Philips 2008 Annual Report Download - page 270

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Philips’ acquisitions
Closing of major acquisitions announced in 2007
January 22, 2008 Genlyte Professional Luminaires Create #1 lighting company in North America and
channel for adoption of green technologies
February 20, 2008 VISICU Healthcare IT Combine clinical IT with patient monitors to provide
more effective clinical decision support to hospital staff
March 10, 2008 Respironics Home Healthcare Become a leader in Home Healthcare and provide
strategic platform for further growth
Announcement of acquisitions in 2008
March 26, 2008 TOMCAT Systems Healthcare IT Expand use of IT in cardiology business to improve
patient outcome and hospital efficiency
April 11, 2008 Goldway Patient Monitoring Grow presence in China and platform to other
emerging markets
May 13, 2008 Dixtal Patient Monitoring Further bolster presence in emerging markets and
broaden presence in economy to mid-range products
September 8, 2008 Alpha X-ray Cardiovascular X-ray Strengthen footprint in emerging market and add offering
in economy segment to portfolio
November 21, 2008 Meditronics General X-ray Expansion of industrial and commercial footprint in India
December 15, 2008 Aerosol therapy
business of Medel
Home Healthcare Build industrial and commercial presence, strengthen
emerging market footprint
Risk management
Taking risks is an inherent part of entrepreneurial
behavior. A structured risk management process
encourages management to take risks in a controlled
manner. Philips has a structured risk management
process in place that recognizes different risk categories
at Strategic, Market, Operational, Financial and
Compliance level. A more extensive explanation is
published in the Risk management chapter that begins
on page 94 of this Annual Report.
Philips’ rating
Philips’ existing long-term debt is rated A3 (with stable
outlook) by Moody’s and A- (with stable outlook) by
Standard & Poor’s. It is our objective to manage our
financial ratios to be in line with A3 / A-. There is no
assurance that we will be able to achieve this goal and
ratings are subject to change at any time.
Credit rating summary
Long-term Short-term Outlook
Standard and Poor’s A- A-2 Stable
Moody’s A3 P-2 Stable
Philips Annual Report 2008270
180
Sustainability performance
192
IFRS financial statements
244
Company financial statements
124
US GAAP financial statements