The Adjusted EBITA margin amounted to 14.1%. The Chemicals segment reflects Phillips 66s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Second-Quarter Results 2022 - Presentation, 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. Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes. In certain cases independent valuations are obtained to support managements determination of fair values. Philips continues to successfully expand into ambulatory care. You can sign up for additional subscriptions at any time. The book-to-bill ratio was 1.18, and the equipment order book grew further in the quarter. Contact Us Ticker: PHG CIK: 313216 Form Type: 20-F Annual Report Accession Number: 0000313216-22-000008 Submitted to the SEC: Tue Feb 22 2022 7:30:03 AM EST Accepted by the SEC: Tue Feb 22 2022 Period: Friday, December 31, 2021 Industry: Electronic And Other Electrical Equipment No Computer Equip External Resources: Stock Quote Social Media Bookmark the Permalink: Refer to Reconciliation of non-IFRS information. Philips Respironics expects to complete over 90% of the production and shipments to customers in 2022. 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. Financial Position, Liquidity and Return of Capital. Business Operations. 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. 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. Executing the settlement of the forward contracts entered into as part of the share repurchase program announced on July 26, 2021 at the original settlement dates in 2023 and 2024, instead of in 2022 as, Third-Quarter Results 2022 - Presentation, Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Adjusted pre-tax income for Marketing and Other was $717 million in the third quarter compared with $656 million in the second quarter, reflecting higher international margins, partially offset by lower domestic results, including inventory impacts. Frac 4 achieved full rates in early October. Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Our site can best be viewed with the latest version of Microsoft Edge, Google Chrome or Firefox. This press release was distributed at 07:00 am CET on April 25, 2022. dual sourcing, supplier consolidation, warehouse footprint rationalization), R&D (e.g. Philips continues to successfully expand into ambulatory care. Reconciliation of Consolidated Earnings to Adjusted Earnings, Earnings per share of common stock (dollars), Adjusted earnings per share of common stock (dollars), Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss). Reference is also made to Risk management in the Philips semi-annual report 2022. The Personal Health businesses comparable sales increased by 4%, with good growth in North America and Western Europe. 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. The relevant subsidiaries are cooperating with the agency. Based on Philips Azurion, this solution enhances the accuracy of biopsy procedures and provides a therapy option to immediately treat early-stage lung cancer patients. Operating cash flow was an outflow of EUR 180 million, mainly due to lower cash earnings, increased inventories and higher consumption of provisions. Given the uncertain nature and timing of the relevant events, and of their potential financial and operational impact and associated obligations, if any, the company has not made any provisions in the accounts for these matters. The impact of the COVID lockdowns significantly affected our business in China, where comparable sales and order intake declined almost 30% in the quarter. 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. This includes the difficult, but necessary decision to immediately reduce our workforce by around 4,000 roles globally, which we do not take lightly and will implement with respect towards impacted colleagues. Actual outcomes in future periods may differ from these estimates and affect the company's results of operations, financial position and cash flows. HOUSTON--(BUSINESS WIRE)-- Comparable order intake was in line with Q1 2021, with continued strong demand and share gains in Hospital Patient Monitoring and Connected Care Informatics. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. The Diagnosis & Treatment businesses comparable sales decreased 2% on the back of 10% growth in Q3 2021. News about Philips can be found atwww.philips.com/newscenter. Our site can best be viewed with the latest version of Microsoft Edge, Google Chrome or Firefox. Click here to read moreClick here to read less. Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. References in the release to earnings (loss) or consolidated earnings (loss) refer to net income (loss) attributable to Phillips 66. A live video webcast of the conference call will be available on the Philips Investor Relations website and can be accessed here. Philips signed several agreements in China, including with private hospitals Suzhou Kowloon Hospital and Wuhan Asia Heart Hospital to provide advanced diagnostic imaging and image-guided therapy systems to advance patient care. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Business segment performance The Diagnosis & Treatment businesses comparable sales decreased 2%, on the back of 9% comparable sales growth in Q1 2021. Double- digit growth in North America was more than offset by double-digit declines in China and Russia. Total Sweeny Hub fractionation capacity is 550,000 BPD. Philips Respironics continued to make solid progress with the repair and replacement program for the CPAP, BiPAP and mechanical ventilator devices affected by the June 2021 field safety notice, as well as the comprehensive test and research program to assess the possible health risks. Further information on non-IFRS measures can be found in the Annual Report 2021. WKN: 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. Specialties generated third-quarter adjusted pre-tax income of $130 million, up from $109 million in the prior quarter, largely due to improved base oil margins. Critical assumptions used are disclosed in the Annual Report 2021. In addition, we partnered with 12 more hospitals to help them transform the delivery of care, further building on the 80 new long-term strategic partnerships signed in 2021. Forward-looking statements This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. 