of regulatory approval, Philips will
acquire Witt Biomedical Corporation the largest global
independent supplier of hemodynamic monitoring and clinical
reporting systems and ranked #1 in 2005 by vendor reviewer
KLAS for approximately USD 165 million. |
|
|
|
Philips introduced the GEMINI PET/CT scanner, which is more
than two times more sensitive and conducts exams 50% faster
than conventional PET scanners. |
|
|
|
Together with De Lage Landen International (a Rabobank subsidiary),
Philips announced the set-up in Asia Pacific of Philips Medical Capital,
offering financing to customers in the region. |
|
|
|
The worlds first Ambient Experience Catheterization
Lab opened at Catharina Hospital in Eindhoven, the
Netherlands. The CathLab integrates lighting and
consumer electronics to enhance workflow and reduce
anxiety among heart patients. |
|
|
Financial performance |
|
|
|
Order intake for equipment grew by 18% compared to Q1 2005 on
a currency comparable basis, evident across almost all
businesses and all major regions. Demand for iSite PACS
continued to exceed expectations. |
|
|
|
Sales showed year-on-year comparable growth of 8%, led by
Computed Tomography, Ultrasound, X-ray and Healthcare
Informatics. |
|
|
|
All regions contributed to the 8% sales growth, especially
Latin America (48%) and Asia Pacific (16%). |
|
|
|
Excluding MedQuist, EBIT increased slightly compared to Q1
2005. Incremental sales-driven margin was largely offset by
additional investments in R&D, increased selling expenses
(partly driven by the establishment of a sales and service
infrastructure in emerging markets) and additional charges
relating to the acquisition of Stentor. |
|
|
Looking ahead |
|
|
|
Following the anticipated completion in Q2 of the acquisition
of Witt Biomedical Corporation in the core area of
Cardiovascular Imaging, integration costs and the application
of purchase accounting will result in a charge of
approximately EUR 15 million in Q2. |
8
|
|
As a first step towards optimizing the industrial blueprint
and accelerating operational efficiencies, Medical Systems
announced in March 2006 the transfer of Nuclear Medicine
manufacturing activities from Milpitas, CA to Cleveland, OH,
the diagnostic imaging manufacturing center. |
|
|
|
To continue the strong growth of the past two years, Medical
Systems has reorganized its global sales and service
structure, enabling the division to operate more efficiently
through shared back-offices and processes. |
9
Domestic Appliances and Personal Care
Key data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
427 |
|
|
|
496 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
9 |
|
|
|
16 |
|
% comparable |
|
|
9 |
|
|
|
10 |
|
|
EBIT |
|
|
56 |
|
|
|
62 |
|
as a % of sales |
|
|
13.1 |
|
|
|
12.5 |
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
460 |
|
|
|
1,126 |
|
|
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
8,542 |
|
|
|
9,384 |
|
|
|
|
|
|
|
|
|
|
Business highlights |
|
|
|
Philips acquired North Americas leading personal emergency
response company, Lifeline Systems, Inc., building up the
Consumer Health & Wellness business. |
|
|
|
Philips launched a branded rice cooker range in six Asian
countries, including China, tapping into a category making up
60% of Asias food and beverage market. |
|
|
|
In Western Europe, Philips launched a new model of the
Satinelle Ice epilator the first on the market to combine a
built-in soothing ice pack and massage function. |
|
|
|
Targeting the younger male shaving market, Philips kicked off
its Male Shaving sponsorship of the Williams Formula 1 team
in Bahrain with the first online game, letting spectators
race against team drivers Mark Webber and Nico Rosberg. |
|
|
Financial performance |
|
|
|
Comparable sales grew 10% compared to Q1 2005, driven by
Shaving & Beauty and Domestic Appliances. |
|
|
|
Adjusted for restructuring charges of EUR 12 million,
EBIT increased EUR 18 million compared with Q1 2005; the
improvement was visible across all businesses except Consumer
Health & Wellness, which continued to invest in business
development. |
|
|
|
Net operating capital increased, mainly due to the
consolidation of Lifeline Systems (EUR 662 million). |
|
|
Looking ahead |
|
|
|
The focus will remain on maintaining the 15-16% EBIT
margin and achieving the 7% comparable sales growth target
for 2006, based on innovation, new product launches and
emerging markets. |
|
|
|
The acquisition of Lifeline Systems, completed in March
2006, will result in purchase accounting charges of
approximately EUR 12 million in 2006. |
10
Consumer Electronics
Key
data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
2,153 |
|
|
|
2,423 |
|
Sales growth
|
|
|
|
|
|
|
|
|
% nominal |
|
|
7 |
|
|
|
13 |
|
% comparable |
|
|
7 |
|
|
|
16 |
|
|
EBIT |
|
|
46 |
|
|
|
58 |
|
as a % of sales |
|
|
2.1 |
|
|
|
2.4 |
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
108 |
|
|
|
78 |
|
|
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
16,725 |
|
|
|
14,932 |
|
|
|
|
|
|
|
|
|
|
Business highlights |
|
|
|
In North America, Wal-Mart and Sams Club named Philips 2005
Supplier of the Year of home electronics. |
|
|
|
With significant demand expected this year for
high-definition home entertainment systems, Philips announced
it is introducing Blu-ray consumer products in the 2nd half
of 2006. |
|
|
|
Philips was named Official Big Screen Supplier for the 2006
FIFA World CupTM. Matches from 11 host cities will
be broadcast on Vidiwall screens at iconic sites like
Berlins Brandenburg Gate and São Paulos Jockey Club. |
|
|
|
Supporting the drive for sense and simplicity, Philips
launched the 8-in-1 universal remote control. It makes using
up to 8 devices easy, by only lighting up those buttons on
the remote control that are needed to operate each specific
device. |
|
|
Financial performance |
|
|
|
Sales of EUR 2,423 million in Consumer Electronics represent
13% nominal and 16% comparable growth compared to Q1 2005.
Strong sales growth in Connected Displays (driven by the
accelerating transition from CRT to flat displays) and
Peripherals & Accessories fueled most of the increase. From a
geographical perspective, double-digit growth, both nominal
and comparable, was visible in Europe, North and Latin
America. |
|
|
|
EBIT increased EUR 12 million, or 0.3% of sales, due to
higher optical license income. Excluding the additional
license income, EBIT was in line with Q1 2005. |
|
|
|
Net operating capital was lower than in Q1 2005, underscoring
the continued effectiveness of the divisions asset-light
business model. |
|
|
Looking ahead |
|
|
|
Q2 will see the introduction of an extensive new range of
Monitors and FlatTVs, including models with the innovative
4-side Ambilight feature. |
|
|
|
CE is expected to sustain its full-year profitability
bandwidth of 4 4.5%. |
11
Lighting
Key
data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
1,128 |
|
|
|
1,345 |
|
Sales growth
|
|
|
|
|
|
|
|
|
% nominal |
|
|
5 |
|
|
|
19 |
|
% comparable |
|
|
6 |
|
|
|
8 |
|
EBIT |
|
|
149 |
|
|
|
195 |
|
as a % of sales |
|
|
13.2 |
|
|
|
14.5 |
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
1,617 |
|
|
|
2,665 |
|
|
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
44,429 |
|
|
|
46,701 |
|
|
|
|
|
|
|
|
|
|
Business highlights |
|
|
|
Philips announced
a EUR 30 million investment to
expand Xenon car lighting
production capacity in Aachen,
Germany. Xenon headlights are
three times brighter and more
energy-efficient than
traditional halogen
headlights. |
|
|
|
Philips Lumileds lighting business introduced the
LUXEON ® K2 range, which was
warmly received by the market. The range is 15 to 30%
brighter than leading white-light high-power LEDs. |
|
|
|
At its Outdoor Lighting Application Center in Miribel,
France, Philips unveiled the first city beautification
lighting demonstration to include a range of solid-state
lighting, showing customers how lighting can improve urban
life. |
|
|
|
The State of California chose Philips ALTO low-mercury T8
office lamps as the preferred lamp in its state purchasing
contract, based on the products lower mercury content. |
|
|
Financial performance |
|
|
|
Sales amounted to EUR 1,345 million, corresponding to 8%
comparable growth compared to Q1 2005. |
|
|
|
The comparable growth was seen across all businesses and,
geographically, was strong in Europe, Asia Pacific and Latin
America. Lumileds sales increased 25% in US dollar terms
compared with Q1 2005. This business remains on track to
deliver EBITA of 25% on a full-year basis. |
|
|
|
EBIT was impacted by restructuring charges of EUR 16 million,
a Lumileds purchase-accounting-related charge of EUR 14
million and a one-time real estate gain of EUR 11 million. In
Q1 2005, restructuring charges amounted to EUR 27 million. |
|
|
|
The increase in net operating capital and employees was
mainly attributable to the consolidation of Lumileds in Q4
2005. |
|
|
Looking ahead |
|
|
|
In Q2, a charge of EUR 8 million is expected for
purchase-accounting-related amortization. |
|
|
|
Strict cost control and optimization of the supply chain
remain a priority. |
|
|
|
Full-year 2006 sales are expected to show comparable growth
of 6%. |
12
Semiconductors
Key
data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
1,012 |
|
|
|
1,219 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
(3 |
) |
|
|
20 |
|
% comparable |
|
|
(2 |
) |
|
|
13 |
|
|
EBIT |
|
|
14 |
|
|
|
89 |
|
as a % of sales |
|
|
1.4 |
|
|
|
7.3 |
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
2,649 |
|
|
|
2,326 |
|
|
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
34,856 |
|
|
|
35,472 |
|
|
|
|
|
|
|
|
|
|
Business highlights |
|
|
|
Philips venture T3G launched a 3G-videophone
reference design for Samsung
for the worlds first cell
phone adapted to Chinas newly
developed TD-SCDMA network. |
|
|
|
Philips won an order to provide identification chipsets for
passive keyless entry in Renaults Mégane line of cars. With
passive keyless entry, drivers carrying security cards can
touch the car to unlock it and start the motor by pushing a
button. |
|
|
|
Dell will start shipments of digital LCD TVs based on our
integrated HD-ATSC System on Chip for the US market. |
|
|
|
Since launching the NexperiaTM TV505 reference,
Philips has shipped over one million LCD TV single-chips for
this reference design. |
|
|
|
Philips, IBM, Intel, SAP and Deutsche Post World Net launched
RFID pilot projects to boost the efficiency of logistic
solutions and global supply chains. |
|
|
Financial performance |
|
|
|
Sales increased by 20% on a nominal basis and 13% on a
comparable basis. All segments posted sales growth, led by
the MMS and Automotive & Identification businesses.
