Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
January 29, 2024
(Exact name of registrant as specified in its charter)
(Translation of registrant’s name into English)
The Netherlands(Jurisdiction of incorporation or organization)
Breitner Center, Amstelplein 2, 1096 BC Amsterdam, The Netherlands(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Name and address of person authorized to receive notices and communications from the Securities and Exchange Commission:
M.J. van Ginneken Koninklijke Philips N.V. Amstelplein 2 1096 BC Amsterdam – The Netherlands This report comprises a copy of the following report:
“Philips’ Fourth Quarter Results 2023”, dated January 29, 2024.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized at Amsterdam, on the 29th day of January 2024.
KONINKLIJKE PHILIPS N.V.
/s/ M.J. van Ginneken
(Chief Legal Officer)
Quarterly report
Amsterdam, January 29, 2024
*See table below
Metrics affected by provisions charged to sales | FY 2023 | Q4 2023 |
Sales - as reported in millions of EUR | 18,169 | 5,062 |
Comparable sales growth - excluding provisions charged to sales1) | 7% | 3% |
Comparable sales growth | 6% | (1)% |
Adjusted EBITA margin - excluding provisions charged to sales 1) | 10.5% | 12.5% |
Adjusted EBITA margin | 10.6% | 12.9% |
“Our strong results in 2023 were driven by solid execution of the first year of our three-year plan to create value with sustainable impact. While there is more work to be done, the progress we achieved in a volatile world lays a solid foundation for sustained performance.
Patient safety and quality remain Philips’ highest priority across the company. Resolving the consequences of the Respironics recall for our patients and customers is a key focus area and I acknowledge and apologize for the distress and concern caused. We are fully committed to complying with the consent decree, which is an important step and provides a clear path forward.
We saw strong growth throughout the year based on the actions we have taken to improve supply chain reliability and simplify our organization. Our order book is strong, and we are focused on improving order intake. Our new operating model enabled more effective ways of working across the company, and drove significant productivity improvements.
We continue to partner with many healthcare systems around the world, supporting them to become more efficient, and addressing their resourcing and productivity challenges with our AI-powered innovations. This includes our newly launched next-generation ultrasound systems, and our unique mobile MRI system with helium-free operations.
We are confident in our plan to help consumers lead healthy lives and healthcare providers deliver efficient, high-quality care to patients in a sustainable way. Based on our ongoing actions to enhance execution, we expect further performance improvement in 2024.”
Philips Respironics consent decreePhilips reiterates confidence in delivering the plan for 2023-2025, acknowledging that uncertainties remain. For full-year 2024, Philips expects to deliver 3-5% comparable sales growth and an Adjusted EBITA margin of 11-11.5%. The free cash flow from Philips' businesses is expected to amount to EUR 0.8-1 billion. This only excludes the remaining cash-out related to the previously announced resolution of the economic loss class action in the US.
The previously stated 2023-2025 Group financial outlook of mid-single-digit comparable sales growth, low-teens Adjusted EBITA margin, and EUR 1.4-1.6 billion free cash flow now takes the consent decree into account and remains unchanged. It excludes the investigation by the US DOJ related to the Respironics field action and the impact of the ongoing litigation.
Segment performanceDiagnosis & Treatment comparable sales increased by 11% in 2023, with double-digit growth in Image Guided Therapy and Precision Diagnosis. The Adjusted EBITA margin improved to 11.6%, compared to 9.5% in 2022, driven by increased sales and pricing & productivity measures, partly offset by cost inflation. In Q4, Diagnosis & Treatment segment comparable sales increased 5%, with high-single-digit growth in Image Guided Therapy. The Adjusted EBITA margin was 10.4%, compared to 12.2% in Q4 2022, due to an unfavorable mix and phasing of production and costs.
Connected Care comparable sales increased by 5%*) in 2023, driven by double-digit growth in Monitoring. The Adjusted EBITA margin increased to 6.9%*), compared to 2.1% in 2022, driven by increased sales and productivity measures, partly offset by cost inflation. In Q4, comparable sales were flat*), with high-single-digit growth in Enterprise Informatics. The Adjusted EBITA margin was 13.3%*), compared to 11.6% in 2022, mainly driven by pricing & productivity measures, partly offset by cost inflation.
Personal Health comparable sales growth was 3% in 2023, strongly driven by Personal Care. The Adjusted EBITA margin improved to 16.6%, compared to 14.8% in 2022, as a result of increased sales and pricing & productivity measures. In Q4, comparable sales increased by 7%, mainly driven by Personal Care. The Adjusted EBITA margin increased to 19.9%, compared to 17.0% in Q4 2022, mainly driven by increased sales and pricing & productivity measures.