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. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements. Refer to Reconciliation of non-IFRS information. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. The Personal Health businesses comparable sales increased by a strong 8%, primarily driven by double-digit growth in Oral Healthcare. shifting the focus to fewer, high-impact projects in the innovation pipeline) and quality (e.g. 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. Building on the market share gain in 2021, Philips MR delivered strong double-digit order intake growth in the quarter, driven by all major product families. Forward-looking statements This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Philips ongoing focus on innovation and partnerships resulted in the following key developments in the quarter: Cost savings Our cost savings programs delivered EUR 97 million in the first quarter. *) Non-IFRS financial measure. 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. The China lockdowns directly impacted the Adjusted EBITA margin of the Group by 120 basis points due to lower sales and a further 110 basis points because of factory under-utilization. Readers are cautioned that these values are subject to changes over time and are only valid at the balance sheet date. In certain cases independent valuations are obtained to support managements determination of fair values. Demonstrating the trust hospital leaders have in Philips ability to help them enhance health outcomes, lower the cost of care and improve patient and staff experience, the company signed multiple new long-term strategic partnerships across the world. This document was created with Prince, a great way of getting web content onto paper. Philips generated 2021 sales of EUR 17.2 billion and employs approximately 79,000 employees with sales and services in more than 100 countries. Capital expenditures and investments for the quarter were $735 million, including the companys $306 million investment in DCP Midstream, LLC in connection with the merger, net of cash acquired. In addition, Philips expanded its remote cardiac monitoring portfolio with a patch-based, clinical-grade ECG to improve patient recruitment, compliance and retention for clinical trials. Due to rounding, amounts may not add up precisely to the totals provided. CPChems Olefins and Polyolefins (O&P) business contributed $105 million of adjusted pre-tax income in the third quarter, compared with $216 million in the second quarter. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on Events & Presentations. For detailed supplemental information, go to phillips66.com/supplemental. Philips Investor Relations Tel:+31 20 59 77055. Comparable order intake was in line with Q1 2021, with continued strong demand and share gains in Hospital Patient Monitoring and Connected Care Informatics. Managements estimates of rankings are based on order intake or sales, depending on the business. This news release contains forward-looking statements within the meaning of the federal securities laws. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements. 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. In Midstream, we increased our economic interest in DCP Midstream to capture the value of a fully integrated NGL business from wellhead to market. In 2022, Philips Foundation will also establish the Philips Foundation Knowledge Hub - an open resource database showcasing the projects and the lessons learned as well as scientific articles and findings from Philips Foundation projects with partners around the world. After deducting supply cost increases, net savings amounted to EUR 8 million in the first quarter. Comparable order intake increased 7%, with double-digit growth in Image-Guided Therapy and mid-single-digit growth in Ultrasound and Diagnostic Imaging, reflecting robust traction for Philips very attractive offering. 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. These factors include but are not limited to: Philips ability to gain leadership in health informatics in response to developments in the health technology industry; Philips ability to transform its business model to health technology solutions and services; macroeconomic and geopolitical changes; integration of acquisitions and their delivery on business plans and value creation expectations; securing and maintaining Philips intellectual property rights, and unauthorized use of third-party intellectual property rights; Philips ability to meet expectations with respect to ESG-related matters; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; breaches of cybersecurity; Philips ability to execute and deliver on programs on business transformation and IT system changes and continuity; the effectiveness of our supply chain; attracting and retaining personnel; COVID and other pandemics; challenges to drive operational excellence and speed in bringing innovations to market; compliance with regulations and standards including quality, product safety and (cyber) security; compliance with business conduct rules and regulations; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process. The convocation notice and the agenda, including. 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. 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. We know how important the affected devices are to patients and are working very hard to get a resolution to them as fast as we can. