Philips 2014 Annual Report Download - page 60
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Sector performance 6.3.5
60 Annual Report 2014
the portfolio. Within the framework of the Green
Operations 2015 program, Philips Lighting has reduced
its carbon footprint in manufacturing (scope 1 and 2
emissions) by approximately 40% since the baseline
year of 2007. In 2014, 81% of our total industrial waste
was re-used as a result of recycling.
6.3.6 2015 and beyond
In September 2014 Philips announced its plan to
sharpen its strategic focus by establishing two stand-
alone companies focused on the HealthTech and
Lighting Solutions opportunities. To achieve this
transformation, Philips started the process to carve out
its Lighting business into a separate legal structure and
will consider various options for ownership structures
with direct access to capital markets.
As a stand-alone company, the Lighting Solutions
business will be better positioned to capture the value
which is shifting from individual products to connected
LED lighting systems and services.
Philips is also in discussion with external investors for
the combined Lumileds and Automotive Lighting
businesses and expects to complete a transaction in
the rst half of 2015. Therefore, the combined
businesses of Lumileds and Automotive are reported as
discontinued operations in the Consolidated
statements of income and cash ows.
From an external nancial reporting perspective, it
should be noted that the planned organizational
changes will require Philips to transition to a new
reporting structure during the course of 2015. At that
stage, and in view of applicable IFRS requirements,
Philips will report and discuss its nancial performance
on the basis of dierent reportable segments than the
sectors currently presented and discussed in this
Annual Report.
Further updates will be provided in the course of 2015.