Sequentially, sales in US dollar terms declined by 7%,
reflecting seasonality. |
|
|
|
At the end of Q1 2006, the book-to-bill ratio improved to
1.12, compared to 0.96 at the end of Q4 2005. The total order
book increased by 16%, mainly for delivery beyond the short
term. |
|
|
|
The utilization rate improved to 82%, compared to 75% in Q1
2005, but was down sequentially from 83% in Q4 2005. |
|
|
|
EBIT amounted to EUR 89 million, compared to EUR 14 million
in Q1 2005. The improvement was attributable to higher sales
and better utilization, partially offset by costs of EUR 10
million related to the legal disentanglement of the division. |
|
|
|
EBIT included charges of EUR 11 million related to
restructuring in the Sales & Marketing organization. |
|
|
Looking ahead |
|
|
|
Low-to-mid-single-digit sequential sales growth in US dollar
terms is expected in Q2 2006. |
|
|
|
In Q2, costs related to the set-up of a separate legal
structure are expected to be slightly higher than in Q1. |
13
Other Activities
Key
data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
487 |
|
|
|
422 |
|
Sales growth |
|
|
|
|
|
|
|
|
% nominal |
|
|
(17 |
) |
|
|
(13 |
) |
% comparable |
|
|
2 |
|
|
|
(16 |
) |
|
EBIT Corporate Technologies |
|
|
(70 |
) |
|
|
(27 |
) |
EBIT Corp. Investments and others |
|
|
11 |
|
|
|
(40 |
) |
|
|
|
|
|
|
|
Total EBIT |
|
|
(59 |
) |
|
|
(67 |
) |
as a % of sales |
|
|
(12.1 |
) |
|
|
(15.9 |
) |
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
282 |
|
|
|
361 |
|
|
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
20,584 |
|
|
|
20,158 |
|
|
|
|
|
|
|
|
|
|
Business highlights |
|
|
|
Philips Research developed the worlds first fully functional
Radio Frequency Identification (RFID) tag based entirely on
plastic electronics, offering the potential for lower-cost
RFID tags to replace bar coding in packaging. |
|
|
|
In India, Philips Research completed successful trials of a
low-emissions woodstove. The stove uses heat from burning
wood to power a fan that can reduce fuel consumption by 80%,
smoke pollution by 90% and organic volatile emissions by 99%. |
|
|
|
The Industrie Forum Design Hannover, one of Europes most
renowned design centers, selected Philips Pedestrian LED
Luminaire designed by Philips Design for the 2006 Gold iF
product design award. |
|
|
Financial performance Corporate Technologies |
|
|
|
The improvement in EBIT compared to Q1 2005 was primarily attributable to a EUR 30
million gain on the sale of CryptoTec and to increased license income. |
|
|
|
Financial performance Corp. Investments/others |
|
|
|
Corporate Investments nominal sales declined by 16%. Due to
the lower sales level, the ongoing businesses in Corporate
Investments posted a loss of EUR 16 million, compared to a
profit of EUR 5 million in Q1 2005. |
|
|
|
Real Estate was negatively impacted by a valuation adjustment
of EUR 9 million. |
|
|
Looking ahead |
|
|
|
The divestment of Philips
Business Communications was closed on April 3. |
|
|
|
Philips intends to transfer its Optical Storage Data Drive
business to Philips BenQ Digital Storage (PBDS). As a result
of the transaction, the conditions for Philips to consolidate
PBDS are no longer fulfilled. Philips will therefore
de-consolidate PBDS upon completion, expected in Q2, which
will reduce sales by approximately EUR 650 million annually. |
|
|
|
The average quarterly EBIT of Other Activities in 2006 is
expected to be similar to that reported for Q1. |
14
Unallocated
Key
data
in millions of euros unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q1 |
|
|
|
2005 |
|
|
2006 |
|
Corporate and regional overheads |
|
|
(67 |
) |
|
|
(76 |
) |
Global brand campaign |
|
|
(2 |
) |
|
|
(3 |
) |
Pensions/postretirement benefit costs |
|
|
(30 |
) |
|
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total EBIT |
|
|
(99 |
) |
|
|
(101 |
) |
|
|
|
|
|
|
|
|
|
Number of employees (FTEs) |
|
|
2,505 |
|
|
|
2,471 |
|
|
|
|
|
|
|
|
|
|
Business highlights |
|
|
|
In its
Sustainability Report 2005,
Philips announced it
introduced 50 new Green
Flagship products in 2005,
bringing the total number of
Green Flagships to over 160 by
the end of the year. Revenue
from Green Flagship products
also jumped 100%, to EUR 2
billion in 2005 from EUR
1 billion in 2004.
|
|
|
|
Philips presented its first Global Supplier Awards.
Amtek Group a metal, plastic and rubber supplier won the
Best Overall category; Sanmina-SCI Corporation an
electronics manufacturer won the Breakthrough award for
successful support in transferring manufacturing activities;
and LG.Philips LCD won the Growth Contribution award for
significantly increasing 2005 output to meet rising demand
for flat-panel televisions. |
|
|
|
In line with Philips goal to be more market-driven,
Philips and Brussels-based Management Centre Europe will
offer the Kotler Certified Marketing Manager program to
Philips non-marketing employees. The course is
exam-certified by the Kotler Marketing Group a global
marketing training firm. |
|
|
Financial performance |
|
|
|
Corporate and regional overheads were higher than in Q1
2005, due in part to implementation costs related to
compliance with section 404 of the Sarbanes-Oxley Act. |
|
|
|
Pension costs/post-retirement benefit costs were lower
than in Q1 2005, largely as a consequence of the abolition in
2006 of the post-retirement benefit plan in the Netherlands
and lower pension costs, also in the Netherlands. |
|
|
Looking ahead |
|
|
|
Brand campaign spend is expected to be at similar
levels, and to follow a similar seasonal pattern, as in 2005. |
|
|
|
The implementation costs related to Sarbanes Oxley
compliance for full-year 2006 are expected to be
approximately EUR 20 million. |
15
Other information
|
|
Other information |
|
|
|
From 2006 onwards, Philips interest in TSMC has been categorized as a financial asset rather
than an equity investment. Consequently, Philips no longer accounts for its share in TSMCs
income under results relating to unconsolidated companies. Instead, Philips will recognize
its annual dividend in the income statement. On February 14, 2006, the TSMC Board recommended
the distribution of a TWD 2.5 cash dividend per common share and a 3% stock dividend (30
shares for every 1,000 owned), subject to the approval of the shareholders meeting on May 16,
2006. At the current exchange rate, this would amount to approximately EUR 430 million, net
of tax, and will be recognized under financial income and expense in Q2 2006. |
16
|
|
Outlook |
|
|
|
The first quarter of 2006 reaffirmed that we are on track to achieve our medium-term sales
growth and EBIT margin targets. |
|
|
|
We are pleased with the performance of Semiconductors. We are on schedule with the creation
of a separate legal structure for the division, which we expect will be completed by the end
of the third quarter. We remain confident that, in this way, we will create options to
further strengthen the activity and maximize shareholder value. |
|
|
|
During the remainder of the year, we will continue to explore opportunities to add to organic
growth through targeted acquisitions consistent with our portfolio realignment. |
|
|
|
We will continue to manage our balance sheet in line with our policy to maximize value
creation and will further improve our cost structure by simplifying our organization and our
way of working. |
|
|
|
Amsterdam, April 18, 2006 |
|
|
|
Board of Management |
17
Consolidated statements of income
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
|
|
|
|
|
|
|
|
|
|
|
January to March |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
6,492 |
|
|
|
7,374 |
|
Cost of sales |
|
|
(4,381 |
) |
|
|
(5,020 |
) |
|
|
|
|
|
|
|
Gross margin |
|
|
2,111 |
|
|
|
2,354 |
|
|
Selling expenses |
|
|
(1,009 |
) |
|
|
(1,165 |
) |
General and administrative expenses |
|
|
(302 |
) |
|
|
(302 |
) |
Research and development expenses |
|
|
(624 |
) |
|
|
(631 |
) |
Other business income (expense) |
|
|
31 |
|
|
|
79 |
|
|
|
|
|
|
|
|
Income from operations |
|
|
207 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
Financial income and expenses |
|
|
(48 |
) |
|
|
(23 |
) |
|
|
|
|
|
|
|
Income before taxes |
|
|
159 |
|
|
|
312 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(44 |
) |
|
|
(91 |
) |
|
|
|
|
|
|
|
Income after taxes |
|
|
115 |
|
|
|
221 |
|
|
|
|
|
|
|
|
|
|
Results relating to unconsolidated
companies, including a year-to-date
net dilution gain of EUR 7 million
