Comparable order intake growth for the Group amounted to 5%, driven by good growth across the Diagnosis & Treatment businesses, as well as Hospital Patient Monitoring and Connected Care Informatics. When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Philips will continue to review areas to further improve its supply operations, invest in quality, simplify the way of working and remove organizational complexity, which is expected to result in additional restructuring and associated costs in 2023. Refer to Reconciliation of non-IFRS information. Philips has recognized a provision related to the voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products, based on Philips best estimate for the expected field actions. See here for more information on Philips' current debt structure. To receive notifications via email, enter your email address and select at least one subscription below. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Management responsibility and oversight have been strengthened with organizational changes implemented in Philips Respironics and the Quality & Regulatory function. Click here to read moreClick here to read less. Newly published research validated that Philips Mobile Cardiac Outpatient Telemetry (MCOT) is crucial in detecting arrhythmias and providing data that allows care teams to intervene quickly and decisively to provide the optimal patient treatment. All reported data is unaudited. Nontaxable events reflect zero income tax. Such fair value estimates require management to make significant assumptions with respect to future developments, which are inherently uncertain and may therefore deviate from actual developments. Presentation All amounts are in millions of euros unless otherwise stated. Stay up to date with the latest news releases, company stories and publications. Q1 2022 First quarter 2022 results conference call audio webcast, More information about Frans van Houten and Abhijit Bhattacharya, Click here for Mr. van Houten's CV and images, Click here for Mr. Bhattacharya's CV and images. The associated cost savings are expected to amount to annualized savings of approximately EUR 300 million. The relevant subsidiaries are cooperating with the agency. This news release includes the terms adjusted earnings (loss), adjusted earnings (loss) per share and adjusted pre-tax income (loss). These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. Comparable order intake was in line with Q1 2021, with continued strong demand and share gains in Hospital Patient Monitoring and Connected Care Informatics. Philips completed the global introduction of its new Philips Shaver S9000 with SkinIQ with its launch in Japan, resulting in accelerated sales growth for this category, and a 4.9 (out of 5) consumer rating and review score within the first month. Philips' Annual Report 2021 will be on the agenda of the Annual General Meeting of Shareholders (AGM), to be held on May 10, 2022. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also the Risk management chapter included in the Annual Report 2021. Latest financial results On Monday October 24th, 2022 at 7:00am CET, Royal Philips released its third quarter 2022 results. They show a very low prevalence of visible foam degradation, and new and used first-generation DreamStation devices passed volatile organic compound and respirable particulate emission testing. Through Philips advanced enterprise monitoring offering, the hospital will transition from stand-alone devices towards a scalable enterprise-wide patient monitoring solution that keeps care teams connected and informed for enhanced patient care management. This Cardiac Biomarker Diagnostic Kits research report is the professional asset that provides the valuable and authentic information of the market. My immediate priority is therefore to improve execution so that we can start rebuilding the trust of patients, consumers and customers, as well as shareholders and our other stakeholders. In certain cases independent valuations are obtained to support managements determination of fair values. New long-term strategic partnerships Philips signed 12 new long-term strategic partnerships in the quarter, including a 10-year agreement with Oulu University Hospital in Finland to deliver the latest Philips Azurion image-guided therapy solutions. The Adjusted EBITA margin amounted to 14.1%. This press release was distributed at 07:00 am CET on July 25, 2022. The Personal Health businesses comparable sales increased by 4%, with good growth in North America and Western Europe. Philips makes no representations or warranties of any kind with regard to any third-party websites or the information contained therein. Staffing and expertise related to post-market surveillance, medical affairs, toxicology and bio-compatibility have also been increased. Use of fair value information In presenting the Philips Groups financial position, fair values are used for the measurement of various items in accordance with the applicable accounting standards. In connection with the merger, Phillips 66 was delegated DCP Midstream, LLCs governance rights over DCP Midstream, LP and its general partner entities. And read the PDF documents on your computer and mobile device. This press release was distributed at 07:00 am CET on July 25, 2022. Philips has a strong program management in place led by Roy Jakobs, Chief Business Leader of the Connected Care businesses and member of Philips Executive Committee, to ensure the Respironics field action is executed with speed and accuracy. Philips Respironics expects to complete over 90% of the production and shipments to customers in 2022. Conference call and audio webcast A conference call with Frans van Houten, CEO, and Abhijit Bhattacharya, CFO, to discuss the results will start at 10:00AM CET, April 25, 2022. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. We are committed to supporting the community of patients who rely on our sleep and respiratory care solutions for their health and quality of life, and the physicians and customers who are dedicated to meeting patient needs. Double- digit growth in North America was more than offset by double-digit declines in China and Russia. Third-party market share data Statements regarding market share, contained in this document, including those regarding Philips competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. This news release contains forward-looking statements within the meaning of the federal securities laws. In the second quarter, Philips issued EUR 750 million fixed-rate notes due 2027, EUR 650 million Green Innovation Notes due 2029 and EUR 600 million Sustainability Innovation Notes due 2033 under its Euro Medium Term Note program, and entered into a series of transactions to extend and optimize the companys debt maturity profile. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Philips has a strong program management in place led by Roy Jakobs, Chief Business Leader of the Connected Care businesses and member of Philips Executive Committee, to ensure the Respironics field action is executed with speed and accuracy. This press release was distributed at 07:00 am CET on April 25, 2022. Our performance in the second quarter was impacted by global, industry-wide challenges including supply shortages, COVID lockdown measures in China, inflationary pressures and the Russia-Ukraine war, resulting in a comparable sales decline of 7%, with an Adjusted EBITA margin of 5.2%. As communicated earlier, Philips intends to have 19,571,218 shares delivered through the early settlement of forward contracts (entered into as part of the same share repurchase program) and to cancel those as well, which would result in 869,743,864 issued common shares at year-end 2022 (2021: 883,898,969). Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Comparable order intake declined 6% on the back of strong 47% growth in Q3 2021. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; our ability to consummate the proposed transaction to acquire all of the outstanding public common units of DCP Midstream, LP and the timing and cost associated therewith; our ability to achieve the expected benefits of the integration of DCP Midstream, LP and from the proposed transaction, if consummated; the diversion of managements time on transaction and integration-related matters; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities (including the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66s businesses generally as set forth in our filings with the Securities and Exchange Commission. Koninklijke Philips N.V., 2004 - 2022. 11/4/2022 11:44:12 AM . This press release was distributed at 07:00 am CET on October 24, 2022. Demonstrating the clinical benefits of Philips' minimally invasive therapy options, the company announced positive results from its Tack Optimized Balloon Angioplasty below-the-knee clinical trial. Market Abuse Regulation This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. More information about Frans van Houten and Abhijit Bhattacharya Click here for Mr. van Houten's CV and images Click here for Mr. Bhattacharya's CV and images Visit our interactive results hub for more on our financial and sustainability performance over the past quarter. This includes an immediate reduction of around 4,000 positions globally across the organization, subject to consultation with the relevant workers councils and social partners, with severance and termination-related costs expected to be approximately EUR 300 million in the coming quarters. Due to rounding, amounts may not add up precisely to totals provided. The results of these entities after the merger and our share of DCP Midstream, LLCs results prior to the merger are reported in the NGL and Other amounts shown below. The associated cost savings are expected to amount to annualized savings of approximately EUR 300 million. In response to the inflationary headwinds, the company is implementing additional cost-saving measures of EUR 150-200 million for the full year. I am also pleased with the 8% comparable sales growth for our Personal Health businesses, which demonstrates continued strong consumer demand for our propositions enabling people to take care of their health and well-being. Conference call and video webcast Frans van Houten, CEO, and Abhijit Bhattacharya, CFO, will host a conference call for investors and analysts at 10:00 am CET today to discuss the results, as well as the companys mid-term performance roadmap. We consent to the incorporation by reference in the Registration Statement (Form S-8 nos. Third-party market share data Statements regarding market share, contained in this document, including those regarding Philips competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes. Refer to Reconciliation of non- IFRS information. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2021 except for the adoption of new standards and amendments to standards which are also expected to be reflected in the companys consolidated financial statements for the year ending December 31, 2022. The Personal Health businesses comparable sales decreased by 5% on the back of 33% comparable sales growth in Q2 2021. To date, 3 million replacement devices and repair kits have been produced. At the same time, it is important we recognize the increasing risks related to the COVID-19 situation in China, the Russia-Ukraine war, supply chain challenges and inflationary pressures, which may potentially impact our ability to convert our strong order book to sales and achieve our margin target if conditions deteriorate further. We also distributed a further US$19.6 billion as an in specie dividend through the merger of our Petroleum business with Woodside. Use of non-IFRS information In presenting and discussing the Philips Groups financial position, operating results and cash flows, management uses certain non-IFRS financial measures. By clicking on the link, you will be leaving the official Royal Philips Healthcare ("Philips") website. Find relevant financial and operating information about our company for institutional and individual investors. Additional 38 projects launched in 2019 to explore new ways of providing access to healthcare for disadvantaged communities. Examples of forward-looking statements include statements made about our strategy, estimates of sales growth, future Adjusted EBITA*), future restructuring and acquisition- related charges and other costs, future developments in Philips organic business and the completion of acquisitions and divestments. Actual outcomes in future periods may differ from these estimates. Philips Respironics continues to make good progress with the comprehensive test and research program to better characterize the possible health risks associated with the sound abatement foam in the affected devices. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Midstream results in the third quarter include a net gain of $3.0 billion related to the consolidation of DCP Midstream, Sand Hills Pipeline and Southern Hills Pipeline and the transfer of interest in Gray Oak Pipeline. Operating cash flow was an outflow of EUR 180 million, mainly due to lower cash earnings, increased inventories and higher consumption of provisions. 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