ProductivitySupported by significant change management efforts, to date Philips has reduced the workforce by around 8,000 roles, out of 10,000 roles in total planned by 2025. For the full year, total savings amounted to EUR 956 million. In Q4, operating model productivity savings amounted to EUR 149 million. Procurement savings amounted to EUR 64 million, and other productivity programs delivered savings of EUR 58 million, resulting in total savings of EUR 271 million.
Customer, innovation and ESG highlightsPhilips intends to submit to the 2024 Annual General Meeting of Shareholders a proposal to declare a dividend of EUR 0.85 per common share and to distribute such dividend in shares.
In the fourth quarter, Philips completed the cancellation of 15,134,054 of its shares, resulting in 906,403,156 outstanding shares as of December 31, 2023. The cancelled shares were acquired as part of the EUR 1.5 billion share repurchase program for capital reduction purposes that was announced on July 26, 2021. Philips will complete the share repurchase program in April 2024, which is expected to result in a further cancellation of 4.4 million shares in Q2 2024.
Conference call and audio webcastRoy Jakobs, CEO, and Abhijit Bhattacharya, CFO, will host a conference call for investors and analysts at 10:00 am CET today to discuss the full year 2023 results. A live webcast of the conference call will be available on the Philips Investor Relations website and can be accessed here.
Key data
in millions of EUR unless otherwise stated
Q4 2022 | Q4 2023 | |
Sales | 5,422 | 5,062 |
Nominal sales growth | 10% | (7)% |
Comparable sales growth1)2) | 3% | (1)% |
Comparable order intake3) | (8)% | (3)% |
Income from operations | 171 | 24 |
as a % of sales | 3.2% | 0.5% |
Financial expenses, net | (78) | (92) |
Investments in associates, net of income taxes | (86) | (26) |
Income tax (expense) benefit | (120) | 132 |
Income from continuing operations | (113) | 38 |
Discontinued operations, net of income taxes | 8 | - |
Net income | (105) | 38 |
Earnings per common share (EPS) | ||
Income from continuing operations attributable to shareholders4) (in EUR) - diluted | (0.12) | 0.04 |
Adjusted income from continuing operations attributable to shareholders4) (in EUR) - diluted1) | 0.39 | 0.41 |
Net income attributable to shareholders4) (in EUR) - diluted | (0.11) | 0.04 |
EBITA1) | 301 | 106 |
as a % of sales | 5.6% | 2.1% |
Adjusted EBITA1) | 651 | 653 |
as a % of sales2) | 12.0% | 12.9% |
Adjusted EBITDA1) | 891 | 896 |
as a % of sales | 16.4% | 17.7% |
Sales per geographic area1)
in millions of EUR unless otherwise stated
% change | ||||
Q4 2022 | Q4 2023 | nominal | comparable2) | |
Western Europe | 1,144 | 1,163 | 2% | 3% |
North America | 2,283 | 2,004 | (12)% | (6)% |
Other mature geographies | 471 | 408 | (13)% | (5)% |
Total mature geographies | 3,898 | 3,575 | (8)% | (4)% |
Growth geographies | 1,524 | 1,486 | (2)% | 7% |
Philips Group3) | 5,422 | 5,062 | (7)% | (1)% |
Amounts may not add up due to rounding
Cash and cash equivalents balance
in millions of EUR
Q4 2022 | Q4 2023 | |
Beginning cash balance | 776 | 1,155 |
Free cash flow1) | 303 | 1,128 |
Net cash flows from operating activities | 540 | 1,310 |
Net capital expenditures | (237) | (182) |
Other cash flows from investing activities | 25 | 64 |
Treasury shares transactions | (140) | (408) |
Changes in debt | 240 | (57) |
Other cash flow items | (60) | (32) |
Net cash flows from discontinued operations | 28 | 20 |