(2005: nil) |
|
|
22 |
|
|
|
(36 |
) |
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
(6 |
) |
|
|
(25 |
) |
|
|
|
|
|
|
|
Income from continuing operations |
|
|
131 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
117 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares outstanding (after deduction
of treasury stock) during the period
(in thousands): |
|
|
|
|
|
|
|
|
basic |
|
|
1,276,078 |
|
|
|
1,195,716 |
|
diluted |
|
|
1,279,471 |
|
|
|
1,203,980 |
|
|
|
|
|
|
|
|
|
|
Net income per common share in euros: |
|
|
|
|
|
|
|
|
basic |
|
|
0.09 |
|
|
|
0.13 |
|
diluted |
|
|
0.09 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
Gross margin as a % of sales |
|
|
32.5 |
|
|
|
31.9 |
|
Selling expenses as a % of sales |
|
|
(15.5 |
) |
|
|
(15.8 |
) |
G&A expenses as a % of sales |
|
|
(4.7 |
) |
|
|
(4.1 |
) |
R&D expenses as a % of sales |
|
|
(9.6 |
) |
|
|
(8.6 |
) |
|
|
|
|
|
|
|
|
|
EBIT or Income from operations |
|
|
207 |
|
|
|
335 |
|
as a % of sales |
|
|
3.2 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
EBITA |
|
|
237 |
|
|
|
377 |
|
as a % of sales |
|
|
3.7 |
|
|
|
5.1 |
|
18
Consolidated balance sheets
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
|
2005 |
|
|
2005 |
|
|
2006 |
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
3,210 |
|
|
|
5,293 |
|
|
|
3,389 |
|
Receivables |
|
|
4,445 |
|
|
|
5,155 |
|
|
|
4,948 |
|
Assets of discontinued operations |
|
|
326 |
|
|
|
241 |
|
|
|
210 |
|
Inventories |
|
|
3,523 |
|
|
|
3,480 |
|
|
|
3,858 |
|
Other current assets |
|
|
1,013 |
|
|
|
937 |
|
|
|
1,246 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
12,517 |
|
|
|
15,106 |
|
|
|
13,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in unconsolidated companies |
|
|
6,011 |
|
|
|
5,698 |
|
|
|
3,738 |
|
Other non-current financial assets |
|
|
867 |
|
|
|
673 |
|
|
|
7,436 |
|
Non-current receivables |
|
|
159 |
|
|
|
213 |
|
|
|
268 |
|
Other non-current assets |
|
|
3,036 |
|
|
|
3,231 |
|
|
|
3,798 |
|
Property, plant and equipment |
|
|
4,861 |
|
|
|
4,893 |
|
|
|
4,879 |
|
Intangible assets excluding goodwill |
|
|
980 |
|
|
|
1,299 |
|
|
|
1,463 |
|
Goodwill |
|
|
1,911 |
|
|
|
2,748 |
|
|
|
3,061 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
30,342 |
|
|
|
33,861 |
|
|
|
38,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts and notes payable |
|
|
2,970 |
|
|
|
3,856 |
|
|
|
3,418 |
|
Liabilities of discontinued operations |
|
|
160 |
|
|
|
143 |
|
|
|
115 |
|
Accrued liabilities |
|
|
3,160 |
|
|
|
3,632 |
|
|
|
3,565 |
|
Short-term provisions |
|
|
830 |
|
|
|
869 |
|
|
|
1,005 |
|
Other current liabilities |
|
|
609 |
|
|
|
708 |
|
|
|
766 |
|
Dividend payable |
|
|
504 |
|
|
|
|
|
|
|
523 |
|
Short-term debt |
|
|
889 |
|
|
|
1,167 |
|
|
|
1,453 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
9,122 |
|
|
|
10,375 |
|
|
|
10,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
3,608 |
|
|
|
3,320 |
|
|
|
3,240 |
|
Long-term provisions |
|
|
2,095 |
|
|
|
2,056 |
|
|
|
2,014 |
|
Other non-current liabilities |
|
|
706 |
|
|
|
1,112 |
|
|
|
917 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
15,531 |
|
|
|
16,863 |
|
|
|
17,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
305 |
|
|
|
332 |
|
|
|
347 |
|
Stockholders equity |
|
|
14,506 |
|
|
|
16,666 |
|
|
|
20,931 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
30,342 |
|
|
|
33,861 |
|
|
|
38,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares outstanding (after deduction of treasury stock) at the end of
period (in thousands) |
|
|
1,261,725 |
|
|
|
1,201,358 |
|
|
|
1,188,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity per common share in euros |
|
|
11.50 |
|
|
|
13.87 |
|
|
|
17.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories as a % of sales |
|
|
12.0 |
|
|
|
11.4 |
|
|
|
12.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt : group equity |
|
|
8:92 |
|
|
|
(5):105 |
|
|
|
6:94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating capital |
|
|
7,908 |
|
|
|
8,043 |
|
|
|
10,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees at end of period
of which discontinued operations 2,460 end March 2005, 1,780 end December 2005 and 1,684 end
March 2006 |
|
|
160,857 |
|
|
|
159,226 |
|
|
|
161,498 |
|
19
Consolidated
statements of cash flows *
all amounts in millions of euros
restated for the intended sale of the MDS business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to March |
|
|
|
2005 |
|
|
2006 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
|
117 |
|
|
|
160 |
|
Adjustments to reconcile income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
(Income) loss from discontinued operations |
|
|
14 |
|
|
|
|
|
Depreciation and amortization |
|
|
356 |
|
|
|
342 |
|
Impairment of equity investments |
|
|
|
|
|
|
3 |
|
Net gain on sale of assets |
|
|
(17 |
) |
|
|
(71 |
) |
Unconsolidated companies (net of dividends received) |
|
|
67 |
|
|
|
(11 |
) |
Minority interests (net of dividends paid) |
|
|
6 |
|
|
|
25 |
|
(Increase) decrease in working capital/other
current assets |
|
|
(788 |
) |
|
|
(673 |
) |
(Increase) decrease in non-current
receivables/other assets |
|
|
(89 |
) |
|
|
(633 |
) |
Increase (decrease) in provisions |
|
|
(17 |
) |
|
|
(1 |
) |
Other items |
|
|
19 |
|
|
|
(8 |
) |
|
|
|
|
|
|
|
Net cash provided by (used for) operating activities |
|
|
(332 |
) |
|
|
(867 |
) |
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of intangible assets |
|
|
(14 |
) |
|
|
(26 |
) |
Capital expenditures on property, plant and
equipment |
|
|
(220 |
) |
|
|
(274 |
) |
Proceeds from disposals of property, plant and
equipment |
|
|
37 |
|
|
|
27 |
|
Cash from (to) derivatives |
|
|
(9 |
) |
|
|
2 |
|
Proceeds from sale (purchase) of other non-current
financial assets |
|
|
(4 |
) |
|
|
(2 |
) |
Proceeds from sale (purchase) of businesses |
|
|
(74 |
) |
|
|
(585 |
) |
|
|
|
|
|
|
|
Net cash provided by (used for) investing activities |
|
|
(284 |
) |
|
|
(858 |
) |
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
Increase (decrease) in debt |
|
|
(129 |
) |
|
|
255 |
|
Treasury stock transactions |
|
|
(414 |
) |
|
|
(373 |
) |
Dividends paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used for) financing activities |
|
|
(543 |
) |
|
|
(118 |
) |
|
Net cash provided by (used for) continuing
operations |
|
|
(1,159 |
) |
|
|
(1,843 |
) |
Effect of change in consolidations and exchange
rates on cash positions |
|
|
45 |
|
|
|
(62 |
) |
Net cash provided by (used for ) discontinued
operations 1) |
|
|
(25 |
) |
|
|
1 |
|
Cash and cash equivalents at beginning of period |
|
|
4,349 |
|
|
|
5,293 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
|
3,210 |
|
|
|
3,389 |
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
For a number of reasons, principally the effects of translation differences and consolidation changes, certain
items in the statements of cash flows do not correspond to the differences between the balance sheet amounts for
the respective items. |
|
|
|
|
|
|
|
|
|
|
|
1) |
|
cash provided by (used for) operating activities |
|
|
(18 |
) |
|
|
2 |
|
|
|
cash provided by (used for) investing activities |
|
|
(7 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows before financing activities |
|
|
(616 |
) |
|
|
(1,725 |
) |
20
Consolidated statement of changes in stockholders equity
all amounts in millions of euros
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to March 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss) |
|
|
|
Treasury shares at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
|
|
|
|
Changes |
|
|
|
|
|
|
To hedge |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
gain (loss) |
|
|
|
|
|
|
in fair |
|
|
|
|
|
|
share- |
|
|
|
|
|
|
|
|
|
|
|
|
|
in |
|
|
|
|
|
|
|
|
|
|
on |
|
|
Additional |
|
|
value of |
|
|
|
|
|
|
based |
|
|
To cover |
|
|
Total |
|
|
|
|
|
|
|
excess |
|
|
|
|
|
|
Currency |
|
|
available- |
|
|
minimum |
|
|
cash |
|
|
|
|
|
|
compen- |
|
|
capital |
|
|
stock |
|
|
|
Common |
|
|
of par |
|
|
Retained |
|
|
translation |
|
|
for-sale |
|
|
pension |
|
|
flow |
|
|
|
|
|
|
sation |
|
|
reduction |
|
|
holders |
|
|
|
stock |
|
|
value |
|
|
earnings |
|
|
differences |
|
|
securities |
|
|
liability |
|
|
hedges |
|
|
Total |
|
|
plans |
|
|
program |
|
|
equity |
|
Balance as of December 31,
2005 |
|
|
263 |
|
|
|
82 |
|
|
|
21,710 |
|
|
|
(1,886 |
) |
|
|
(10 |
) |
|
|
(545 |
) |
|
|
(29 |
) |
|
|
(2,470 |
