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Annual Report 2011 Financial, Social and Environmental Performance

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Annual Report 2011 Financial, Social and Environmental Performance Annual Report 2011 Financial, social and environmental performance Accelerate! The journey to unlock our full potential Contents Performance highlights 4 10 Supervisory Board report 96 10.1 Report of the Corporate Governance and Nomination 99 Message from the CEO 6 & Selection Committee 10.2 Report of the Remuneration Committee 100 1 Our company 10 10.3 Report of the Audit Committee 105 2 Our strategic focus 12 11 Corporate governance 107 11.1 Board of Management 107 3 Our strategy in action 14 11.2 Supervisory Board 109 3.1 Philips’ China journey – a dynamic partnership 15 11.3 General Meeting of Shareholders 111 3.2 COPD home care solutions: Philips delivers 17 11.4 Logistics of the General Meeting of Shareholders 112 3.3 Global leadership through local relevance 19 11.5 Investor Relations 113 3.4 Building a global oral healthcare brand 21 3.5 Innovation bringing city lighting to life 23 3.6 Customer-centric innovation shaping the future of 25 IFRS basis of presentation motoring The financial information included in this document is based on IFRS, unless otherwise indicated. 4 Our planet, our partners, our people 27 Forward-looking statements and other information Please refer to chapter 19, Forward-looking statements and other 4.1 Optimizing our ecological footprint 28 information, of this Annual Report for more information about forward- 4.2 Partnering to drive change 30 looking statements, third-party market share data, fair value information, IFRS basis of preparation, use of non-GAAP information, statutory financial 4.3 Our people – making a difference 32 statements and management report, and reclassifications. Dutch Financial Markets Supervision Act 5 Group performance 34 This document comprises regulated information within the meaning of the 5.1 Management discussion and analysis 35 Dutch Financial Markets Supervision Act (Wet op het Financieel Toezicht). 5.2 Liquidity and capital resources 43 Statutory financial statements and management report 5.3 Other performance measures 48 The chapters Group financial statements and Company financial statements contain the statutory financial statements of the Company. The introduction 5.4 Sustainability 51 to the chapter Group financial statements sets out which parts of this Annual 5.5 Proposed distribution to shareholders 57 Report form the Management report within the meaning of Section 2:391 of the Dutch Civil Code (and related Decrees). 5.6 Outlook 58 6 Sector performance 59 6.1 Healthcare 61 6.2 Consumer Lifestyle 67 6.3 Lighting 72 6.4 Group Management & Services 77 7 Risk management 81 7.1 Our approach to risk management and business 81 control 7.2 Risk categories and factors 84 7.3 Strategic risks 85 7.4 Operational risks 86 7.5 Compliance risks 88 7.6 Financial risks 90 8 Management 92 9 Supervisory Board 94 2 Annual Report 2011 12 Group financial statements 117 13 Company financial statements 176 12.1 Management’s report on internal control 117 13.1 Balance sheets before appropriation of results 177 12.2 Reports of the independent auditor 117 13.2 Statements of income 178 12.3 Auditors’ report on internal control over financial 118 13.3 Statement of changes in equity 178 reporting 13.4 Notes 179 12.4 Consolidated statements of income 119 12.5 Consolidated statements of comprehensive income 120 A Investments in affiliated companies 179 12.6 Consolidated balance sheets 121 B Other non-current financial assets 179 12.7 Consolidated statements of cash flows 123 C Receivables 179 12.8 Consolidated statements of changes in equity 125 D Shareholders’ equity 179 12.9 Information by sector and main country 126 E Long-term debt and short-term debt 181 12.10 Significant accounting policies 129 F Other current liabilities 181 12.11 Notes 137 G Net income 181 H Employees 181 1 Income from operations 137 I Contingent liabilities 181 2 Financial income and expenses 138 J Audit fees 181 3 Income taxes 139 K Subsequent events 181 4 Investments in associates 142 5 Discontinued operations and other assets 142 13.5 Independent auditor’s report - Company 182 classified as held for sale 6 Earnings per share 144 14 Sustainability statements 183 7 Acquisitions and divestments 144 14.1 Economic indicators 186 8 Property, plant and equipment 146 14.2 EcoVision 186 9 Goodwill 147 14.3 Green Manufacturing 2015 188 10 Intangible assets excluding goodwill 148 14.4 Social indicators 190 11 Non-current receivables 150 14.5 General Business Principles 192 12 Other non-current financial assets 150 14.6 Supplier indicators 193 13 Other non-current assets 150 14.7 Independent assurance report 197 14 Inventories 150 14.8 Global Reporting Initiative (GRI) table 198 15 Current financial assets 150 16 Other current assets 151 15 Reconciliation of non-GAAP information 205 17 Current receivables 151 18 Shareholders’ equity 151 16 Five-year overview 210 19 Long-term debt and short-term debt 152 20 Provisions 153 17 Investor Relations 213 21 Other non-current liabilities 155 17.1 Key financials and dividend policy 213 22 Accrued liabilities 155 17.2 Share information 