Philips 2004 Annual Report Download - page 57
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Utilization rate Semiconductors
0
20
40
60
80
100
in %
Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3
84
90
81
99 98
61 65 69
2003 2004
Income from operations was positive in all quarters and totaled
EUR 450 million, mainly due to higher utilization rates, the effect of
the restructuring program and lower R&D spending as a
percentage of sales. Net restructuring and impairment charges
amounted to EUR 36 million. Income from operations included a
gain of EUR 51 million related to an insurance settlement in
respect of property damage from the fire in Caen. In 2003, net
restructuring and impairment charges totaled EUR 290 million.
Net capital expenditures in 2004 amounted to EUR 573 million, of
which EUR 216 million related to SSMC, which was consolidated
in 2004. In addition, the cash flow used for investing activities
related to Crolles2 recorded by the Philips Group amounted to
EUR 105 million.
56 Philips Annual Report 2004
Operating and financial review and prospects