) |
|
|
(1,333 |
) |
|
|
(1,586 |
) |
|
|
16,666 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160 |
|
Net current period change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
172 |
|
|
|
4,566 |
|
|
|
202 |
|
|
|
19 |
|
|
|
4,959 |
|
|
|
|
|
|
|
|
|
|
|
4,959 |
|
Reclassifications into income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income,
net of tax |
|
|
|
|
|
|
|
|
|
|
160 |
|
|
|
174 |
|
|
|
4,566 |
|
|
|
202 |
|
|
|
27 |
|
|
|
4,969 |
|
|
|
|
|
|
|
|
|
|
|
5,129 |
|
Dividend payable |
|
|
|
|
|
|
|
|
|
|
(523 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(523 |
) |
Purchase of treasury stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(414 |
) |
|
|
(414 |
) |
Re-issuance of treasury stock |
|
|
|
|
|
|
(63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
116 |
|
|
|
|
|
|
|
53 |
|
Share-based compensation
plans |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2006 |
|
|
263 |
|
|
|
39 |
|
|
|
21,347 |
|
|
|
(1,712 |
) |
|
|
4,556 |
|
|
|
(343 |
) |
|
|
(2 |
) |
|
|
2,499 |
|
|
|
(1,217 |
) |
|
|
(2,000 |
) |
|
|
20,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
Sectors
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
Sales
and income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to March |
|
|
|
2005 |
|
|
2006 |
|
|
|
|
|
|
|
Income from operations |
|
|
|
|
|
|
Income from operations |
|
|
|
Sales |
|
|
amount |
|
|
as a % of |
|
|
Sales |
|
|
amount |
|
|
as a % of |
|
|
|
|
|
|
|
|
|
sales |
|
|
|
|
|
|
|
|
sales |
|
Medical Systems |
|
|
1,285 |
|
|
|
100 |
|
|
|
7.8 |
|
|
|
1,469 |
|
|
|
99 |
|
|
|
6.7 |
|
DAP |
|
|
427 |
|
|
|
56 |
|
|
|
13.1 |
|
|
|
496 |
|
|
|
62 |
|
|
|
12.5 |
|
Consumer Electronics |
|
|
2,153 |
|
|
|
46 |
|
|
|
2.1 |
|
|
|
2,423 |
|
|
|
58 |
|
|
|
2.4 |
|
Lighting |
|
|
1,128 |
|
|
|
149 |
|
|
|
13.2 |
|
|
|
1,345 |
|
|
|
195 |
|
|
|
14.5 |
|
Semiconductors |
|
|
1,012 |
|
|
|
14 |
|
|
|
1.4 |
|
|
|
1,219 |
|
|
|
89 |
|
|
|
7.3 |
|
Other Activities |
|
|
487 |
|
|
|
(59 |
) |
|
|
(12.1 |
) |
|
|
422 |
|
|
|
(67 |
) |
|
|
(15.9 |
) |
Unallocated |
|
|
|
|
|
|
(99 |
) |
|
|
|
|
|
|
|
|
|
|
(101 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
6,492 |
|
|
|
207 |
|
|
|
3.2 |
|
|
|
7,374 |
|
|
|
335 |
|
|
|
4.5 |
|
22
Sectors and main countries
all amounts in millions of euros
restated for the intended sale of the MDS business
Sales and total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
Total assets |
|
|
|
January to March |
|
|
March 31, |
|
|
|
2005 |
|
|
2006 |
|
|
2005 |
|
|
2006 |
|
Medical Systems |
|
|
1,285 |
|
|
|
1,469 |
|
|
|
4,932 |
|
|
|
5,461 |
|
DAP |
|
|
427 |
|
|
|
496 |
|
|
|
835 |
|
|
|
1,616 |
|
Consumer Electronics |
|
|
2,153 |
|
|
|
2,423 |
|
|
|
2,393 |
|
|
|
2,660 |
|
Lighting |
|
|
1,128 |
|
|
|
1,345 |
|
|
|
2,576 |
|
|
|
3,783 |
|
Semiconductors |
|
|
1,012 |
|
|
|
1,219 |
|
|
|
3,922 |
|
|
|
3,646 |
|
Other Activities |
|
|
487 |
|
|
|
422 |
|
|
|
7,270 |
|
|
|
5,040 |
|
Unallocated |
|
|
|
|
|
|
|
|
|
|
8,088 |
|
|
|
15,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
6,492 |
|
|
|
7,374 |
|
|
|
30,016 |
|
|
|
38,084 |
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
326 |
|
|
|
210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
30,342 |
|
|
|
38,294 |
|
Sales and long-lived assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
Long-lived assets * |
|
|
|
January to March |
|
|
March 31, |
|
|
|
2005 |
|
|
2006 |
|
|
2005 |
|
|
2006 |
|
Netherlands |
|
|
270 |
|
|
|
258 |
|
|
|
1,493 |
|
|
|
1,479 |
|
United States |
|
|
1,558 |
|
|
|
1,725 |
|
|
|
3,002 |
|
|
|
4,873 |
|
Germany |
|
|
519 |
|
|
|
592 |
|
|
|
556 |
|
|
|
535 |
|
France |
|
|
398 |
|
|
|
395 |
|
|
|
190 |
|
|
|
165 |
|
United Kingdom |
|
|
265 |
|
|
|
282 |
|
|
|
194 |
|
|
|
88 |
|
China |
|
|
610 |
|
|
|
746 |
|
|
|
349 |
|
|
|
330 |
|
Other countries |
|
|
2,872 |
|
|
|
3,376 |
|
|
|
1,968 |
|
|
|
1,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
6,492 |
|
|
|
7,374 |
|
|
|
7,752 |
|
|
|
9,403 |
|
|
|
|
* |
|
Includes property, plant and equipment and intangible assets |
23
Pension costs
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
Net periodic pension costs of defined-benefit plans
|
|
|
|
|
|
|
|
|
|
|
January-March |
|
|
|
Netherlands |
|
|
Other |
|
Service cost |
|
|
53 |
|
|
|
37 |
|
Interest cost on the projected benefit obligation |
|
|
134 |
|
|
|
102 |
|
Expected return on plan assets |
|
|
(203 |
) |
|
|
(98 |
) |
Amortization of unrecognized transition obligation |
|
|
|
|
|
|
|
|
Net actuarial (gain) loss recognized |
|
|
(10 |
) |
|
|
21 |
|
Amortization of prior service cost |
|
|
(15 |
) |
|
|
7 |
|
Settlement loss |
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic cost (income) |
|
|
(41 |
) |
|
|
69 |
|
The net periodic pension costs in the first quarter of 2006 amounted to EUR
52 million, of which EUR 28 million related to defined-benefit plans (the
Netherlands income of EUR 41 million, other countries cost of EUR 69 million)
and EUR 24 million related to defined-contribution plans outside the
Netherlands (the Netherlands cost of EUR 2 million, other countries cost of EUR
22 million).
Net periodic costs of postretirement benefits other than pensions
|
|
|
|
|
|
|
|
|
|
|
January-March |
|
|
|
Netherlands |
|
|
Other |
|
Service cost |
|
|
|
|
|
|
1 |
|
Interest cost on the accumulated postretirement
benefit obligation |
|
|
|
|
|
|
7 |
|
Amortization of unrecognized transition
obligation |
|
|
|
|
|
|
2 |
|
Net actuarial loss recognized |
|
|
|
|
|
|
1 |
|
Curtailment gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic cost (income) |
|
|
|
|
|
|
11 |
|
24
Consolidated
statements of income in accordance with IFRS
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
|
|
|
|
|
|
|
|
|
|
|
January to March |
|
|
|
2005 |
|
|
2006 |
|
Sales |
|
|
6,492 |
|
|
|
7,374 |
|
Cost of sales |
|
|
(4,393 |
) |
|
|
(5,046 |
) |
|
|
|
|
|
|
|
Gross margin |
|
|
2,099 |
|
|
|
2,328 |
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
|
(1,011 |
) |
|
|
(1,171 |
) |
General and administrative expenses |
|
|
(336 |
) |
|
|
(339 |
) |
Research and development expenses |
|
|
(567 |
) |
|
|
(554 |
) |
Other business income (expense) |
|
|
22 |
|
|
|
66 |
|
|
|
|
|
|
|
|
Income from operations |
|
|
207 |
|
|
|
330 |
|
|
|
|
|
|
|
|
|
|
Financial income and expenses |
|
|
(49 |
) |
|
|
(22 |
) |
|
|
|
|
|
|
|
Income before taxes |
|
|
158 |
|
|
|
308 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(47 |
) |
|
|
(90 |
) |
|
|
|
|
|
|
|
Income after taxes |
|
|
111 |
|
|
|
218 |
|
|
|
|
|
|
|
|
|
|
Results relating to unconsolidated
companies, including a year-to-date
net dilution gain of EUR 8 million
(2005: nil) |
|
|
22 |
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
(7 |
) |
|
|
(25 |
) |
|
|
|
|
|
|
|
Income from continuing operations |
|
|
126 |
|
|
|
151 |
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
124 |
|
|
|
151 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares outstanding (after deduction
of treasury stock) during the period
(in thousands) |
|
|
|
|
|
|
|
|
basic |
|
|
1,276,078 |
|
|
|
1,195,716 |
|
diluted |
|
|
1,279,471 |
|
|
|
1,203,980 |
|
|
|
|
|
|
|
|
|
|
Net income per common share in euros: |
|
|
|
|
|
|
|
|
basic |
|
|
0.10 |
|
|
|
0.13 |
|
diluted |
|
|
0.10 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin as a % of sales |
|
|
32.3 |
|
|
|
31.6 |
|
Selling expenses as a % of sales |
|
|
(15.6 |
) |
|
|
(15.9 |
) |
G&A expenses as a % of sales |
|
|
(5.2 |
) |
|
|
(4.6 |
) |
R&D expenses as a % of sales |
|
|
(8.7 |
) |
|
|
(7.5 |
) |
|
|
|
|
|
|
|
|
|
EBIT or Income from operations |
|
|
207 |
|
|
|
330 |
|
as a % of sales |
|
|
3.2 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
EBITA |
|
|
289 |
|
|
|
437 |
|
as a % of sales |
|
|
4.5 |
|
|
|
5.9 |
|
25
Consolidated balance sheets in accordance with IFRS
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
|
2005 |
|
|
2005 |
|
|
2006 |
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
3,210 |
|
|
|
5,293 |
|
|
|
3,389 |
|
Receivables |
|
|
4,445 |
|
|
|
5,155 |
|
|
|
4,948 |
|
Assets of discontinued operations |
|
|
367 |
|
|
|
190 |
|
|
|
160 |
|
Inventories |
|
|
3,523 |
|
|
|
3,480 |
|
|
|
3,858 |
|
Other current assets |
|
|
727 |
|
|
|
455 |
|
|
|
617 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
12,272 |
|
|
|
14,573 |
|
|
|
12,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in unconsolidated companies |
|
|
5,764 |
|
|
|
5,520 |
