Philips said on an arbitration court had ordered Japan's Funai Electric to pay it 135 million euros ($152 million) over the 2013 collapse of a deal for the Japanese firm to buy a business from the Dutch company.

Philips claimed breach of contract when Funai didn't follow through on its purchase of Philips' audio and video businesses, including the Magnovox brand, which at the time was one of the company's few remaining consumer brands.

Philips said the ICC International Court of Arbitration had ruled in its favor and the payment would be booked in the second quarter.