215 23 Other current liabilities 155 17.3 Philips’ rating 217 24 Contractual obligations 155 17.4 Performance in relation to market indices 218 25 Contingent liabilities 156 17.5 Philips’ acquisitions 221 26 Cash from (used for) derivatives and securities 158 17.6 Financial calendar 222 27 Proceeds from non-current financial assets 158 17.7 Investor contact 222 28 Assets in lieu of cash from sale of businesses 158 29 Pensions and other postretirement benefits 158 18 Definitions and abbreviations 225 30 Share-based compensation 162 31 Related-party transactions 165 19 Forward-looking statements and other 227 32 Information on remuneration 165 information 33 Fair value of financial assets and liabilities 170 34 Details of treasury risks 171 35 Subsequent events 174 12.12 Independent auditor’s report - Group 175 Annual Report 2011 3 Performance highlights Comparable sales growth by geographic cluster1) as a % Performance ■-Philips Group--■-growth geographies--■-mature geographies 15 14.2 13.6 11.7 11.1 10 7.6 highlights 6.1 4.8 5 4.1 1.2 0.2 1.0 0 Prior years results and cash flows have been restated to reflect the effect of (5) classifying the Television business as discontinued operations in 2011. (5.1) (4.4) (10) (9.2) Financial table (11.0) all amounts in millions of euros unless otherwise stated (15) 2009 2010 2011 2007 2008 2009 2010 2011 Sales 20,092 22,287 22,579 Comparable sales growth by operating sector1) as a % EBITA1) 1,096 2,562 1,680 ■-2007_■-2008_■-2009_■-2010_■-2011 as a % of sales 5.5 11.5 7.4 15 10.0 1) 10 8.7 EBIT 660 2,080 (269) 6.5 5.6 5.3 6.1 as a % of sales 3.3 9.3 (1.2) 5 3.7 3.9 3.1 1.3 Net income (loss) 424 1,452 (1,291) 0 (0.1) (2.7) per common share in euros (5) (5.4) - basic 0.46 1.54 (1.36) (10) - diluted 0.46 1.53 (1.36) (12.0) (15) (12.6) Net operating capital1) 12,649 11,951 10,427 Healthcare Consumer Lifestyle Lighting 1) Free cash flows 763 1,356 (108) Sales per sector in mature geographies3) in billions of euros Shareholders’ equity 14,595 15,046 12,355 ■-Healthcare_■-Consumer Lifestyle_■-Lighting_■-GM&S 15.7 16 15.0 15.4 15.1 Employees at December 312) 116,153 119,775 125,241 14.4 5.0 4.7 4.5 4.1 0.3 4.3 of which discontinued operations 4,764 3,610 3,353 0.2 0.2 12 0.6 0.2 1) For a reconciliation to the most directly comparable GAAP measures, see 4.8 4.0 3.6 3.4 chapter 15, Reconciliation of non-GAAP information, of this Annual Report 3.5 2) Adjusted to reflect a change of employees reported in the Healthcare sector 8 for the past periods 6.9 7.0 3) 6.4 6.4 For a definition of mature and growth geographies, see chapter 18, 5.5 Definitions and abbreviations, of this Annual Report 4 0 2007 2008 2009 2010 2011 1) Equity and EBITA per common share Sales per sector in growth geographies3) in euros in billions of euros 1.83 ■-shareholders’ equity per common share - basic 20.41 --EBITA per common share - diluted ■-Healthcare_■-Consumer Lifestyle _■-Lighting_■-GM&S 8 20 0.99 7.5 16.84 1.18 2.70 6.9 15.74 15.90 3.1 1.76 6.0 2.9 0.1 15 5.8 5.7 13.34 6 0.1 2.2 2.4 2.2 0.2 0.2 0.1 10 4 2.4 2.2 2.3 2.2 1.9 5 2 1.9 1.5 1.7 1.1 1.2 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 4 Annual Report 2011 Performance highlights Net income (loss) Research and development expenses in millions of euros in millions of euros ■-in value----as a % of sales ■-in value----as a % of sales 6,000 2,000 23.6 7.8 7.1 4,880 1,684 7.7 7.3 6.7 1,610 1,508 1,542 1,493 4,000 1,500 6.5 2,000 1,452 1,000 2.1 424 0 500 (92) (0.4) (1,291) (2,000) 0 (5.7) 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 EBIT and EBITA1) Employee Engagement Index in millions of euros % favorable ■-EBIT--■-EBITA----EBITA as a % of sales 80 77 76 3,000 11.5 72 71 2,562 67 2,500 9.7 482 7.4 2,008 1,680 60 2,000 2,080 1,949 1,500 1,781 5.5 4.6 40 227 987 1,096 1,000 691 436 500 20 296 0 660 (269) (500) 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Operating cash flows Sales of Green Products in millions of euros as a % of total sales -net capital expenditures_■-free cash flows1) ■ ■ 39 -operating cash flows_ -free cash flows as a % of sales 40 ■ - 36 3,000 6.1 5.1 31 1,356 3.1 1,110 3.8 30 2,000 2,121 648 1,896 763 21 22 1,000 1,431 1,391 20 836 0 (628) (765) (783) (786) (944) 10 (1,000) (108) (0.5) (2,000) 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Net debt (cash) to group equity1) Operational carbon footprint in billions of euros in kilotons CO2-equivalent ■-net debt (cash)--■-group equity ■-logistics_■-business travel 25 ■-non-industrial operations_■-manufacturing 21.9 2,500 20 2,148 2,111 15.6 14.6 15.1 15 2,000 947 1,930 12.4 959 1,845 1,771 909 10 767 703 1,500 5 0.6 0.7 211 181 0 1,000 174 159 155 (0.1) 276 265 (1.2) 220 247 256 (5) 714 (5.2) 500 706 627 672 657 (10) 2007 2008 2009 2010 2011 0 ratio: -31 : 131 4 : 96 -1 : 101 -8 : 108 5 : 95 2007 2008 2009 2010 2011 Annual Report 2011 5 Message from the CEO Message from the CEO “Accelerate! is all about bringing meaningful innovations to our customers in local markets – and doing so faster and better than the competition!” Frans van Houten, CEO Dear stakeholder, In September 2011 we celebrated 120 years of Philips Philips is a great company with a wealth of talent and innovation – a landmark achievement.
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