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Phillips Annual Report 2009

Phillips Annual Report 2009 - Annual Report 2009 Financial...

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staying focused acting decisively Annual Report 2009 Financial, social and environmental performance
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Contents Performance highlights 4 President’s message 6 1 Who we are 11 1.1 Our company 11 1.2 Our strategic focus 12 1.3 Our ambitions 14 2 Our strategy in action 15 2.1 Professional Healthcare 15 2.2 Home Healthcare 19 2.3 Healthy Life & Personal Care 23 2.4 Home Living & Interactive Living 27 2.5 Home Lighting 31 2.6 Professional Lighting 35 3 Our planet, our partners, our people 39 3.1 Climate change 39 3.2 Our environmental footprint 42 3.3 Partnerships for progress 45 3.4 Supplier sustainability 48 3.5 Working at Philips 51 3.6 Working in our communities 54 4 Our group performance 57 4.1 Management discussion and analysis 58 4.2 Liquidity and capital resources 68 4.3 Sustainability 74 4.4 Proposed distribution to shareholders 80 4.5 Outlook 81 5 Our sector performance 82 5.1 Our structure 82 5.2 Healthcare 84 5.3 Consumer Lifestyle 89 5.4 Lighting 95 5.5 Group Management & Services 100 6 Risk management 103 6.1 Introduction 103 6.2 Our approach to risk management and business control 103 6.3 Risk categories and factors 106 6.4 Strategic risks 107 6.5 Operational risks 108 6.6 Compliance risks 110 6.7 Financial risks 111 7 Investor information 120 7.1 The Philips investment proposition 120 7.2 The year 2009 121 7.3 Share information 123 7.4 Risk management 124 7.5 Performance in relation to market indices 125 7.6 Philips’ acquisitions 126 7.7 Financial calendar 126 7.8 Five-year overview 127 8 Our leadership 130 8.1 Board of Management 130 8.2 Group Management Committee 132 8.3 Supervisory Board 133 9 Supervisory Board report 134 9.1 Introduction 134 9.2 Corporate Governance and Nomination and Selection Committee report 136 9.3 Report of the Remuneration Committee 137 9.4 Report of the Audit Committee 141 10 Corporate governance 143 10.1 Corporate governance of the Philips Group 143 10.2 Board of Management 143 10.3 Supervisory Board 145 10.4 General Meeting of Shareholders 147 10.5 Logistics of the General Meeting of Shareholders 148 10.6 Investor Relations 149 IFRS basis of presentation Philips moved to International Financial Reporting Standards (IFRS) as its sole accounting standard from January 1, 2009 onwards. The use of US GAAP has been discontinued per the same date. The financial information included in this document is based on IFRS, unless otherwise indicated. Forward-looking statements Please refer to chapter 17, Forward-looking statements and other information, of this Annual Report for more information about forward- looking statements, third-party market share data, fair value information, IFRS basis of preparation, use of non-GAAP information, statutory financial statements and management report, and reclassifications. Dutch Financial Markets Supervision Act This document comprises regulated information within the meaning of the Dutch Financial Markets Supervision Act (Wet op het Financieel Toezicht).
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