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements. To read the full Annual Report, click here. Following the successful refresh of its entry-range electric toothbrushes, the launch of the Sonicare 9900 Prestige premium range, and the launch of innovative interdental cleaning devices in 2021, Philips Oral Healthcare recorded strong double-digit comparable sales growth in the quarter, driven by North America and China. The diversified energy companys portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. In connection with the previously announced initiative to enhance productivity in R&D, Philips recorded a non-cash charge in the third quarter of EUR 168 million. Use of Non-GAAP Financial Information When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Forward-looking statements can be identified generally as those containing words such as anticipates, assumes, believes, estimates, expects, should, will, will likely result, forecast, outlook, projects, may or similar expressions. We partnered with 19 more hospital groups to help them transform the delivery of care and boost staff productivity. This press release was distributed at 07:00 am CET on July 25, 2022. The composite global market crack decreased 22% from $46.72 in the second quarter to $36.29 per barrel in the third quarter. Mar 23, 2022 In 2021, Philips generated around 17.16 billion euros in revenue, the third-lowest annual revenue for the company since 2009. In 2012, revenue amounted to 23.46 billion euros,. Market Abuse Regulation This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. 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. shannon.m.holy@p66.com, Thaddeus Herrick (media) Our pricing and increased productivity measures will expand margins. You are about to visit the Philips USA website. Due to rounding, amounts may not add up precisely to totals provided. Philips entered into partnerships with healthcare providers in the UK and Germany to deliver its vendor-neutral Radiology Operations Command Center, which enables remote collaboration between technologists, radiologists and imaging operations teams across multiple sites, to help increase productivity and expand access to MR- and CT-based diagnosis. Philips' First-Quarter Results 2022 Philips delivers Q1 sales of EUR 3.9 billion, with good demand driving 5% comparable order intake growth First-quarter highlights Group sales amounted to EUR 3.9 billion, with a 4% comparable sales decline on the back of 9% comparable sales growth in Q1 2021 Following another wave of Philips Respironics comprehensive patient and customer communication outreach and based on current insights, the total expected units to be remediated have increased by approximately 300,000, primarily in the US. Philips signed 19 new long-term strategic partnerships with hospitals in Europe, Asia, and North America, including a 10-year patient monitoring agreement with a large hospital in Germany. The agreement involves ultrasound devices and services for cardiological, vascular or radiological examinations, OB/GYN, as well as mobile devices for the emergency department. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Philips Respironics recorded a EUR 65 million increase in the field action provision in the quarter to cater for the higher expected volume of devices eligible for remediation and higher communication costs. Advancing patient care in China Philips signed several agreements in China, including with private hospitals Suzhou Kowloon Hospital and Wuhan Asia Heart Hospital to provide advanced diagnostic imaging and image-guided therapy systems to advance patient care. These factors include but are not limited to: Philips ability to gain leadership in health informatics in response to developments in the health technology industry; Philips ability to transform its business model to health technology solutions and services; macroeconomic and geopolitical changes; integration of acquisitions and their delivery on business plans and value creation expectations; securing and maintaining Philips intellectual property rights, and unauthorized use of third-party intellectual property rights; Philips' ability to meet expectations with respect to ESG-related matters; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; breaches of cybersecurity; Philips' ability to execute and deliver on programs on business transformation and IT system changes and continuity; the effectiveness of our supply chain; attracting and retaining personnel; COVID-19 and other pandemics; challenges to drive operational excellence and speed in bringing innovations to market; compliance with regulations and standards including quality, product safety and (cyber) security; compliance with business conduct rules and regulations; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process. Our customers confirm the relevance of our strategy and portfolio, as evidenced by the further growth of our all-time-high order book. Forward-looking statements This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. We will do this by first further strengthening our patient safety and quality management and addressing the various facets of the Philips Respironics recall; second, by urgently improving our supply chain operations so that we can deliver on our strong order book and improve performance; and third, by simplifying our way of working to improve productivity and increase agility. Expanding propylene splitting capacity by 1 billion pounds per year with a new unit located at its Cedar Bayou facility. Following the issuance of 14,174,568 new shares related to the share dividend, and the cancellation of 8,758,455 shares that were acquired as part of the EUR 1.5 billion share repurchase program for capital reduction purposes, Philips current issued share capital amounts to 889,315,082 common shares. Refer to the Reconciliation of non-IFRS information, Philips Global Press Office Tel: +31 6 1521 3446. 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. The Adjusted EBITA margin was 5.9%, mainly due to the decline in sales and the impact of supply chain headwinds. We are implementing additional cost measures, as well as price increases, to mitigate the inflationary headwinds.. In Midstream, Phillips 66 completed Sweeny Frac 4, adding 150,000 BPD of capacity. All reported data is unaudited. 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