Philips 2014 Annual Report Download - page 66
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Sector performance 6.4.2
66 Annual Report 2014
was impacted by a EUR 31 million settlement loss
arising from a lump-sum oering to terminated vested
employees in our US pension plan.
EBITA at Service Units and Other decreased from a loss
of EUR 124 million in 2013 to a loss of EUR 415 million in
2014. The decrease was largely driven by EUR 243
million of charges related to legal matters.
Net operating capital decreased to negative EUR 3.7
billion, mainly due to an increase in working capital.
Cash ows before nancing activities improved from an
outow of EUR 2,140 million in 2013 to an outow of
EUR 1,586 million.
6.4.3 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.
The establishment of the two stand-alone companies
will also involve the split and allocation of the current
Innovation, Group & Services sector to each company
in 2015. This means that in the course of 2015 the IG&S
sector as currently described in this Annual Report will
disappear and no longer be presented as a separate
segment for reporting purposes.
Further updates will be provided in the course of 2015.