Corporate Valuation

Report One

Authors:
Leonardo DE CRISTOFARO

Supervisor:
Dr. Constanza CONSOLANDI

Francesco GIUZIO
Nariman MAMMADOV
Lorenzo URSINI

Academic year 2015/2016

Contents

Companys history

Common-size financial statements

1.1
1.2

Reformulated balance sheet

Reformulated income statement

3
6

Financial performance

2.1
2.2
2.3
2.4
2.5
2.6

Net Profit Margin

Operating Profit Margin
Return on Net Operating Assets
Debt Ratio
Return on Capital Employed
Interest Coverage Margin

7
7
8
8
9
9

Analysis of the financial performance

10

3.1
3.2
3.3

Analysis of the reformulated balance sheet

Analysis of the reformulated income statement
Comparison operating profit margin with competitors

10
11
12

History
In 1891, Gerard Philips, together with his father Frederik Philips, founds in Eindhoven the firm
Philips & Co. In 1895, 200.000 incandescent lamps are sold and, in 1898, there was an increase that
lead to 1.000.000 of sales. By the end of the 1890s Philips & Co. became the largest producers in the
Netherlands and, with 1.000 employees, the countrys largest industrial employer.
From the beginning, the conquest of foreign markets is one of the main strategic decision that have
lead to Philips success. Hence, to finance companys expansion it was floated on the stock exchange
in 1912.
Philips group has made several innovations in the world. In fact, in 1963, it introduced the audio
Compact Audio Cassette tape, which had a large success, which led to the creation of the first
combination portable radio and cassette recorder, which was marketed as the "radio recorder", now
better known as the boom box. In 1972, Philips launched in the market the first home video cassette
recorder of the world. Furthermore, in 1982, Philips collaborating with Sony produced the Compact
Disc; this format evolved into the CD-R, CD-RW, DVD and later Blu-ray, which Philips launched
with Sony between 1997 and 2006. In 1997, the company officers decided to move the headquarters
from Eindhoven to Amsterdam.
Moving in the new century, Philips remained fully focused on innovation, giving emphasise to health
and well-being sectors with the introduction of the Ambient Experience in 2002. Furthermore, in
2006, there was the first commercial launch of a 3D scanner. In 2012, Philips introduced the Allura
Clarity interventional X-ray system, which offers excellent visibility at low X-ray dose levels.
The latest years have been vital years for Philips, for the reason that they grew and improved
productivity. It is resulted with the creation of two stand-alone companies for improving and focus in
the best way lighting with healthcare business. In fact, it is considered by Philips managers that this
is the best way to create continuous value for their customers and shareholders and a brilliant future
for their employees.
In our work, we are going to focus our attention on how Philips take advantage of the latest challenges
in the world, for instance in terms of management of the population health, energy resource
constraints and climate change. These are significant opportunities for the new two stand-alone
companies, both leveraging the trusted Philips brand to apply their innovative competencies and
capture higher growth in attractive new markets.

1 Common-size financial statement

A common-size financial statement is a standardization created to show line items on a statement as
a percentage of one selected figure. Furthermore, common-size financial statements is a good tool for
evaluators to analyse a company over time and it even helps investors to find trends that a raw
financial statement cannot uncover.

1.1 Reformulated balance sheet

In this step, the objective is to rearrange assets and liabilities of the last five years in order to identify
some key figures, which are basic to make the analysis of its financial performance.

