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Home Industry News Philips expects 76m euros from Pace stake

Philips expects 76m euros from Pace stake

21st April 2009

Philips is expected to receive net proceeds of 76 million euros (67.5 million pounds) after selling its remaining stake in Pace.

The former has reduced its holding in the latter to zero by trading 17 per cent of its issued share capital to investors in a capital markets transaction.

During the second quarter of 2009, Philips should make a non-taxable gain of 48 million euros as a result from the matter.

This figure will be recognised in the firm’s financial income and expenses.

Earlier this month, the health and wellbeing company released its first quarter financial results for 2009.

Gerard Kleisterlee, president and chief executive officer of the business, said there had been further detonation of its markets, adding its healthcare sales had been impacted.

He noted the firm does not expect any “material change to this situation” during the second quarter of the year.

Philips will give a high priority to cash flow and strong liquidity, while managing its cost base and investing in its future, Mr Kleisterlee concluded.

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