Philips 2013 Annual Report Download - page 236

16 Investor Relations 16.2 - 16.2
236 Annual Report 2013
only relate to gross long positions, but also to gross
short positions. Required disclosures must be made to
the Netherlands Authority for the Financial Markets
(AFM) without delay. The AFM then notifies such
disclosures to the Company and includes them in a
register which is published on the AFM’s website.
Furthermore, an obligation to disclose (net) short
positions is set out in the EU Regulation on Short
Selling.
On July 1, 2013 the Company received notification from
the AFM that it had received disclosures under the
Dutch Act on Financial Supervision of a substantial
holding of 4.3% by Dodge & Cox International Stock
Fund. On August 14, 2013 the Company received
notification from the AFM that it had received
disclosures under the Dutch Act on Financial
Supervision of a total shareholding of 3.01% and 3.45%
of the voting rights by BlackRock Inc. On January 3,
2014 the Company received notification from the AFM
that it had received disclosures under the Dutch Act on
Financial Supervision of a substantial holding of 3.08%
by Norges Bank.
Based on a survey in December 2013 and information
provided by several large custodians, the following
shareholder portfolio information is included in the
graphs Shareholders by region and Shareholders by
style.
Shareholders by region (estimated)1)
in %
North America
44
Western Europe
50
Other
6
1) Split based on identified shares in shareholder identification
Shareholders by style (estimated)1)
in %
Growth
23
Value
29
GARP3)
10
Index
11
Yield
5
Retail
6
SWF2)
8
Other
8
1) Split based on identified shares in shareholder identification
2) SWF: Sovereign Wealth Fund
3) GARP: growth at reasonable price
Share repurchase programs
Share repurchases for capital reduction purposes
By the end of Q2 2013, Philips completed the EUR 2
billion share repurchase program that started in July
2011. On September 17, 2013, Philips announced a new
EUR 1.5 billion share repurchase program. This program
started on October 21, 2013 and is to be completed over
the next two to three years. By the end of 2013, Philips
had completed 7% of the EUR 1.5 billion share
repurchase program.
Share repurchases related to Long-Term Incentive (LTI)
and employee stock purchase programs
To cover Philips’ outstanding obligations resulting from
past and present long-term incentive and employee
stock purchase programs dating back to 2004, Philips
will repurchase up to 12 million additional Philips shares
on NYSE Euronext Amsterdam, to be executed during
2014. The shares repurchased will be held by Philips as
treasury shares until they are distributed to participants.
Philips started this program on January 28, 2014 and
will enter into subsequent discretionary management
agreements with one or more banks to repurchase
Philips shares within the limits of relevant laws and
regulations (in particular EC Regulation 2273/2003)
and Philips’ articles of association.
Further details on the share repurchase programs can
be found on the Investor Relations website. For more
information see chapter 10, Corporate governance, of
this Annual Report.