Philips with EUR 355 million loss in 4Q

The loss reflects the EUR 509 million impact of the European Commission fine related to alleged violation of competition rules in the Cathode-Ray Tubes (CRT) industry, while Q4 2011 included a EUR 128 million value adjustment of commercial and brand- related assets at Lighting. Excluding the European Commission fine and the value adjustment in 2011, net income amounted to EUR 154 million, compared to a EUR 32 million loss in Q4 2011. EBITA excluding restructuring and other charges amounted to EUR 875 million, or 12.2% of sales, an increase of 50% compared to Q4 2011. Restructuring and acquisition-related charges amounted to EUR 358 million. Other charges include EUR 313 million for the European Commission fine, and EUR 154 million related to various legal matters as well as a loss on the sale of industrial assets. As a result of these charges, EBITA was EUR 50 million, which is EUR 453 million lower than the prior year’s EUR 503 million. Results from investments in associates was a loss of EUR 193 million, including a charge of EUR 196 million corresponding to Philips’ portion of the European Commission CRT-related fine with respect to the former LG.Philips Displays joint venture. The after-tax loss from discontinued operations of EUR 5 million is EUR 267 million lower than in Q4 2011 and represents the results of the Television business. Group sales amounted to EUR 7,161 million, an increase of 3% on a comparable basis. Group nominal sales increased by 7%, including a 4% positive impact of currency and portfolio changes.