Philips operational results improve by 31% to EUR 421 million; net income at EUR 162 million
First-quarter highlights
- Comparable sales increased by 1%; growth geographies up by 4%
- EBITA was EUR 402 million or 7.6% of sales
- EBITA excluding restructuring and acquisition-related charges increased to EUR 421 million or 8.0% of sales, a significant improvement over the 6.1% of sales in Q1 2012
- Net income of EUR 162 million was significantly better than Q1 2012 excluding one-off gains
- Consumer Lifestyle sales grew 10%; the Audio, Video, Multimedia and Accessories business is reported as discontinued operations as of Q1 2013 following the signing of the agreement with Funai
- Free cash flow was EUR 78 million, excluding payment of the EUR 509 million European Commission fine
- Inventories as a percentage of sales improved by 1.4 percentage points compared to Q1 2012