BALANCE SHEET
Assets
Operating assets
Cash
Property, plant and equipment, net

2015

2014

2013

2012

Percentage Value

121
2322

0,39%
7,50%

107
2095

0,38%
7,39%

117
2780

0,44%
10,47%

117
2959

0,39%
10,36%

113
3014

0,39%
10,41%

La nd a nd bui l di ngs

913

2,95%

872

3,08%

1027

3,87%

1089

3,73%

1086

3,75%

Ma chi nery a nd i ns ta l l a tions

735

2,37%

607

2,14%

1063

4,00%

1153

3,96%

1152

3,98%

Other equi pment

454

1,47%

447

1,58%

431

1,62%

423

1,41%

411

1,42%

220

0,71%

169

0,60%

259

0,98%

294

1,26%

365

1,26%

8523

27,51%

7158

25,25%

6504

24,49%

6948

24,13%

7016

24,22%

5929

19,14%

4779

16,86%

4275

16,10%

4573

16,17%

4703

16,24%

733

2,37%

686

2,42%

632

2,38%

668

2,32%

674

2,33%

1844

5,95%

1676

5,91%

1586

5,97%

1707

5,64%

1639

5,66%

17

0,05%

17

0,06%

11

0,04%

0,00%

0,00%

3693

11,92%

3368

11,88%

3262

12,28%

3731

13,74%

3996

13,80%

Hel thca re
Cons umer l i fes tyl e
Li ghting
Innova tion, Group & Servi ces

Intangible assets excluding Goodwill, net

Other i nta ngi bl e a s s ets

Percentage Value

2011

Percentage Value

Prepa yments a nd cons tructions i n progres s

Goodwill

Value

Percentage Value

Percentage

2546

8,22%

2350

8,29%

2360

8,89%

2896

11,22%

3264

11,27%

Product devel opment

992

3,20%

889

3,14%

845

3,18%

767

1,77%

515

1,78%

Softwa re

155

0,50%

129

0,45%

57

0,21%

68

0,75%

217

0,75%

2758
512
3463

8,90%
1,65%
11,18%

2460
480
3314

8,68%
1,69%
11,69%

1675
417
3240

6,31%
1,57%
12,20%

1917
431
3495

5,89%
1,45%
12,47%

1713
422
3625

5,91%
1,46%
12,51%

Deferred tax assets

Other assets
Inventories
Ra w ma teri a l s a nd s uppl i es

1068

3,45%

962

3,39%

1029

3,87%

1039

3,72%

1083

3,74%

Work i n proces s

475

1,53%

481

1,70%

375

1,41%

540

2,17%

630

2,17%

Fi ni s hed goods

1920

6,20%

1871

6,60%

1836

6,91%

1916

6,58%

1912

6,60%

Income tax receivables

Assets classified as held for sale
Total
Financial assets
Cash equivalents
Receivables
Non-current receivables
Current receivables
Accounts recei va bl e-net
Accounts recei va bl e from rel a ted pa rties
Other current recei va bl es

Short-term investments
Other fi na nci a l a s s ets

114
1809
23315

1655
5163

0,37%
140
5,84% 1613
75,27% 20735

0,49%
70
5,69%
507
73,13% 18572

0,26%
97
1,91%
43
69,93% 19738

0,56%
162
1,89%
551
70,88% 20612

0,56%
1,90%
71,16%

5,34%
16,67%

6,23%
17,28%

8,84%
18,16%

10,43%
15,62%

10,47%
15,68%

1766
4900

2348
4822

3717
4761

3034
4542

181

0,58%

177

0,62%

144

0,54%

176

0,44%

127

0,44%

4982

16,08%

4723

16,66%

4678

17,61%

4585

15,18%

4415

15,24%

4727

15,26%

4476

15,79%

4420

16,64%

4334

14,34%

4171

14,40%

16

0,05%

14

0,05%

39

0,15%

13

0,07%

19

0,07%

239

0,77%

233

0,82%

219

0,82%

238

0,77%

225

0,78%

173

0,56%

332

1,17%

160

0,60%

137

0,79%

229

0,79%
0,00%

12

0,04%

125

0,44%

10

0,04%

0,00%

151

0,49%

207

0,73%

150

0,56%

137

0,79%

229

0,79%

670

2,16%

619

2,18%

657

2,47%

726

1,89%

549

1,90%

Inves tments i n a s s oci a tes

181

0,58%

157

0,55%

161

0,61%

177

0,70%

203

0,70%

Other fi na nci a l a s s ets

489

1,58%

462

1,63%

496

1,87%

549

1,19%

346

1,19%

7661

24,73%

7617

26,87%

7987

30,07%

4580

28,73%

8354

28,84%

100,00% 28966

100,00%

Deri va tive fi na nci a l a s s ets

Long-term investments

Total
Total Assets
1

30976

100,00% 28352

100,00% 26559

100,00% 29079

On the one hand, the assets of the balance sheet are rearranged in a way that show the operating and
financial activities of the company. Specifically, the Operating Assets usage is for the conduct of the
ongoing operations of a business, such as cash, goodwill, inventory, property, plant and equipment.
Their main feature is to generate revenue. Majority of operating asset investments belong primarily
to goodwill, then intangible assets excluding goodwill and lastly inventories. High investments to
goodwill show us the investment policy of Philips, which invested in for acquirement of Volcano,
General Lighting Company (GLC) and Indal, in the last 5 years. On the contrary, Financial Assets
are more liquid than the previous one, and all of them are intangibles, examples are cash equivalents
and short-term and long-term investments. Their main feature is that their value is derived from a
contractual claim. Moreover, In the financial assets is present a high portion of receivables, which are
associated mainly with customer financing in Healthcare and Lighting sectors.

