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Annual Report 2015

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Annual Report 2015 Please note: this PDF contains only the pages highlighted in the list of contents below. The contents of this file are qualified in their entirety by reference to the printed version of the Philips Annual Report 2015. The information in this PDF has been derived from the audited financial statements 2015 of Koninklijke Philips N.V. KPMG has issued unqualified auditors’ reports on these financial statements. Annual Report 2015 Sustainability selection Creating two companies with a bright future Contents IFRS basis of presentation Grey text indicates parts not included in this selection from The financial information included in this document is based on IFRS, as the Philips Annual Report 2015. explained in note 1, Significant accounting policies, of this report, unless otherwise indicated. 1 Performance highlights 3 Dutch Financial Markets Supervision Act This document comprises regulated information within the meaning of the Dutch Financial Markets Supervision Act (Wet op het Financieel Toezicht). 2 Message from the CEO 5 Statutory financial statements and management report The chapters Group financial statements and Company financial 3 Philips in 2015 at a glance 8 statements contain the statutory financial statements of the Company. The introduction to the chapter Group financial statements sets out which parts of this Annual Report form the Management report within the meaning of 4 Our strategic focus 9 Section 2:391 of the Dutch Civil Code (and related Decrees). 4.1 Addressing global challenges 9 4.2 How we create value 11 Significant developments 4.3 Accelerate! journey continues 13 In September 2014, Philips announced its plan to sharpen its strategic focus 4.4 Lives improved 14 by establishing two stand-alone companies focused on the HealthTech and Lighting opportunities respectively. We have established a stand-alone 4.5 Global presence 14 structure for Philips Lighting within the Philips Group effective February 1, 4.6 Our strategy in action 15 2016. We expect to be able to announce the separation of the Lighting business in the first half of 2016, subject to market conditions and other relevant circumstances. As previously stated, we are reviewing all strategic 5 Group performance 22 options for Philips Lighting, including an initial public offering and a private sale. 5.1 Financial performance 22 5.2 Social performance 22 It should however be noted that the completion of the separation could take more time than originally planned or anticipated and that there is no 5.3 Environmental performance 27 certainty as to the method or timing of the separation of the Lighting 5.4 Proposed distribution to shareholders 33 business, which may expose Philips to risks of additional cost and other adverse consequences. For further information on specific risks involved in 5.5 Outlook 33 the separation please refer to chapter 7, Risk management, of this Annual Report. 6 Sector performance - The separation impacts all businesses and markets as well as all supporting functions and all assets and liabilities of the Group. With effect from Q1 2016 onwards Philips plans to report and discuss its financial performance 7 Risk management - on the basis of different reportable segments than the sectors currently presented and discussed in this Annual Report. For more details on the new segment reporting in 2016 and onwards, please refer to the 8 Management - introduction of chapter 6, Sector performance, of this Annual Report. As announced on January 22, 2016, the agreement pursuant to which the 9 Supervisory Board - consortium led by GO Scale Capital would acquire an 80.1% interest in the combined businesses of Lumileds and Automotive, has been terminated. Philips is now actively engaging with other parties that have expressed an 10 Supervisory Board report - interest in the businesses and will continue to report the Lumileds and Automotive businesses as discontinued operations (see note 3, Discontinued operations and other assets classified as held for sale). 11 Corporate governance - Further updates will be provided in the course of 2016. 12 Group financial statements - Philips ArenaVision LED is the world’s first LED pitch lighting to meet the stringent requirements of 13 Company financial statements - international television broadcasters and sports federations, ensuring a fantastic match experience, both for the fans in the stadium and those watching at home. 14 Sustainability statements 34 Increasingly, Philips is teaming up with hospital and 14.1 Economic indicators 40 health systems to understand their needs, provide integrated solutions, and engage in multi-year 14.2 Social statements 40 cooperation to drive improvements in terms of patient 14.3 Environmental statements 52 outcomes, quality of care delivery and cost productivity. 