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Philips: EUR 30 million provision on EU's investigation into price setting
Royal Philips provided an update on the European Commission’s investigation into the online price setting for consumer electronics products and small domestic appliances in the period November 2011 to November 2013.
In connection with the anticipated conclusion of the EC investigation in the second half of 2018, Philips will recognise a provision of EUR 30 million. Approx. EUR 18 million of the provision will impact EBITA of the Personal Health segment, a press statement reads. The remaining approx. EUR 12 million of the provision will be reported in Discontinued Operations.
Since the start of the EC investigation in late 2013, Philips has, according to the statement, fully cooperated with the EC. Philips also initiated an internal investigation and addressed the matter in 2014.