The values of the line items is expressed in millions of euro.

Liabilities and shareholders' Equity

Operating liabilities
Short term provisions
Accrued liabilities
Liabilities directly associated with assets held for sale
Income tax payable
Deferred tax liabilities
Long-term provisions
Other liabilities
Total

833
2863
407
116
164
2392
3055
9830

2,69%
9,24%
1,31%
0,37%
0,53%
7,72%
9,86%
31,73%

945
2692
349
102
107
2500
3229
9924

3,33%
9,49%
1,23%
0,36%
0,38%
8,82%
11,39%
35,00%

651
2830
348
143
76
1903
2650
8601

2,45%
837
10,66% 3171
1,31%
27
0,54%
200
0,29%
92
7,17% 2132
9,98% 3556
32,38% 10015

2,88%
10,90%
0,09%
0,69%
0,32%
7,33%
12,23%
34,44%

759
3026
61
191
77
1880
2633
8627

2,62%
10,45%
0,21%
0,66%
0,27%
6,49%
9,09%
29,78%

Financial liabilities
Short-term debt
Derivative financial liabilities
Accounts and notes payable
Long-term debt

1665
933
2673
4095

5,38%
3,01%
8,63%
13,22%

392
857
2499
3712

1,38%
3,02%
8,81%
13,09%

592
368
2462
3309

2,23%
1,39%
9,27%
12,46%

809
517
2839
3725

2,78%
1,78%
9,76%
12,81%

582
744
3346
3278

2,01%
2,57%
11,55%
11,32%

3733

12,05%

3355

11,83%

2958

11,14%

3089

10,62%

2505

8,65%

214

0,69%

207

0,73%

206

0,78%

456

1,57%

627

2,16%

0,01%

0,03%

0,00%

0,01%

0,00%

145

0,47%

141

0,50%

145

0,55%

178

0,61%

145

0,50%

7701

24,86%

7068

24,93%

6139

23,11%

7081

24,35%

7368

25,44%

38,31% 12355

42,65%

USD bonds
Bank borrowings
Other long-term debt
Finance leases

Total
Common Shareholders' equity
Shareholders' equity
Common shares, par value 0,20 per share

11662

37,65% 10867

38,33% 11214

42,22% 11140

186

0,60%

187

0,66%

188

0,71%

191

0,66%

202

Capital in excess of par value

2669

8,62%

2181

7,69%

1796

6,76%

1304

4,48%

813

2,81%

Retained earnings

8040

25,96%

8790

31,00%

10415

39,21%

10713

36,84%

12917

44,59%

Reserves

0,70%

0,01%

13

0,05%

23

0,09%

35

0,12%

113

0,39%

Treasury shares

-363

-1,17%

-547

-1,93%

-718

-2,70%

-1103

-3,79%

-1690

-5,83%

Currency translation differences

1058

3,42%

229

0,81%

-569

-2,14%

0,00%

0,00%

Available for sale financial assets

56

0,18%

27

0,10%

55

0,21%

0,00%

0,00%

Cash flow hedges

12

0,04%

-13

-0,05%

24

0,09%

0,00%

0,00%

Non-controlling interests
Total

118
11780

0,38%
101
38,03% 10968

0,36%
13
38,69% 11227

0,05%
34
42,27% 11174

0,12%
34
38,43% 12389

0,12%
42,77%

Total Liabilities and equity

30976

100,00% 28352

100,00% 26559

100,00% 29079

100,00% 28966

100,00%

On the other hand, the liabilities of the balance sheet have been reformulated as Operating Liabilities,
Financial Liabilities and Common Shareholders Equity. Noteworthy in the Operating Liabilities
(Non-interest Bearing debt) are the accrued liabilities, which consist for an expense that a business
has incurred but has not yet paid. They are part of personal costs related, sales related costs and
deferred costs. Instead, in the Financial Liabilities (or Interest Bearing Debt) are shown all the
liabilities that require the payment of interests, so in our case short and long-term debts have had a
steady increase due to the lasts company acquisition that are already mentioned. In fact, it is
understandable from these data how Philips is implementing its policy of investments and
development. The last but not the least, a component of the balance sheet is the Common Shareholders
Equity. It is almost steady in the latest 5 years, but it is relevant the decrease of retaining earnings
caused by the payments of the dividends to shareholders and all the reserves according to the Dutch
law.

