Philips 2004 Annual Report Download - page 3
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4Financial highlights
7Message from the President
12 Governance
14 Reporting and Control
17 Board of Management
18 Group Management Committee
20 Supervisory Board
21 Supervisory Board Report
Information on the Philips Group
28 The structure of the Philips Group
28 Business overview
29 Product sectors and principal products
39 Property, plant and equipment
40 Cooperative business activities and
unconsolidated companies
Operating and financial review and prospects
43 Introduction
44 Group performance 2004 compared to 2003
44 Management summary
45 Performance of the Group
50 Performance by sector
58 Performance by region
59 Employment
60 Group performance 2003 compared to 2002
67 Restructuring and impairment charges
70 Liquidity and capital resources
76 Risk management
82 Critical accounting policies
85 IFRS information
86 Other information
86 Proposed dividend to shareholders
86 Share repurchase program
86 MedQuist
87 Outlook
89 Report of independent registered public
accounting firm
Financial statements of the Philips Group
90 Consolidated statements of income
92 Consolidated balance sheets
94 Consolidated statements of cash flows
96 Consolidated statements of stockholders’ equity
97 Accounting policies
105 New accounting standards
106 Notes to the consolidated financial statements
Dutch GAAP information
176 Accounting principles
176 Reconciliation US to Dutch GAAP
178 Philips Group
178 Consolidated statements of income
180 Consolidated balance sheets
182 Consolidated statements of stockholders’ equity
183 Notes to the consolidated financial statements
187 Royal Philips Electronics
187 Balance sheets and statements of income
188 Notes to the financial statements
Other information
193 Auditors’ report
194 Proposed dividend to shareholders
195 Corporate governance
210 Reconciliation of non-GAAP information
212 The Philips Group in the last eleven years
214 Shareholder information
2Philips Annual Report 2004
Contents