14.4 Independent Auditor’s Assurance Report 57 14.5 Global Reporting Initiative (GRI) table 4.0 58 15 Reconciliation of non-GAAP information - 16 Five-year overview - 17 Investor Relations - 18 Definitions and abbreviations 69 19 Forward-looking statements and other 71 information 2 This is the sustainability selection from the Annual Report 2015 Performance highlights 1 1 Performance highlights Philips Group Philips Group Key data in millions of EUR unless otherwise stated Lives improved in billions 2014 - 2015 2014 2015 Sales 21,391 24,244 Comparable sales growth (1)% 2% 0.3 EBITA 821 1,372 by Philips as a % of sales 3.8% 5.7% well-being products EBIT 486 992 as a % of sales 2.3% 4.1% Net income 411 659 1.7 Net income attributable to shareholders by Philips per common share in EUR: Green Products basic 0.45 0.70 0.88 diluted 0.45 0.70 by Philips care products Net operating capital 8,838 11,096 Free cash flow 497 325 Shareholders’ equity 10,867 11,662 Employees at December 31 113,678 112,959 Total: 2.0 billion (double counts eliminated) continuing operations 105,365 104,204 Double counts discontinued operations 8,313 8,755 Conceptual drawing, areas do not reflect actual proportions Performance in millions of EUR unless otherwise stated 2014 - 2015 Group Healthcare Consumer Lifestyle Lighting 2014 2015 2014 2015 2014 2015 2014 2015 Sales 21,391 24,244 13% 9,186 10,912 19% 4,731 5,347 13% 6,869 7,411 8% Green Product sales 11,065 13,014 18% 3,508 4,580 31% 2,605 3,091 19% 4,952 5,343 8% Sales in mature geographies1) 14,004 15,836 13% 6,890 8,207 19% 2,508 2,784 11% 4,182 4,425 6% Sales in growth geographies1) 7,387 8,408 14% 2,296 2,705 18% 2,223 2,563 15% 2,687 2,986 11% EBITA 821 1,372 67% 616 1,024 66% 573 673 17% 293 594 103% Net operating capital 8,838 11,096 26% 7,565 9,212 22% 1,353 1,453 7% 3,638 3,813 5% 1) For a definition of mature and growth geographies see chapter 18, Definitions and abbreviations, of this Annual Report Philips Group Philips Group Free cash flow in millions of EUR Comparable sales growth by geographic cluster1) in % 2011 - 2015 2013 - 2015 8.9 1,645 497 325 Free cash flow 82 1,886 3.5 (53) Operating cash flows 2.7 1,303 1,167 2.2 912 1.5 610 0 (241) (0.3) (663) (0.9) (830) (806) (842) Net capital expenditures (1.3) ‘13 ‘14 ‘15 ‘13 ‘14 ‘15 ‘13 ‘14 ‘15 ‘11 ‘12 ‘13 ‘14 ‘15 mature geographies growth geographies Philips Group 1) For a reconciliation to the most directly comparable GAAP measures, see chapter 15, Reconciliation of non-GAAP information, of this Annual Report This is the sustainability selection from the Annual Report 2015 3 Performance highlights 1 Philips Group Philips Group EBIT and EBITA1) in millions of EUR Research and development expenses in millions of EUR 2011 - 2015 2011 - 2015 10.4% 6.7% 5.7% EBITA as a % of sales 4.5% 3.8% 7.8% 7.9% As a % of sales 7.7% 7.6% 2,276 7.5% Research and development 1,927 expenses 1,334 1,724 1,659 1,635 1,543 495 Green Innovation 1,372 EBITA in value 453 405 1,855 363 463 1,003 1,876 821 992 EBIT in value 592 486 1,432 Other Innovation 1,271 1,254 411 421 335 380 Amortization and impairment 1,180 1,172 in value (542) ‘11 ‘12 ‘13 ‘14 ‘15 ‘11 ‘12 ‘13 ‘14 ‘15 1) For a reconciliation to the most directly comparable GAAP measures, see chapter 15, Reconciliation of non-GAAP information, of this Annual Report Philips Group Philips Group Green Product sales per sector in millions of EUR Operational carbon footprint in kilotonnes CO2-equivalent 2011 - 2015 2011 - 2015 2,022 50.0% 51.7% 53.7% As a % of sales 46.3% 130 1,898 38.8% 1,807 13,014 220 1,697 167 1,600 627 176 10,997 11,065 183 Discontinued operations 10,285 5,343 Lighting 573 558 475 119 394 Manufacturing 7,719 5,037 4,952 103 243 116 5,056 117 122 Non-industrial operations 218 205 204 202 Business travel 3,955 3,091 Consumer Lifestyle 2,270 1,619 2,605 1,101 903 745 786 720 718 Logistics 4,580 Healthcare 3,610 3,690 3,508 2,663 ‘11 ‘12 ‘13 ‘14 ‘15 ‘11 ‘12 ‘13 ‘14 ‘15 Philips Group Philips Group Brand value1) in billions of USD New patents filed in number of patents 2011 - 2015 2011 - 2015 10.9 1,750 10.3 1,680 9.8 1,550 9.0 1,500 8.7 1,450 ‘11 ‘12 ‘13 ‘14 ‘15 ‘11 ‘12 ‘13 ‘14 ‘15 1) As measured by Interbrand 4 This is the sustainability selection from the Annual Report 2015 Message from the CEO 2 2 Message from the CEO “ After separating, Philips will focus on driving higher growth and higher value from its core activities in the field of health technology, and Lighting will have a great future as a stand- alone company.” Frans van Houten, CEO Royal Philips Dear stakeholder, Two companies with a bright future 2015 was a crucial year for Philips as we restored growth Philips will focus on the exciting opportunities in the and improved productivity.
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