1.2 Reformulated income statement

First, the reformulated income statement identifies the earnings flowing from the strategic
balance sheet, which is composed by operating income that reports the earnings flowing from
net operating assets and net financing expense that reports the earnings flowing from the net
financial assets. The Income Statement is divided in Operating income and Financial income.
The Operating income in its turn distinguishes operating income from sales and other operating
income in order to clarify the profitability of trading with customers. Furthermore, dirty-surplus
items, reported separately within the annual report of Philips, are included in reformulated
income statement.
Secondly, it is presented the gross margin, calculated with the difference between Sales and
Cost of sales, shows the amount of total sales revenue that the company holds after that the
direct costs (linked with the production of goods and services) are incurred. Hence, gross
margin is an important item for exposing the efficiency of the firm when it is divided by Sales.
Lastly, there is the comprehensive income that is equal to the sum of net income and other
comprehensive income. The latter is not mentioned in the income statement because they are
not realized, by the reason that it includes items like an unrealized holding gain or loss from
available for sale securities and foreign currency translation gains or losses.

2 Financial performance
2.1 Net Profit Margin
Net profit margin is the ratio of comprehensive income to operating revenues for a company
or business segment - typically expressed as a percentage that shows how much of each euro
earned by the company is translated into profits. Nevertheless revenues and cost of sales were
similar for all five years considered, in the first two years examined is present a negative
comprehensive income, for the first because there was an important impairment of goodwill,
while for the second it is caused by high operating income and losses from investment on
associates. In subsequent years, it can be observed an increase of comprehensive income.
Net Profit Margin=

Comprehensive Income2011
Operating revenues2011

983,3
22579

Net Profit Margin=

Comprehensive Income2012
Operating revenues2012

= 24788 = 0,94%

Net Profit Margin=

Comprehensive Income2013
Operating revenues2013

694,7
21990

3,16%

Net Profit Margin=

Comprehensive Income2014
Operating revenues2014

538,2
21391

2,52%

Net Profit Margin=

Comprehensive Income2015
Operating revenues2015

= 24244 =

6,26%

= 4,35%

232

1517

2.2 Operating Profit Margin

The operating profit margin is a basic signal for business owners and investors about
company's ability to transform a euro of revenue into a euro of profit after considering most of
the expenses incurred. This profitability metric is calculated by dividing the company's
operating income before interests and taxes (EBIT) by its operating revenues. Generally, for a
company is better a higher operating profit margin, in fact if a company's margin increases, it
will earn more per euro of sales. Philips has approximately same results during the years
observed, so a stable trend of the margin.
EBIT

2011
Operating Profit Margin= Operating revenues

1086

2011

= 22579 = 4,81%

2012

= 24788 = 4,16%

2013

= 21990 = 8,56%

2014

= 21391 = 2,41%

2015

= 24244 = 4,09%

EBIT

2012
Operating Profit Margin= Operating revenues

1030

EBIT

2013
Operating Profit Margin= Operating revenues

1883

EBIT

2014
Operating Profit Margin= Operating revenues

516

EBIT

2015
Operating Profit Margin= Operating revenues

992

2.3 Return on Net Operating Assets

Return on net operating assets is a measure of how effectively the company uses its operating
assets to generate income. It determines whether the company is using its operating assets to
develop profitability rather than just a volume of sales. It is a ratio computed by operating
income before interests and taxes (EBIT) to the half-sum between the current net operating
assets and the previous years one.
RNOA= (NOA

EBIT2011
1
2011 +2010 ) 2

RNOA= (NOA

2012 +2011 )

RNOA=

EBIT2012

1086

= (11985+13061)1 = 8,67%
2

1030

1
2

EBIT2013
(NOA2013 +2012 )12

RNOA= (NOA

EBIT2014
1
2014 +2013 ) 2

RNOA= (NOA

2015 +2014 )

EBIT2015

= (9723+11985)1 = 9,49%
2

1883
(9971+9723)12

= 19,12%

516

= (10811+9971)1 = 4,96%
2

992

1
2

= (13485+10811)1 = 8,16%
2

2.4 Debt Ratio

Debt ratio is a solvency ratio that measures the extent of a companys leverage. It is a ratio
defined by total, long term and short term, debt to total assets and it consists as the portion of
a companys assets that are financed by debt. When this value is high, it means that the
company has a high level of leverage, so it implies a greater financial risks.