Ending cash balance | 1,172 | 1,869 |
Composition of net debt to group equity1)
in millions of EUR unless otherwise stated
September 30, 2023 | December 31, 2023 | |
Long-term debt | 7,273 | 7,035 |
Short-term debt | 888 | 654 |
Total debt | 8,162 | 7,689 |
Cash and cash equivalents | 1,155 | 1,869 |
Net debt | 7,007 | 5,820 |
Shareholders' equity | 12,675 | 12,028 |
Non-controlling interests | 37 | 33 |
Group equity | 12,712 | 12,061 |
Net debt : group equity ratio1) | 36:64 | 33:67 |
Key data
in millions of EUR unless otherwise stated
Q4 2022 | Q4 2023 | |
Sales | 2,550 | 2,497 |
Sales growth | ||
Nominal sales growth | 13% | (2)% |
Comparable sales growth1) | 6% | 5% |
Income from operations | 186 | 132 |
as a % of sales | 7.3% | 5.3% |
EBITA1) | 232 | 163 |
as a % of sales | 9.1% | 6.5% |
Adjusted EBITA1) | 311 | 259 |
as a % of sales | 12.2% | 10.4% |
Adjusted EBITDA1) | 373 | 309 |
as a % of sales | 14.6% | 12.4% |
Key data
in millions of EUR unless otherwise stated
Q4 2022 | Q4 2023 | |
Sales | 1,622 | 1,353 |
Sales growth | ||
Nominal sales growth | 13% | (17)% |
Comparable sales growth1)2) | 4% | (11)% |
Income from operations | (97) | (332) |
as a % of sales | (6.0)% | (24.5)% |
EBITA1) | (19) | (287) |
as a % of sales | (1.2)% | (21.2)% |
Adjusted EBITA1) | 188 | 203 |
as a % of sales2) | 11.6% | 15.0% |
Adjusted EBITDA1) | 245 | 275 |
as a % of sales | 15.1% | 20.3% |
Key data
in millions of EUR unless otherwise stated
Q4 2022 | Q4 2023 | |
Sales | 1,056 | 1,069 |
Sales growth | ||
Nominal sales growth | 0% | 1% |
Comparable sales growth1) | (4)% | 7% |
Income from operations | 173 | 208 |
as a % of sales | 16.4% | 19.5% |
EBITA1) | 177 | 211 |
as a % of sales | 16.8% | 19.7% |
Adjusted EBITA1) | 180 | 213 |
as a % of sales | 17.0% | 19.9% |
Adjusted EBITDA1) | 208 | 243 |
as a % of sales | 19.7% | 22.7% |
Key data
in millions of EUR
Q4 2022 | Q4 2023 | |
Sales | 194 | 143 |
Income from operations | (91) | 16 |
EBITA1) | (88) | 18 |
Adjusted EBITA1) of: | (28) | (23) |
IP Royalties | 109 | 67 |
Innovation | (53) | (32) |
Central costs | (73) | (69) |
Other | (11) | 11 |
Adjusted EBITDA1) | 64 | 69 |
A proposal will be submitted to the Annual General Meeting of Shareholders, to be held on May 7, 2024, to declare a distribution of EUR 0.85 per common share, in common shares, against retained earnings.
If the above dividend proposal is adopted, the shares will be traded ex-dividend as of May 9, 2024, at the New York Stock Exchange and Euronext Amsterdam. In compliance with the listing requirements of the New York Stock Exchange and Euronext Amsterdam, the dividend record date will be May 10, 2024.
The number of share dividend rights entitled to one new common share will be determined based on the volume-weighted average price of all traded common shares of Koninklijke Philips N.V. at Euronext Amsterdam on May 9, 10 and 13, 2024. The company will calculate the number of share dividend rights entitled to one new common share (the ratio), such that the gross dividend in shares will be approximately equal to EUR 0.85. The ratio and the number of shares to be issued will be announced on May 15, 2024. Distribution of the dividend (up to EUR 770 million), with delivery of new common shares and settlement of any fractions in cash, will take place from May 16, 2024.
Further details will be given in the agenda with explanatory notes for the 2024 Annual General Meeting of Shareholders. All information included here remains provisional until then.
