Dutch electronics giant Philips saw turnover fall 1% to €23.3bn in 2013, but net profit rise to just under €1.2bn, compared with a net loss of €30m in 2012.

In the fourth quarter, the company booked turnover of €6.8bn, a fraction over the year earlier period, Philips announced on Tuesday. Net profit in Q4 was €412m, compared with a net loss of €420 a year earlier, mainly due to a fine imposed by the European Commission for forming a cartel in the sector and to lower reorganisation costs.

Operating profit was €915m compared with €765m in the fourth quarter of 2012, the company said.

The figures mean Philips achieved its own targets in 2013, but the company remains cautious about the global economy. It expects uncertainty to continue and pressure from exchange rates, particularly the expensive euro, to remain.

‘The improvements in the figures can be continued,’ CEO Frans van Houten said in a statement. Philips is forecasting a 4% to 6% growth in turnover between 2014 and 2016 and profit margins of between 11% to 12%.

‘We shall take a small step towards these new targets in 2014,’ Van Houten said.