15995

Debt Ratio= 2011 = 28966 = 55,22%

2011

Debt Ratio=

2012
2012

17096
29079

= 58,79%

14740

Debt Ratio= 2013 = 26559 = 55,50%

2013

Debt Ratio=

2014
2014

16992
28352
17531

= 59,93%

Debt Ratio= 2015 = 30976 = 56,59%

2015

2.5 Return on Capital Employed

Return on capital employed is a financial ratio that measures a companys profitability and the
efficiency with which its capital is employed. It is defined by EBIT to Capital Employed, and
it indicates an efficient use of capital when this value is high. In fact, ROCE should be higher
than the companys capital cost; otherwise, it indicates that company is not employing its
capital effectively and is not generating shareholder value. Usually, investors prefer stable and
rising companys ROCE instead of an unstable one. The Philips trend is not optimal being
unstable during the five years examined.
CAPITAL EMPLOYED
Total assets
Total current liabilities
Total

2015
30976
10068
20908

2014
28352
9227
19125
EBIT

2011
Return On Capital Employed= Capital Employed

2012

= 19124 = 5,38%

2013

= 18083 = 10,41%

2014

= 19125 = 2,69%

1030

1883

EBIT

2014
Return On Capital Employed= Capital Employed

Return On Capital Employed=

2011
28966
9784
19182

1086

= 19182 = 5,66%

EBIT

2013
Return On Capital Employed= Capital Employed

2012
29079
9955
19124

2011

EBIT

2012
Return On Capital Employed= Capital Employed

2013
26559
8476
18083

516

EBIT2015
Capital Employed2015

992
20908

= 4,74%

2.6 Interest Coverage Margin

Interest Coverage Margin is a ratio calculated by comparing the companys EBIT to its
interest expenses for the same period and it determines how easily a company can pay interest
expenses on outstanding debt. It is a very important factor in the return for shareholders,
because it illustrates an aspect of a companys solvency about its ability to support its interest
obligations.
EBIT

2011
Interest Coverage Margin= Interest Expenses

2011

Interest Coverage Margin=

EBIT2012
Interest Expenses2012
EBIT

2013
Interest Coverage Margin= Interest Expenses

2013

EBIT

2014
Interest Coverage Margin= Interest Expenses

2014

EBIT

2015
Interest Coverage Margin= Interest Expenses

2015

1086
248

= 4,38

1030
278

= 3,71

1883
323

= 5,83

516

= 290 = 1,78
992

= 350 = 2,83

10

3 Analysis of the financial performance

3.1 Analysis of the reformulated balance sheet
Analysing the balance sheet, it is possible notice that goodwill has an important weight inside
operating assets, in fact it represents approximately a quarter of total assets. During the last
five years, it has had a positive average growth rate, 21%, so it means that the market value of
the company increased from 2011 to 2015.
Another fundamental entries belonged to operating assets are inventories, nevertheless it
registers a decrease around at 4%, and other intangibles assets, which has suffered a decrease
during the last five years too, but more important than the first one, 22%.
For what regards Financial Assets, they are composed mainly of net accounts receivable that
represents the 62% of financial assets. At 2015 it registered a growth rate of 13% during the
period analysed, but its average weight compared to Total Assets remained the same, 15% for
all of the years observed.
From 2011 to 2015 the macro-classes Operating Assets and Financial Assets were distributed
almost steadily, approximately three quarter represented by the first one and a quarter by the
second one, in fact their values have remained constants during this period.

