Consolidated statements of cash flows

Philips Group
Consolidated statements of cash flows in millions of EUR unless otherwise stated
For the years ended December 31
 
2012
2013
2014
Cash flows from operating activities
 
 
 
Net income (loss)
(30)
1,172
411
Result of discontinued operations - net of income tax
(136)
(138)
(190)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation, amortization, and impairments of fixed assets
1,242
1,177
1,187
Impairment of goodwill and other non-current financial assets
14
38
21
Net gain on sale of assets
(141)
(54)
(83)
Interest income
(37)
(54)
(39)
Interest expense on debt, borrowings and other liabilities
283
258
231
Income taxes expense
218
466
26
Results from investments in associates
5
25
(62)
(Increase) decrease in working capital
586
(1,272)
590
Increase in receivables and other current assets
(109)
(500)
(48)
(Increase) decrease in inventories
18
(165)
(77)
(Decrease) increase in accounts payable, accrued and other current liabilities
677
(607)
715
Increase in non-current receivables, other assets and other liabilities
(140)
(159)
(690)
(Decrease) increase in provisions
417
(194)
640
Other items
171
299
(242)
Interest paid
(270)
(267)
(232)
Interest received
34
52
38
Dividends received from investments in associates
15
6
41
Dividends paid to non-controlling interests
(4)
(7)
Income taxes paid
(341)
(436)
(344)
Net cash provided by operating activities
1,886
912
1,303
 
 
 
 
Cash flows from investing activities
 
 
 
Net capital expenditures
(241)
(830)
(806)
Purchase of intangible assets
(33)
(49)
(114)
Proceeds from sale of intangible assets
160
Expenditures on development assets
(311)
(326)
(295)
Capital expenditures on property, plant and equipment
(479)
(482)
(437)
Proceeds from sales of property, plant and equipment
422
27
40
Cash used for derivatives and current financial assets
(45)
(101)
(7)
Purchase of other non-current financial assets
(167)
(13)
(81)
Proceeds from other non-current financial assets
3
14
107
Purchase of businesses, net of cash acquired
(261)
(11)
(177)
Proceeds from sale of interests in businesses, net of cash disposed of
(1)
79
(20)
Net cash used for investing activities
(712)
(862)
(984)
 
 
 
 
Cash flows from financing activities
 
 
 
Proceeds from issuance (payments) of short-term debt
133
(285)
(37)
Principal payments of long-term debt
(631)
(186)
(333)
Proceeds from issuance of long-term debt
1,228
64
69
Treasury shares transactions
(768)
(562)
(596)
Dividends paid
(255)
(272)
(292)
Net cash used for financing activities
(293)
(1,241)
(1,189)
Net cash (used for) provided by continuing operations
881
(1,191)
(870)

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2012
2013
2014
Cash flows from discontinued operations
 
 
 
Net cash (used for) provided by operating activities
(183)
(68)
105
Net cash (used for) provided by investing activities
40
(47)
88
Net cash (used for) provided by discontinued operations
(143)
(115)
193
Net cash (used for) provided by continuing and discontinued operations
738
(1,306)
(677)
 
 
 
 
Effect of changes in exchange rates on cash and cash equivalents
(51)
(63)
85
Cash and cash equivalents at the beginning of the year
3,147
3,834
2,465
Cash and cash equivalents at the end of the year
3,834
2,465
1,873
Prior-period financial statements have been restated for the treatment of the combined businesses of Lumileds and Automotive as discontinued operations (see note (3) Discontinued operations and other assets classified as held for sale) and for two voluntary accounting policy changes (see note (1) Significant accounting policies). 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.
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CO2-equivalent or carbon dioxide equivalent is a quantity that describes, for a given mixture and amount of greenhouse gas, the amount of CO2 that would have the same global warming potential (GWP), when measured over a specified timescale (generally 100 years).