Philips 2014 Annual Report Download - page 28

Group performance 5.1.15
28 Annual Report 2014
Philips Group
Sales by geographic cluster in millions of EUR
2012 - 2014
5,686
7,340
1,821
7,387
22,234
‘12
5,680
6,883
1,759
7,668
21,990
‘13
5,665 Western Europe
6,678 North America
1,661 Other mature
7,387 Growth
21,391
‘14
5.1.15 Cash ows provided by continuing
operations
Cash ows from operating activities
Net cash ows from operating activities amounted to
EUR 1,303 million in 2014, which was EUR 391 million
higher than in 2013, mainly due to higher inows from
working capital reductions.
Philips Group
Cash ows from operating activities and net capital
expenditures in millions of EUR
2010 - 2014
1,691
(543)
‘10
610
(663)
‘11
1,886
(241)
‘12
912
(830)
‘13
1,303 Cash flows from operating
activities
(806) Net capital expenditures
‘14
Condensed consolidated statements of cash ows for
the years ended December 31, 2012, 2013 and 2014 are
presented below:
Philips Group
Condensed consolidated cash ow statements1)
in millions of EUR
2012 - 2014
2012 2013 2014
Net income (loss) (30) 1,172 411
Adjustments to reconcile net income
to net cash provided by operating
activities 1,916 (260) 892
Net cash provided by operating
activities 1,886 912 1,303
Net cash used for investing activities (712) (862) (984)
Cash ows before nancing
activities2) 1,174 50 319
Net cash used for nancing activities (293) (1,241) (1,189)
Cash (used for) provided by
continuing operations 881 (1,191) (870)
Net cash (used for) provided by
discontinued operations (143) (115) 193
Eect of changes in exchange rates
on cash and cash equivalents (51) (63) 85
Total change in cash and cash
equivalents 687 (1,369) (592)
Cash and cash equivalents at the
beginning of year 3,147 3,834 2,465
Cash and cash equivalents at the
end of year 3,834 2,465 1,873
1) Please refer to section 12.7, Consolidated statements of cash ows, of
this Annual Report
2) Please refer to chapter 15, Reconciliation of non-GAAP information, of
this Annual Report
Cash ows from investing activities
In 2014, cash ows from investing activities resulted in
a net outow of EUR 984 million. This was attributable
to EUR 806 million cash used for net capital
expenditures, EUR 258 million used for acquisitions of
businesses and non-current nancial assets, and EUR
7 million used for derivatives and current nancial
assets, partly oset by EUR 87 million of net proceeds
from non-current nancial assets and divestments.
In 2013, cash ows from investing activities resulted in
a net outow of EUR 862 million. This was attributable
to EUR 830 million cash used for net capital
expenditures, EUR 101 million cash used for derivatives
and current nancial assets, as well as EUR 24 million
used for acquisitions of businesses and non-current
nancial assets, partly oset by EUR 93 million of net
proceeds mainly from divestment.
Net capital expenditures
Net capital expenditures amounted to a cash outow
of EUR 806 million, compared to an outow of EUR 830
million in 2013. The year-on-year decrease was mainly
due to lower investments at Healthcare and Lighting.