Philips 2012 Annual Report Download - page 79

6 Sector performance 6.3.5 - 6.3.6
Annual Report 2012 79
Sales of LED-based products grew to over 22% of total
sales, up from 16% in 2011, driven by Light Sources &
Electronics and Professional Lighting Solutions. Sales of
energy-efficient Green Products exceeded EUR 5,752
million, or 68% of sector sales.
EBITA amounted to EUR 188 million, or 2.2% of sales,
compared to EUR 445 million, or 5.8% of sales, in 2011.
Restructuring and acquisition-related charges amounted
to EUR 315 million in 2012, compared to EUR 66 million in
2011. The decrease in EBITA was mainly attributable to
higher restructuring and acquisition-related charges, as
well as losses on the sale of industrial assets amounting to
EUR 81 million, partly offset by higher sales.
EBIT amounted to a loss of EUR 6 million, or negative 0.1%
of sales, which included EUR 194 million of amortization
charges, mainly related to intangible assets at Professional
Lighting Solutions.
Net operating capital decreased by EUR 330 million to
EUR 4.6 billion, primarily due to an increase in provisions
related to restructuring, lower inventories and currency
effects, partly offset by the consolidation of Indal.
Cash flows before financing activities increased from EUR
254 million in 2011 to EUR 339 million, mainly attributable
to lower working capital outflows, partly offset by higher
outflows for acquisitions.
Sales per geographic cluster
in millions of euros
■-Western Europe_■-North America_■-other mature_■-growth
10,000
8,000
6,000
4,000
2,000
0
2008
2,665
2,041
276
2,380
7,362
2009
2,271
1,811
253
2,211
6,546
2010
2,297
1,989
367
2,899
7,552
2011
2,248
1,926
391
3,073
7,638
2012
2,411
2,121
478
3,432
8,442
Sales and net operating capital
in billions of euros ■-Sales----NOC
10
8
6
4
2
0
5.7
7.4
2008
5.1
6.5
2009
5.5
7.6
2010
5.0
7.6
2011
4.6
8.4
2012
EBIT and EBITA1)
in millions of euros
■-EBIT in value--■
■-EBITA in value----EBITA as a % of sales
1,000
500
0
(500)
15
456
471
6.4
2008
(8)
161
153
2.3
2009
689
174
863
11.4
2010
(362)
807
445
5.8
2011
(6)
194
188
2.2
2012
1) For a reconciliation to the most directly comparable GAAP measures, see
chapter 15, Reconciliation of non-GAAP information, of this Annual Report
6.3.6 2013 priorities
In 2013 Philips Lighting will continue to progress on the
following imperatives designed to accelerate performance
and achieve our goals:
• Lead the technological revolution in Lighting, be the
thought-leader in LED, and win the ‘golden tail’ in
conventional lighting
• Win in the professional market, developing and growing
profitable solutions and services
• Win in consumer markets and develop new ways to go
to market
• Use Accelerate! as our transformation and
performance improvement platform throughout the
whole organization
In addition to these priorities, Philips Lighting will continue
to deliver on EcoVision sustainability commitments.