|
|
|
3,637 |
|
Other non-current financial assets |
|
|
867 |
|
|
|
673 |
|
|
|
7,436 |
|
Non-current receivables |
|
|
159 |
|
|
|
213 |
|
|
|
268 |
|
Other non-current assets |
|
|
116 |
|
|
|
126 |
|
|
|
419 |
|
Deferred tax assets |
|
|
2,094 |
|
|
|
2,047 |
|
|
|
2,101 |
|
Property, plant and equipment |
|
|
4,892 |
|
|
|
4,912 |
|
|
|
4,891 |
|
Intangible assets excluding goodwill |
|
|
2,356 |
|
|
|
3,175 |
|
|
|
3,454 |
|
Goodwill |
|
|
1,537 |
|
|
|
2,304 |
|
|
|
2,625 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
30,057 |
|
|
|
33,543 |
|
|
|
37,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts and notes payable |
|
|
2,970 |
|
|
|
3,856 |
|
|
|
3,418 |
|
Liabilities of discontinued operations |
|
|
160 |
|
|
|
143 |
|
|
|
115 |
|
Accrued liabilities |
|
|
3,091 |
|
|
|
3,621 |
|
|
|
3,530 |
|
Short-term provisions |
|
|
860 |
|
|
|
842 |
|
|
|
822 |
|
Other current liabilities |
|
|
609 |
|
|
|
708 |
|
|
|
766 |
|
Dividend payable |
|
|
504 |
|
|
|
|
|
|
|
523 |
|
Short-term debt |
|
|
890 |
|
|
|
1,168 |
|
|
|
1,467 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
9,084 |
|
|
|
10,338 |
|
|
|
10,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
3,638 |
|
|
|
3,339 |
|
|
|
3,242 |
|
Long-term provisions |
|
|
2,066 |
|
|
|
1,817 |
|
|
|
1,785 |
|
Deferred tax liabilities |
|
|
314 |
|
|
|
309 |
|
|
|
427 |
|
Other non-current liabilities |
|
|
796 |
|
|
|
1,068 |
|
|
|
876 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
15,898 |
|
|
|
16,871 |
|
|
|
16,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
308 |
|
|
|
353 |
|
|
|
367 |
|
Stockholders equity |
|
|
13,851 |
|
|
|
16,319 |
|
|
|
20,465 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
30,057 |
|
|
|
33,543 |
|
|
|
37,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares outstanding (after
deduction of treasury stock) at the end of
period (in thousands) |
|
|
1,261,725 |
|
|
|
1,201,358 |
|
|
|
1,188,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity per common share in euros |
|
|
10.98 |
|
|
|
13.58 |
|
|
|
17.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories as a % of sales |
|
|
12.0 |
|
|
|
11.4 |
|
|
|
12.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt : group equity |
|
|
9:91 |
|
|
|
(5):105 |
|
|
|
6:94 |
|
|
Employees at end of period
of which discontinued operations 2,460 end
March 2005, 1,780 end December 2005 and
1,684 end March 2006 |
|
|
160,857 |
|
|
|
159,226 |
|
|
|
161,498 |
|
26
Reconciliation from US GAAP to IFRS
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
Reconciliation of net income from US GAAP to IFRS
|
|
|
|
|
|
|
|
|
|
|
January to March |
|
|
|
2005 |
|
|
2006 |
|
Net income as per the consolidated
statements of income on a US GAAP basis |
|
|
117 |
|
|
|
160 |
|
Adjustments to IFRS: |
|
|
|
|
|
|
|
|
Capitalized product development expenses |
|
|
149 |
|
|
|
197 |
|
Amortization of product development assets |
|
|
(85 |
) |
|
|
(109 |
) |
Pensions and other postretirement benefits |
|
|
(56 |
) |
|
|
(64 |
) |
Amortization of intangible assets |
|
|
|
|
|
|
(16 |
) |
Unconsolidated companies |
|
|
|
|
|
|
(6 |
) |
Deferred income tax effects |
|
|
(3 |
) |
|
|
1 |
|
Discontinued operations |
|
|
12 |
|
|
|
- |
|
Other differences in income |
|
|
(10 |
) |
|
|
(12 |
) |
|
|
|
|
|
|
|
Net income in accordance with IFRS |
|
|
124 |
|
|
|
151 |
|
Reconciliation of stockholders equity from US GAAP to IFRS
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2005 |
|
|
2006 |
|
Stockholders equity as per the consolidated balance sheets
on a US GAAP basis |
|
|
14,506 |
|
|
|
20,931 |
|
Adjustments to IFRS: |
|
|
|
|
|
|
|
|
Product development expenses |
|
|
1,483 |
|
|
|
1,747 |
|
Pensions and other postretirement benefits |
|
|
(1,782 |
) |
|
|
(2,089 |
) |
Goodwill amortization (until January 1, 2004) |
|
|
(373 |
) |
|
|
(398 |
) |
Goodwill capitalization (acquisition-related) |
|
|
|
|
|
|
(39 |
) |
Acquisition-related intangibles |
|
|
|
|
|
|
273 |
|
Assets from discontinued operations |
|
|
41 |
|
|
|
(50 |
) |
Unconsolidated companies |
|
|
(247 |
) |
|
|
(101 |
) |
Recognized results on sale-and-leaseback transactions |
|
|
94 |
|
|
|
75 |
|
Deferred income tax effects |
|
|
129 |
|
|
|
140 |
|
Other differences in equity |
|
|
|
|
|
|
(24 |
) |
|
|
|
|
|
|
|
Stockholders equity in accordance with IFRS |
|
|
13,851 |
|
|
|
20,465 |
|
27
Reconciliation of non-US GAAP performance measures
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
Certain non-US GAAP financial measures are presented when
discussing the Philips Groups
performance. In the
following tables, a reconciliation to the most directly
comparable US GAAP
performance measure is made.
Sales growth composition (in %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to March |
|
|
|
Comparable |
|
|
Currency |
|
|
Consolidation |
|
|
Nominal |
|
|
|
growth |
|
|
effects |
|
|
changes |
|
|
growth |
|
2006 versus 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical Systems |
|
|
8.2 |
|
|
|
6.4 |
|
|
|
(0.3 |
) |
|
|
14.3 |
|
DAP |
|
|
9.5 |
|
|
|
5.4 |
|
|
|
1.4 |
|
|
|
16.3 |
|
Consumer Electronics |
|
|
15.6 |
|
|
|
6.5 |
|
|
|
(9.6 |
) |
|
|
12.5 |
|
Lighting |
|
|
7.6 |
|
|
|
5.1 |
|
|
|
6.5 |
|
|
|
19.2 |
|
Semiconductors |
|
|
13.4 |
|
|
|
6.8 |
|
|
|
0.2 |
|
|
|
20.4 |
|
Other Activities |
|
|
(15.7 |
) |
|
|
3.1 |
|
|
|
(0.9 |
) |
|
|
(13.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips Group |
|
|
9.6 |
|
|
|
5.9 |
|
|
|
(1.9 |
) |
|
|
13.6 |
|
EBITA and EBIT to income before taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips |
|
|
Medical |
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
Semi- |
|
|
Other |
|
|
|
|
|
|
Group |
|
|
Systems |
|
|
DAP |
|
|
Electronics |
|
|
Lighting |
|
|
conductors |
|
|
Activities |
|
|
Unallocated |
|
January to March 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITA |
|
|
377 |
|
|
|
122 |
|
|
|
64 |
|
|
|
58 |
|
|
|
204 |
|
|
|
98 |
|
|
|
(67 |
) |
|
|
(102 |
) |
Eliminate amortization
of intangibles |
|
|
(42 |
) |
|
|
(23 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
(9 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT or Income from
operations |
|
|
335 |
|
|
|
99 |
|
|
|
62 |
|
|
|
58 |
|
|
|
195 |
|
|
|
89 |
|
|
|
(67 |
) |
|
|
(101 |
) |
Eliminate financial
income and expenses |
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January to March 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITA |
|
|
237 |
|
|
|
121 |
|
|
|
57 |
|
|
|
46 |
|
|
|
149 |
|
|
|
22 |
|
|
|
(58 |
) |
|
|
(100 |
) |
Eliminate amortization
of intangibles |
|
|
(30 |
) |
|
|
(21 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
(8 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT or Income from
operations |
|
|
207 |
|
|
|
100 |
|
|
|
56 |
|
|
|
46 |
|
|
|
149 |
|
|
|
14 |
|
|
|
(59 |
) |
|
|
(99 |
) |
Eliminate financial
income and expenses |
|
|
(49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of net debt and group equity
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2005 |
|
|
2006 |
|
Long-term debt |
|
|
3,608 |
|
|
|
3,240 |
|
Short-term debt |
|
|
889 |
|
|
|
1,453 |
|
|
|
|
|
|
|
|
Total debt |
|
|
4,497 |
|
|
|
4,693 |
|
Cash and cash equivalents |
|
|
(3,210 |
) |
|
|
(3,389 |
) |
|
|
|
|
|
|
|
Net debt (total debt less cash and cash equivalents) |
|
|
1,287 |
|
|
|
1,304 |
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
305 |
|
|
|
347 |
|
Stockholders equity |
|
|
14,506 |
|
|
|
20,931 |
|
|
|
|
|
|
|
|
Group equity |
|
|
14,811 |
|
|
|
21,278 |
|
|
|
|
|
|
|
|
|
|
Net debt and group equity |
|
|
16,098 |
|
|
|
22,582 |
|
|
|
|
|
|
|
|
|
|
Net debt divided by net debt and group equity (in %) |
|
|
8 |
|
|
|
6 |
|
Group equity divided by net debt and group equity (in %) |
|
|
92 |
|
|
|
94 |
|
28
Reconciliation
of non-US GAAP performance measures (continued)
all amounts in millions of euros unless otherwise stated
restated for the intended sale of the MDS business
Net operating capital to total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philips |
|
|
Medical |
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
Semi- |
|
|
Other |
|
|
|
|
|
|
Group |
|
|
Systems |
|
|
DAP |
|
|
Electronics |
|
|
Lighting |
|
|
conductors |
|
|
Activities |
|
|
Unallocated |
|
March 31, 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
10,301 |
|
|
|
3,362 |
|
|
|
1,126 |
|
|
|
78 |
|
|
|
2,665 |
|
|
|
2,326 |
|
|
|
361 |
|
|
|
383 |
|
