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15 Reconciliation of non-GAAP information 15 - 15
Annual Report 2011 207
Composition of net debt to group equity
2009 2010 2011
Long-term debt 3,640 2,818 3,278
Short-term debt 627 1,840 582
Total debt 4,267 4,658 3,860
Cash and cash equivalents (4,386) (5,833) (3,147)
Net debt (cash)1) (119) (1,175) 713
Shareholders’ equity 14,595 15,046 12,355
Non-controlling interests 49 46 34
Group equity 14,644 15,092 12,389
Net debt and group equity 14,525 13,917 13,102
Net debt divided by net debt and group equity (in %) (1) (8) 5
Group equity divided by net debt and group equity (in %) 101 108 95
1) Total debt less cash and cash equivalents
Composition of cash flows
2009 2010 2011
Cash flows from operating activities 1,391 2,121 836
Cash flows from investing activities (165) (646) (1,364)
Cash flows before financing activities 1,226 1,475 (528)
Cash flows from operating activities 1,391 2,121 836
Net capital expenditures: (628) (765) (944)
Purchase of intangible assets (96) (80) (116)
Expenditures on development assets (162) (193) (231)
Capital expenditures on property, plant and equipment (495) (621) (725)
Proceeds from disposals of property, plant and equipment 125 129 128
Free cash flows 763 1,356 (108)
EBITA to Income from operations (or EBIT )
Philips Group Healthcare Consumer Lifestyle Lighting
Group Management
& Services
2011
EBITA 1,680 1,145 472 445 (382)
Amortization of intangible assets1) (594) (229) (80) (276) (10)
Impairment of goodwill (1,355) (824) − (531) −
Income from operations (or EBIT) (269) 93 392 (362) (392)
2010
EBITA 2,562 1,186 718 869 (211)
Amortization of intangible assets1) (482) (264) (39) (174) (5)
Income from operations (or EBIT) 2,080 922 679 695 (216)
2009
EBITA 1,096 848 454 145 (351)
Amortization of intangible assets1) (436) (255) (18) (161) (2)
Income from operations (or EBIT) 660 593 436 (16) (353)
1) Excluding amortization of software and product development