Consolidated statements of cash flows

in millions of euros
Consolidated statements of cash flows of the Philips Group for the years ended December 31
 
2011
2012
2013
Cash flows from operating activities
 
 
 
Net income (loss)
(1,456)
(30)
1,172
Result of discontinued operations - net of income tax
410
(47)
(2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation, amortization, and impairments of fixed assets
1,400
1,398
1,349
Impairment of goodwill and other non-current financial assets
1,387
14
38
Net gain on sale of assets
(88)
(141)
(54)
Loss (income) from investments in associates
(14)
5
25
Dividends received from investments in associates
44
15
6
Dividends paid to non-controlling interests
(4)
(4)
(7)
(Increase) decrease in working capital
(622)
546
(1,417)
Increase in receivables and other current assets
(363)
(191)
(530)
Increase in inventories
(216)
(32)
(165)
(Decrease) increase in accounts payable, accrued and other current liabilities
(43)
769
(722)
Increase in non-current receivables, other assets and other liabilities
(425)
(327)
(76)
(Decrease) increase in provisions
15
429
(194)
Other items
113
224
298
Net cash provided by operating activities
760
2,082
1,138
 
 
 
 
Cash flows from investing activities
 
 
 
Purchase of intangible assets
(69)
(34)
(49)
Proceeds from sale of intangible assets
160
Expenditures on development assets
(276)
(345)
(357)
Capital expenditures on property, plant and equipment
(640)
(661)
(587)
Proceeds from sales of property, plant and equipment
128
425
27
Cash from (used for) derivatives and current financial assets
26
(46)
(101)
Purchase of other non-current financial assets
(43)
(167)
(13)
Proceeds from other non-current financial assets
87
3
15
Purchase of businesses, net of cash acquired
(507)
(261)
(11)
Proceeds from sale of interests in businesses, net of cash disposed of
19
1
79
Net cash used for investing activities
(1,275)
(925)
(997)
 
 
 
 
Cash flows from financing activities
 
 
 
Proceeds from issuance (payments) of short-term debt
(217)
133
(285)
Principal payments of long-term debt
(1,097)
(631)
(186)
Proceeds from issuance of long-term debt
454
1,228
64
Treasury shares transactions
(671)
(768)
(562)
Dividends paid
(259)
(255)
(272)
Net cash used for financing activities
(1,790)
(293)
(1,241)
 
 
 
 
Net cash (used for) provided by continuing operations
(2,305)
864
(1,100)

 
 
2011
2012
2013
Cash flows from discontinued operations
 
 
 
Net cash (used for) provided by operating activities
(280)
(166)
(159)
Net cash (used for) provided by investing activities
(94)
40
(47)
Net cash used for discontinued operations
(374)
(126)
(206)
 
 
 
 
Net cash (used for) provided by continuing and discontinued operations
(2,679)
738
(1,306)
 
 
 
 
Effect of changes in exchange rates on cash and cash equivalents
(7)
(51)
(63)
Cash and cash equivalents at the beginning of the year
5,833
3,147
3,834
Cash and cash equivalents at the end of the year
3,147
3,834
2,465

Supplemental disclosures to the Consolidated statements of cash flows
 
2011
2012
2013
 
 
 
 
Cash flows from:
 
 
 
Interest paid
(269)
(273)
(267)
Interest received
38
34
52
Pensions
(639)
(610)
(679)
Income taxes
(582)
(359)
(454)
 
 
 
 
Net gain on sale of assets:
 
 
 
Cash proceeds from the sale of assets
234
589
121
Book value of these assets
(164)
(473)
(63)
Deferred results on sale and leaseback transactions
25
(4)
Non-cash proceeds
18
 
88
141
54
 
 
 
 
Non-cash investing and financing information
 
 
 
Assets in lieu of cash from the sale of businesses:
 
 
 
Shares/share options/convertible bonds (continuing operations)
18
Shares/share options/convertible bonds (discontinued operations)
17
 
 
 
 
Conversion of convertible personnel debentures
4
7
 
 
 
 
Treasury shares transactions:
 
 
 
Shares acquired
(751)
(816)
(669)
Exercise of stock options
80
48
107
Prior-period financial statements have been restated for the treatment of Audio, Video, Multimedia and Accessories as discontinued operations (see note (7) Discontinued operations and other assets classified as held for sale) and the adoption of IAS 19R, which mainly relates to accounting for pensions (see note (30) Post-employment benefits). The accompanying notes are an integral part of these consolidated financial statements.
For a number of reasons, principally the effects of translation differences and consolidation changes, certain items in the statements of cash flows do not correspond to the differences between the balance sheet amounts for the respective items.
(0)
(0)
This is an interactive electronic version of the Philips Annual Report 2013 and also contains certain information in summarized form. The contents of this version are qualified in their entirety by reference to the printed version of the full Philips Annual Report 2013. This printed version is available as a PDF file on this website. Information about: forward-looking statements, third-party market share data, fair value information, IFRS basis of presentation, use of non-GAAP information, statutory financial statements and management report, reclassifications and analysis of 2013 compared to 2012.