Eliminate liabilities comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- payables/liabilities |
|
|
8,666 |
|
|
|
1,741 |
|
|
|
418 |
|
|
|
2,200 |
|
|
|
926 |
|
|
|
819 |
|
|
|
1,044 |
|
|
|
1,518 |
|
- intercompany accounts |
|
|
|
|
|
|
35 |
|
|
|
16 |
|
|
|
69 |
|
|
|
38 |
|
|
|
21 |
|
|
|
(158 |
) |
|
|
(21 |
) |
- provisions1) |
|
|
2,553 |
|
|
|
253 |
|
|
|
56 |
|
|
|
294 |
|
|
|
134 |
|
|
|
191 |
|
|
|
573 |
|
|
|
1,052 |
|
Include assets not comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- investments in unconsolidated
companies |
|
|
3,738 |
|
|
|
70 |
|
|
|
|
|
|
|
19 |
|
|
|
20 |
|
|
|
289 |
|
|
|
3,220 |
|
|
|
120 |
|
- other non-current financial assets |
|
|
7,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,436 |
|
- deferred tax assets |
|
|
2,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,001 |
|
- liquid assets |
|
|
3,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
38,084 |
|
|
|
5,461 |
|
|
|
1,616 |
|
|
|
2,660 |
|
|
|
3,783 |
|
|
|
3,646 |
|
|
|
5,040 |
|
|
|
15,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
38,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
|
provisions on balance sheet EUR 3,019 million excluding deferred tax liabilities of EUR 466 million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating capital (NOC) |
|
|
7,908 |
|
|
|
3,058 |
|
|
|
460 |
|
|
|
108 |
|
|
|
1,617 |
|
|
|
2,649 |
|
|
|
282 |
|
|
|
(266 |
) |
Eliminate liabilities comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- payables/liabilities |
|
|
7,445 |
|
|
|
1,541 |
|
|
|
305 |
|
|
|
1,886 |
|
|
|
724 |
|
|
|
738 |
|
|
|
971 |
|
|
|
1,280 |
|
- intercompany accounts |
|
|
|
|
|
|
33 |
|
|
|
13 |
|
|
|
74 |
|
|
|
40 |
|
|
|
|
|
|
|
(134 |
) |
|
|
(26 |
) |
- provisions2) |
|
|
2,705 |
|
|
|
245 |
|
|
|
57 |
|
|
|
305 |
|
|
|
139 |
|
|
|
228 |
|
|
|
630 |
|
|
|
1,101 |
|
Include assets not comprised in NOC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- investments in unconsolidated
companies |
|
|
6,011 |
|
|
|
55 |
|
|
|
|
|
|
|
20 |
|
|
|
56 |
|
|
|
307 |
|
|
|
5,521 |
|
|
|
52 |
|
- other non-current financial assets |
|
|
867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
867 |
|
- deferred tax assets |
|
|
1,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,870 |
|
- liquid assets |
|
|
3,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
30,016 |
|
|
|
4,932 |
|
|
|
835 |
|
|
|
2,393 |
|
|
|
2,576 |
|
|
|
3,922 |
|
|
|
7,270 |
|
|
|
8,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
30,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
|
provisions on balance sheet EUR 2,925 million excluding deferred tax liabilities of EUR 220 million |
Composition of cash flows before financing activities
|
|
|
|
|
|
|
|
|
|
|
January to March |
|
|
|
2005 |
|
|
2006 |
|
Cash flows from operating activities |
|
|
(332 |
) |
|
|
(867 |
) |
Cash flows from investing activities |
|
|
(284 |
) |
|
|
(858 |
) |
|
|
|
|
|
|
|
Cash flows before financing activities |
|
|
(616 |
) |
|
|
(1,725 |
) |
29
Philips quarterly statistics
all
amounts in millions of euros unless otherwise stated; percentage
increases always in relation to the
corresponding period of previous year
restated for the intended sale of the MDS business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
2006 |
|
|
|
1st quarter |
|
|
2nd quarter |
|
|
3rd quarter |
|
|
4th quarter |
|
|
1st quarter |
|
|
2nd quarter |
|
|
3rd quarter |
|
|
4th quarter |
|
Sales |
|
|
6,492 |
|
|
|
6,927 |
|
|
|
7,458 |
|
|
|
9,518 |
|
|
|
7,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
% increase |
|
|
2 |
|
|
|
(1 |
) |
|
|
6 |
|
|
|
6 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT |
|
|
207 |
|
|
|
158 |
|
|
|
443 |
|
|
|
971 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
as a % of sales |
|
|
3.2 |
|
|
|
2.3 |
|
|
|
5.9 |
|
|
|
10.2 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
117 |
|
|
|
983 |
|
|
|
1,436 |
|
|
|
332 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
per common share in euros |
|
|
0.09 |
|
|
|
0.78 |
|
|
|
1.14 |
|
|
|
0.28 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
January- |
|
|
|
March |
|
|
June |
|
|
September |
|
|
December |
|
|
March |
|
|
June |
|
|
September |
|
|
December |
|
Sales |
|
|
6,492 |
|
|
|
13,419 |
|
|
|
20,877 |
|
|
|
30,395 |
|
|
|
7,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
% increase |
|
|
2 |
|
|
|
0 |
|
|
|
2 |
|
|
|
4 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT |
|
|
207 |
|
|
|
365 |
|
|
|
808 |
|
|
|
1,779 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
as a % of sales |
|
|
3.2 |
|
|
|
2.7 |
|
|
|
3.9 |
|
|
|
5.9 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
117 |
|
|
|
1,100 |
|
|
|
2,536 |
|
|
|
2,868 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
as a % of stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity (ROE) |
|
|
3.7 |
|
|
|
16.3 |
|
|
|
23.7 |
|
|
|
18.3 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
per common share in euros |
|
|
0.09 |
|
|
|
0.87 |
|
|
|
2.01 |
|
|
|
2.29 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period ending 2005 |
|
|
period ending 2006 |
|
Inventories as a % of sales |
|
|
12.0 |
|
|
|
13.4 |
|
|
|
13.3 |
|
|
|
11.4 |
|
|
|
12.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt : group equity ratio |
|
|
8:92 |
|
|
|
8:92 |
|
|
|
0:100 |
|
|
|
(5):105 |
|
|
|
6:94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total employees (in thousands) |
|
|
161 |
|
|
|
160 |
|
|
|
161 |
|
|
|
159 |
|
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
of which discontinued
operations |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Information also available on Internet, address: www.investor.philips.com
Printed in the Netherlands
30
Philips opens unique facility showcasing solid-state lighting for City Beautification
Tuesday, February 14, 2006
Philips announced today the opening of a new facility at its Outdoor Lighting Application Center
(OLAC), near Lyon, France. A full-scale city environment, this unique place is a test-bed for
designers, architects and city officials to experience how light can improve the quality of urban
life. In line with Philips commitment to growth and innovation in solid-state lighting, it
particularly showcases new technologies such as Light Emitting Diodes (LEDs) and how they can
transform city identities.
The new facility, which is built on the existing OLAC site, represents an investment of half a
million Euros on top of the 1.7 million Euros already invested. Set up in 1997, OLAC is located
close to Philips International Competence Centre for Outdoor Lighting. It offers access to
Philips world-class expertise and application know-how in the field of outdoor lighting and city
beautification. By creating this life-size city environment at OLAC, Philips enables visitors to
see directly how innovative LED lighting can add extra dimensions to architecture and create
varied, appealing ambiences.
Revolution in city lighting
Solid-state lighting based on LEDs is a revolution in the lighting industry, which offers unique
possibilities for city beautification and secure, attractive lighting of public spaces. LEDs can
adapt automatically to light levels and the time of day. They offer a vast array of colors and
effects far beyond the capabilities of conventional lighting. In addition, they are extremely low-
maintenance and long-life, and are becoming increasingly energy-efficient. LEDs used in street
lighting can last up to 10-15 years in continuous normal use.
Perfect location
Lyon is moreover the perfect location for this new facility. Philips is a key partner for the
citys beautification, which is world-renowned, and a life-size showcase for Philips art of
lighting. Lyon is also home to the LUCI association (Lighting Urban Community International), a
network of more than 40 cities from all over the world that desire to share and improve their
lighting strategies.
Positioned for strategic growth
With this full-scale test-bed at OLAC now open, Philips provides further evidence of its commitment
to the fast-emerging solid-state lighting as a key element in its growth strategy. The world number
one in lighting, Philips has recently acquired a 96% controlling interest in Lumileds, the global
leader in high-brightness LEDs. Now, by strengthening its unique capabilities in city
beautification, Philips further increases its opportunities in a market expected to grow in the
region of up to 25% per year.