Having analysed the operating liabilities is noteworthy the accrued liabilities because represent
one third of the total and in these five years decreased by 5.4%. On the other hand, long-term
provisions increased because Philips set aside amount of money for the warranty concerned
the products sold and for funds pensions to Dutch, UK and US law. The latter is a consequence
of a significant number of assumptions, i.e. 4269 employees. The whole amount of long-term
provision, therefore, rise for 27% in the latest 5 years. In Philipss case, long-term debts have
had a steady increase; the most significant one is USD bonds that has increased by 48% from
2011 to 2015. Whereas, bank borrowings decreased 65% over the five years.
Thus, it is observed that Philipss financial policy has changed during this period by focusing
heavily on USD bonds and decreasing investments in bank borrowings. Regarding to shortterm debt it is seen a dramatic increase around three times from 2011 to 2015. The reason
behind this was Volcanos acquisition, which decreased interest rate from 8.3% in 2014 to
1.6%.
Common shareholders equity is the last line item of the balance sheet. The Philipss dividends
policy of latest 5 years has shown an increased payment of dividends, from 0.70 in 2011 to
0.80 in 2015 per common share. Consequently, Philipss dividend policy has brought a

11

reduction of retaining earnings by 38% and a dramatic increase of capital in excess of par
value by 228%.

3.2 Analysis of the reformulated income statement

Analysis of the reformulated income statement is made using Trend Analysis by taking 2011
as a base year. It shows the change of financial statement items over 5 years starting from 2011.

In the Trend Analysis is shown an increase of Sales corresponding to 7%, over 5 years.
Moreover, due to slow increase of Cost of sales, Gross Margin increased at a higher rate than
Sales. This increase is the highest one achieved in 5 years. However, compared to 2011, EBIT
decreases of 9% due to the increase of the Operating expenses. The highest rise in operating
expense item is General and Administrative expense with 144%. This expense, in 2015,
amounted to 1209 and in 2014 it was 747. In this amount is included 30 million of

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restructuring and acquisition related charges, which in turn includes Volcano acquisition.
Furthermore, in 2015, there are charges related to settlements for pension de-risking and 111
million invested on the separation of the Lighting business. Regarding to Research and
development expenses, they rose to 1927 million (20% higher than 2011). This increase was
mainly due to higher expenditures on Healthcare (1,703 million) and the currency impact.

In addition, Net Operating Income shows a relevant increase of 1670 million due to the
addition of other operating income not related to sales. This other operating income includes
dirty-surplus items that are not considered normally as an income items. Indeed, Currency
translation differences and Pensions and other-post employment plans have a significant
effect on income statement of Philips. The former grew over five years from 72 million
to 829 million. In this other operating income it is also included Discounted Operations. Here
are reported the combined businesses of Lumileds and Automotive and the results from
discounted operations are equal to gains of 246 million. Philips has Net financial expenses
amounted to 153 million in the end of the 2015 financial year. However, this is 11% less
than 2011 financial year. It is related to the gain from disposal of financial assets in 2015,
which amounts to 20 million that comes mainly from Assemblon, Silicon and Software
Systems and other equity interest. Regarding to interest expense in 2015, it was 60 million
higher than in 2014. This is mainly due to weaker Euro against USD in relation to
interest expenses on USD bonds. The final item is the Comprehensive income, which
distinguishes net income from other comprehensive income. Furthermore, in the reformulated
income statement is possible to understand that the comprehensive income has had a dramatic
increase from 983.3 million to 1517 million, in 2011 and 2015, respectively.

3.3 Comparison operating margin with competitors

The operating margin is a ratio used to evaluate the pricing strategy of a company and its
operating efficiency. The main feature of the operating margin is that it shows the ability of the
company in covering its fixed costs if the business declines. Furthermore, if this margin
increases, there will be more earns per euro of sales.
The comparison is based on the average of the variation between 2011 and 2015 of the
operating margins of Philips and its main competitors: General Electric, Sony, Siemens and
Philips.

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Specifically, Philips shows an average value of 3.28%, General Electric 18.94%, Sony 1.22%
and Siemens 8.71%. Therefore, it is highlighted that the Philips value is below of the average
of the sector2.
Despite the operating margin that could influence shareholders to disinvest on Philips and start
to invest in its competitors that have better performances, this was not happened. As is shown
in the following trend of the stock prices of Philips. In fact, since 2012 there has been a constant
increase until the beginning of 2014, than the stock price start to have a steady price. This trend
is due to the new strategic policies, regarding dividends, acquisitions and expansion in the
healthcare sector.

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