For further information, please contact:
Jeannet Harpe
Philips Corporate Communications
Tel +31 20 59 77 199
email jeannet.harpe@philips.com
Robert Hall
Philips Lighting
Tel +31 40 2756476
email robert.hall@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
Forward-looking statements
This release may 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future
and there are many factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements.
Worlds First Ambient Experience Cardiology Suite Opens at Catharina Hospital in Eindhoven, the
Netherlands
Wednesday, February 22, 2006
The Catharina Hospital in Eindhoven and Philips today opened the worlds first Ambient Experience
Catheterization Lab (CathLab). The ambient experience design concept aims to improve the workflow
of physicians considerably and reduce anxiety of heart patients undergoing catheterization. Initial
tests show that the Ambient Experience design concept is leading to faster diagnoses, lower
radiation doses and calmer patients.
In a hospital CathLab, doctors insert a thin, flexible tube or catheter in a heart patients blood
vessel to allow access to the heart or blood vessels without major surgery. With the help of X-ray
imaging, doctors can then examine and diagnose the patients blood vessels and/or heart. The
ambient experience CathLab has been designed around the catheterization procedure to support
medical staff and soothe patients during preparation, examination and post procedure.
Advantages for heart patients
Heart patients can be distracted from the CathLab procedure by choosing a favorite visual theme
that can be viewed on LCD panels on the ceiling. The theme is accompanied by colored lighting that
illuminates the walls and by a sound and scent that also represent the theme. All these senses
together make the environment a comforting and calming atmosphere for the patient, reducing
anxiety. The room is very clean since all cables and ceiling suspended materials are smoothly
integrated in the design of the room.
Advantages for medical staff
The ambient experience CathLab also has special lighting that improves the physicians workflow.
Using diffuse light, any shadows or reflections on monitors are eliminated. Furthermore, equal
light distribution makes the room very relaxing and soothing to doctors eyes.
The physician can check patient data before the procedure starts at the mirror TV that is placed in
the physician preparation room, helping save time. At the tableside, the physician needs to focus
on the patient, not the system. Any interaction with medical equipment that would interfere with
the physicians focus on the patient should be kept to a minimum. With the Philips voice control
system there is no interaction needed, the system follows the voice command of the physician.
The first experiments already proved this to be a very important investment for our hospital. The
room design and the lighting are so good, tha it can really speed up our workflow. This might even
result in less radiation, as our first experiments already have shown. My colleagues and I are
also very pleased how this ambient CathLab takes into account the sometimes difficult working
conditions we as physicians encounter extremely long working hours where concentration and
patient focus are essential, says cardiologist Jacques Koolen of the Catharina Hospital,
Eindhoven.
Gerard Kleisterlee, CEO of Royal Philips Electronics: Hospitals find themselves in an increasingly
competitive environment needing to differentiate. Philips can help hospitals
achieve exactly that, combining insight into the needs of both patients and healthcare
professionals with unique technological expertise.
For further information please contact:
Gert van Santen
Philips Corporate Communications
Tel +31 40 27 82682
email gert.van.santen@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
Philips to sell Contract Manufacturing Services France SAS (CMS) to Groupe Attel
Friday, February 24, 2006
Amsterdam, The Netherlands and Paris, France Royal Philips Electronics (NYSE:PHG, AEX:PHI) and
Groupe Attel, a manufacturer of high-frequency wireless telecommunications applications, today
announced the completion of the sale of Philips-owned Contract Manufacturing Services France SAS
(CMS) to Groupe Attel of France. Financial details of this transaction were not disclosed. The deal
closed in January 2006.
CMS is a manufacturer of high-frequency niche telecommunications applications, and is part of
Philips Corporate Investments, which is within Philips Other Activities business segment. CMS
employs approximately 80 people in Louviers, France, who will transfer to Groupe Attel. Groupe
Attel makes up part of Group Mazarin a Paris-based telecoms holding company.
For further information, please contact:
Jayson Otke
Philips Corporate Communications
Tel +31 20 5977215
email jayson.otke@philips.com
Isabelle Lescalle
Groupe Attel Corporate Communication
Tel +33 1 41 30 83 99
email isabelle.lescalle@attel.fr
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
About Groupe Attel
Groupe ATTEL, French group based in Paris, proposes offers and services in the manufacturing and
the management of high value added products in technologies such as RF (WiFi, Bluetooth, RFID),
wireless, GPS, GPRS, biometrie, TVHD. With its 3 subsidiaries, Attel industry, Attel telecom and
Attel international, Groupe Attel represents 180 employees and
30 millions of turnover and is
present in France, Southern Europe and Africa. More information on
www.attel.fr.
Forward-looking statements
This release may 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in
the future and there are many factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking statements.
Philips completes EUR 1.5 billion share buyback program
Tuesday, February 28, 2006
Amsterdam, The Netherlands Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced it has
completed a EUR 1.5 billion share buyback program for the purpose of capital reduction. The program
was launched on August 15, 2005. This program followed a first share buyback program launched on
January 27, 2005, through which Philips bought back EUR 750 million worth of shares for the purpose
of capital reduction (EUR 500 million) and to hedge long-term incentive and employee stock purchase
plans (EUR 250 million). Through these two share buyback programs, Philips bought back
approximately 99.1 million of its own shares.
Following shareholder approval at Philips Annual General Meeting of Shareholders on March 30,
2006, Philips will cancel 86.8 million of these shares. This will leave Philips with a total of
1,229.3 million shares issued. Philips holds 42.0 million shares for hedging of long-term incentive
and employee stock purchase plans at this moment.
Philips expects to account for the cancellation of these shares in its second quarter 2006 results.
Philips will continue to evaluate the best use of its available cash from a shareholder value
creation perspective.
For further information, please contact:
Jayson Otke
Philips Corporate Communications
Tel +31 20 5977215
email jayson.otke@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
Turnover of Philips Green Flagship products doubles to 2 billion Euros
Monday, March 06, 2006
Philips launches 2005 Sustainability Report, showing major achievements and creating value in
sustainability
In its annual sustainability report published today, Philips shows positive results from its focus
on key global environmental challenges and innovations for emerging markets. Chief among these were
the launch of 50 new Green Flagships products, bringing the total to more than 160. These
products have a significantly reduced environmental impact. In addition, New Sustainable Business
Initiative pilots were successfully completed and new ones started, aiming to create both social
and economic return on investment.
Barbara Kux, Chief Procurement Officer Philips, member of the GMC and Chair of the Sustainability
Board: Philips is dedicated to embedding sustainability throughout our organization. The doubling
of our Green Flagship products turnover in 2005, from 1 billion Euros in 2004 to 2 billion in
2005, is a major achievement and sets new goals for sustainable value creation and growth.
Green Flagship products
Green Flagship products provide concrete examples of how Philips improves the quality of life and
tackles the issues such as global warming that resonate with consumers worldwide. Green
Flagship products must be proven to offer substantial better environmental performance than their
predecessors or closest commercial competitors on energy consumption, packaging, hazardous
substances, weight, recycling & disposal and lifetime reliability. These products now account for a
turnover of 2 billion Euros, double that of 2004.
Among 2005s additions are: new digital radiography systems which cut energy consumption by 41%,
Flat TVs which use 39 % less energy and contain no hazardous substances; and an internal active
antenna for portable TVs which uses 40% less energy and offers 85% lower product weight compared to
its competitor.
Philips sees sustainable business as central to long-term profitable growth and value creation. In
the last five years, it has invested over 400 million Euros in green lighting technologies. 2005
saw it launch a number of new energy-efficient products also Green Flagships with the potential
to drastically reduce CO2 emissions.Philips has just released research showing that new
energy efficient lighting control systems, such as ActiLume and LightMaster Modular, could lead to
1-2 billion Euros in cost savings and reduce CO2 emissions equivalent to the planting of
300 million trees.
New Sustainable Business Initiative pilots
During 2005, Philips also completed pilots of New Sustainable Business Initiatives (NSBIs) and
continued with its innovations designed to improve the quality of life for all consumers,
especially those at the base of the global economic pyramid. DISHA whose first pilot was
successfully concluded in 2005 is based around a mobile teleclinic with multi-diagnostic
capabilities and a satellite link to a remote specialist hospital. A second pilot with the same
four non-Philips strategic partners will be launched in 2006. This will further develop and refine
the project design, hardware configuration and service model, and will include a hub van and
other smaller vehicles.
A new pilot among the number of business initiatives started is a cost-effective rechargeable
lighting solution for people in the developing world. These lighting solutions do not need grid
electricity and reduce the use of conventional environmental unfriendly materials for a better
health and hygiene at home.
Also successful in trials was a woodstove that reduces smoke and toxic emissions. Designed for
cooking in developing countries, the stove could benefit up to 300 million families in the worlds
poorest regions and help reduce the smoke-related diseases that lead to some 1.6 million deaths
each year. Used properly, the woodstove reduces fuel consumption by up to 80% and generates
electricity, which can power external equipment such as lighting or radios.
Jeannet Harpe
Philips Corporate Communications
Tel +31 20 59 77 199
email jeannet.harpe@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
Philips to acquire cardiology healthcare company Witt Biomedical corporation
Wednesday, March 08, 2006
Move to
position Philips as leader in growing market for integrated Cath Lab
solutions Philips and Witt Biomedical Corporation today announced
Philips will acquire Witt Biomedical Corporation, the largest
independent supplier of hemodynamic monitoring and clinical reporting
systems used in cardiology catheterization laboratories (Cath Labs).
Subject to receipt of regulatory approval, Philips will acquire Witt Biomedical for
approximately USD 165 million. The transaction is expected to close in the
second quarter of 2006.
In hospital Cath Labs, heart patients undergo a catheterization procedure, in which a small tube or
catheter is inserted in an artery in the arm or leg to reach the heart for diagnosis and treatment.
With the growing digitization of hospitals, cardiologists are increasingly demanding that Cath Labs
be fully integrated into a hospitals IT infrastructure. Hemodynamic monitors measure and monitor a
patients ECG (electrocardiogram), blood pressure and other vital signs associated with a Cath Lab
procedure. Clinical reporting systems record and document the entire Cath Lab procedure.
Through this acquisition, both companies expect to benefit from being able to offer customers an
integrated suite of best-in-class technologies for the Cath Lab department, leading to increased
sales in cardiovascular x-ray, cardiology picture archiving and communication systems (PACS), and
in hemodynamic monitoring and reporting systems. Based on company estimates, Philips in 2005 held
the number one global position in cardiovascular x-ray and in cardiology PACS. In hemodynamic
monitoring and clinical reporting systems, Witt Biomedical was the largest independent supplier in
the United States in 2005, and was the number 2 supplier in the global market.
According to Witt Biomedical, the companys unaudited results for 2005 were sales of approximately
USD 49 million representing a growth in sales of 18% over 2004, and an operating margin of 30%.
Philips expects the acquisition of Witt Biomedical to be margin accretive from 2008 onwards, with
initial margin dilution due to purchase accounting treatment. Upon completion of the acquisition,
Witt Biomedical will be integrated into the Cardiovascular X-ray business unit within Philips
Medical Systems Division.
Through this latest acquisition, Philips is again partnering with a best-in-class company with an
outstanding customer approval rating. Witt Biomedical is not only an exceptional company with an
established track record in developing innovative solutions for the Cath Lab its also a leader
in its field. In 2005, the vendor reviewer KLAS ranked Witt Biomedical number 1 in the Hemodynamics
and Clinical Reporting market, said Jouko Karvinen, CEO of Philips Medical Systems. By merging
Witt Biomedical with Philips successful number one position in the cardiovascular X-ray and
cardiovascular PACS markets, we intend to obtain a leading position in the growing market for fully
integrated Cath Labs, Mr. Karvinen added.
In commenting on the acquisition, Terence Witt, founder and CEO of Witt Biomedical said: In the
healthcare industry, Philips is known for its high quality medical equipment and for putting
customers first an approach we fully share. And with Philips global reach, theres clearly an
opportunity for Witt Biomedical to further build on our presence beyond our base
in North America. Mr. Witt added: We believe this deal makes sense for our current and future
customers, as we combine our respective strengths in cardiology.
For further information, please contact:
Jayson Otke
Philips Corporate Communications
Tel +31 20 5977215
email jayson.otke@philips.com
Ruth Hurley
Witt Biomedical Corporation
Tel +1 321 253 5693
email Rhurley@wittbiomedical.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
About Witt Biomedical
Founded in 1990 in Melbourne, FL, Witt Biomedical Corporation designs and delivers innovative
cardiovascular enterprise solutions that encompass physiomonitoring and information systems for the
cath lab, as well as multimodality image and information management technologies. More than 950
facilities worldwide use Witt technology for millions of cardiovascular procedures annually. In
2005, Witt was named Best in KLAS for two KLAS market segments, Cardiology PACS and Cardiology
Reporting & Documenting. In addition, the 2005 Top 20 Year-End Best in KLAS report named Witt
Biomedical the Specialty Niche Category Leader for Cardiology Hemodynamics. All Witt products are
seamlessly integrated and backed by knowledgeable customer support experts. For more information,
call 800.669.1328 or visit www.wittbiomedical.com.
Forward-looking statements
This release may 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future
and there are many factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements.
Philips announces divestment of Anteryon B.V.
Thursday, March 09, 2006
Amsterdam, The Netherlands -Royal Philips Electronics (NYSE:PHG, AEX:PHI) and Anteryon B.V. today
announced that Anteryon International B.V. has acquired all Philips shares in Anteryon B.V. Main
shareholder of Anteryon International B.V. is Cosyma B.V. As part of the transaction, Philips has
received a 10% stake in Anteryon International B.V. Further financial details of this transaction
were not disclosed.
Anteryon develops, manufactures and markets a range of professional optical products for the
Industrial Optics, Imaging & Display, and Data & Telecom markets. Anteryon, who were part of
Philips Corporate Investments and based in Eindhoven, employs approximately 105 people in The
Netherlands
For further information, please contact:
Jeannet Harpe
Philips Corporate Communications
Tel +31 20 59 77 199
email jeannet.harpe@philips.com
Geoff Bertenshaw
Anteryon B.V.
Tel +31 40 2788543
email Geoff.Bertenshaw@anteryon.philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
Forward-looking statements
This release may 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future
and there are many factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements.
Philips and De Lage Landen Announce Medical Financing in Asia Pacific
Friday, March 10, 2006
Philips Medical Systems has announced an agreement with De Lage Landen International BV (DLL) to
provide financing for customers in the Asia Pacific region through a vendor program branded Philips
Medical Capital. The program will cover seven markets in the region; namely China, Hong Kong,
Japan, Korea, Singapore, Australia and New Zealand.
The Agreement was signed today and is an extension of a global initiative that Philips launched
several years ago to provide financing for customers. In August 2002, Philips partnered with DLL to
serve customers in the North American market. In June 2003, Philips teamed up with Societe Generale
to provide financing for customers in Europe.
Philips Medical Capital provides financing and leasing services for the purchase of the full range
of diagnostic imaging, patient monitoring and other medical equipment sold by Philips. The program
will be rolled out in the above-designated countries in the Asia Pacific region in the coming
months.
Commenting on this initiative, Scott Weisenhoff, Executive Vice President and CFO of Philips
Medical Systems, said, We are very pleased to be able to offer customers a total program which
will make it easier for customers in Asia Pacific to acquire world-class healthcare solutions.
Ronald Slaats, Executive Director of De Lage Landen Americas Division said, We are proud to extend
our partnership with Philips Medical Systems into the Asia Pacific region. With DLLs extensive
global network and Philips Medical Systems world class equipment, we know we will be successful in
the worlds fastest growing market.
For further information, please contact:
Margaret Lee
Philips Medical Systems
Tel +65 6882-4480
email Margaret.k.lee@philips.com
Donough Foley
Philips Electronics Asia Pacific
Tel +852 2821-5274
email donough.foley@philips.com
Scott Bradley
De Lage Landen International B.V.
Tel +65 6236-5706
email s.bradley@delagelanden.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical
diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and
silicon system solutions. News from Philips is located at www.philips.com/newscenter
About De Lage Landen International B.V.
De Lage Landen is a Netherlands based international provider of high-quality asset finance and
vendor finance programs. The global offering also includes an array of commercial finance
solutions. With a presence in more than 20 countries throughout Europe, the Americas and Asia
Pacific the company focuses on the following industries: Food & Agriculture, Healthcare, Office
Equipment, Telecommunications, Technology Finance, Materials Handling & Construction Equipment and
Financial Institutions. In its domestic market the company offers Equipment Leasing, Car &
Commercial Vehicle Leasing, ICT Leasing, Consumer Finance and Trade Finance through local Rabobanks
but also direct to market. De Lage Landen is a wholly owned subsidiary of the Dutch Rabobank Group
that is AAA-rated by Moodys and Standard & Poors. Over 2004 De Lage Landen grew its net profit to
$ 174 million and its balance sheet total to $ 20 billion.
For more information, please visit our website: www.delagelanden.com
Safe harbor statement
This release may 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future
and there are many factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements.
Philips invests EUR 30 million in its lighting plant in Aachen
Thursday, March 23, 2006
Amsterdam, The Netherlands Royal Philips Electronics (NYSE: PHG, AEX: PHI) has announced an
investment of approximately EUR 30 million in its automotive head lighting competence centre in
Aachen, Germany. The investment will pay for the installation of an ultra-modern production line
for Philips Xenon car headlamps. This will enable Philips to meet the increasing demand for Xenon
lighting and strengthen its position as the global number one supplier of such lamps.
Philips Xenon lamps are used by almost all of todays car manufacturers across the world, from the
top of the range, such as BMW, Mercedes and Porsche to the more widely established, such as Ford,
Toyota and Volkswagen. The headlights use a gas-discharge arc instead of a bulb filament, producing
three times as much light and consuming 50 percent less energy than traditional halogen headlights.
The lamps increase safety for drivers by offering greater visibility and illuminating much sooner
whats ahead on the road, whether this be obstacles, signs, others vehicles or pedestrians and
cyclists. In addition, they stimulate the human eye in darkness or poor light, which helps reduce
driver fatigue.
This investment confirms our continuing ambition to grow and strengthen our position in the
automotive lighting industry, says Mr. Paul van den Kerkhoff, Manager of the Aachen Competence
Centre. We continue to innovate, raise our level of knowledge and strengthen our technology
leadership to offer tailor-made solutions that specifically address the customers requirements.
For further information, please contact:
Jeannet Harpe
Philips Corporate Communications
Tel +31 20 59 77 199
email jeannet.harpe@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
Forward-looking statements
This release may 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future
and there are many factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements.
Philips closes acquisition of Lifeline Systems, Inc.
Thursday, March 23, 2006
Amsterdam, The Netherlands Royal Philips Electronics (NYSE: PHG, AEX: PHI) announced today that
it has closed its acquisition of Lifeline Systems, Inc., a leading personal emergency response
service company. Under the terms of the merger agreement announced on January 19, 2006, Lifeline
shareholders received USD47.75 per share in cash, representing a total aggregate value of USD690
million net, of USD60 million cash and cash equivalents. As a result of the transaction, Lifeline
Systems will be financially consolidated with immediate effect within the Consumer Health and
Wellness business of Philips Domestic Appliances and Personal Care product division.
For further information, please contact:
Jeannet Harpe
Philips Corporate Communications
Tel +31 20 59 77 199
email jeannet.harpe@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the worlds biggest
electronics companies and Europes largest, with sales of EUR 30.4 billion in 2005. With activities
in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in
more than 60 countries, it has market leadership positions in medical diagnostic imaging and
patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter
Forward-looking statements
This release may 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future
and there are many factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements.
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end
-----END PRIVACY-ENHANCED MESSAGE-----