Key data
in millions of EUR unless otherwise stated
January to December | ||
2022 | 2023 | |
Sales | 17,827 | 18,169 |
Nominal sales growth | 4% | 2% |
Comparable sales growth1)2) | (3)% | 6% |
Comparable order intake3) | (3)% | (5)% |
Income from operations | (1,529) | (115) |
as a % of sales | (8.6)% | (0.6)% |
Financial expenses, net | (200) | (314) |
Investments in associates, net of income taxes | (2) | (98) |
Income tax (expense) benefit | 113 | 73 |
Income from continuing operations | (1,618) | (454) |
Discontinued operations, net of income taxes | 13 | (10) |
Net income | (1,605) | (463) |
Earnings per common share (EPS) | ||
Income from continuing operations to shareholders4) (in EUR) - diluted | (1.76) | (0.50) |
Adjusted income from continuing operations attributable to shareholders4) (in EUR) - diluted1) | 0.92 | 1.25 |
Net income attributable to shareholders4)per common share (in EUR) - diluted | (1.75) | (0.51) |
EBITA1) | 192 | 183 |
as a % of sales | 1.1% | 1.0% |
Adjusted EBITA1) | 1,318 | 1,921 |
as a % of sales2) | 7.4% | 10.6% |
Adjusted EBITDA1) | 2,305 | 2,845 |
as a % of sales | 12.9% | 15.7% |
Cash and cash equivalents balance
in millions of EUR
January to December | ||
2022 | 2023 | |
Beginning cash and cash equivalents balance |
2,303 | 1,172 |
Free cash flow1) | (961) | 1,582 |
Net cash flows from operating activities | (173) | 2,136 |
Net capital expenditures | (788) | (554) |
Other cash flows from investing activities | (698) | (82) |
Treasury shares transactions | (174) | (662) |
Changes in debt | 1,092 | (181) |
Dividend paid to shareholders | (412) | (2) |
Other cash flow items | 34 | (81) |
Net cash flows discontinued operations | (12) | 123 |
Ending cash and cash equivalents balance | 1,172 | 1,869 |
Composition of net debt to group equity1)
in millions of EUR unless otherwise stated
December 31, 2022 | December 31, 2023 | |
Long-term debt | 7,270 | 7,035 |
Short-term debt | 931 | 654 |
Total debt | 8,201 | 7,689 |
Cash and cash equivalents | 1,172 | 1,869 |
Net debt | 7,028 | 5,820 |
Shareholders' equity | 13,249 | 12,028 |
Non-controlling interests | 34 | 33 |
Group equity | 13,283 | 12,061 |
Net debt : group equity ratio1) | 35:65 | 33:67 |
Key data
in millions of EUR unless otherwise stated
January to December | ||
2022 | 2023 | |
Sales | 8,290 | 8,818 |
Sales growth | ||
Nominal sales growth | 6% | 6% |
Comparable sales growth1) | (1)% | 11% |
Income from operations | 538 | 720 |
as a % of sales | 6.5% | 8.2% |
EBITA1) | 652 | 816 |
as a % of sales | 7.9% | 9.3% |
Adjusted EBITA1) | 788 | 1,026 |
as a % of sales | 9.5% | 11.6% |
Adjusted EBITDA1) | 1,008 | 1,239 |
as a % of sales | 12.2% | 14.1% |
Key data
in millions of EUR unless otherwise stated
January to December | ||
2022 | 2023 | |
Sales | 5,268 | 5,138 |
Sales growth | ||
Nominal sales growth | (2)% | (2)% |
Comparable sales growth1)2) | (9)% | 1% |
Income from operations | (2,347) | (1,199) |
as a % of sales | (44.6)% | (23.3)% |
EBITA1) | (764) | (1,020) |
as a % of sales | (14.5)% | (19.9)% |
Adjusted EBITA1) | 111 | 369 |
as a % of sales2) | 2.1% | 7.2% |
Adjusted EBITDA1) | 394 | 623 |
as a % of sales | 7.5% | 12.1% |
Key data
in millions of EUR unless otherwise stated
January to December | ||
2022 | 2023 | |
Sales | 3,626 | 3,602 |
Sales growth | ||
Nominal sales growth | 6% | (1)% |
Comparable sales growth1) | 0% | 3% |
Income from operations | 515 | 552 |
as a % of sales | 14.2% | 15.3% |
EBITA1) | 531 | 567 |
as a % of sales | 14.6% | 15.7% |
Adjusted EBITA1) | 538 | 597 |
as a % of sales | 14.8% | 16.6% |
Adjusted EBITDA1) | 652 | 698 |
as a % of sales | 18.0% | 19.4% |
Key data
in millions of EUR
January to December | ||
2022 | 2023 | |
Sales | 643 | 612 |
Income from operations | (235) | (188) |
EBITA1) | (227) | (179) |
Adjusted EBITA1) of: | (119) | (71) |
IP Royalties | 322 | 309 |
Innovation | (165) | (142) |
Central costs | (258) | (240) |
Other | (18) | 1 |
Adjusted EBITDA1) | 250 | 284 |
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. 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. 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. 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.
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; challenges in connection with Philips’ strategy to improve execution and other business performance initiatives; the resilience of our supply chain; attracting and retaining personnel; 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 including privacy and upcoming ESG disclosure and due diligence requirements; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process; global inflation. As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. 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 2022. Reference is also made to section Risk management in the Philips semi-annual report 2023.
IsraelThe risk factors discussed in Philips’ Annual Report 2022 (section 6.3) include the strategic risk that the company’s global operations are exposed to geopolitical and macroeconomic changes. The current situation in Israel further increases economic and political uncertainty and may affect the company’s results of operations, financial position and cash flows. Philips is present in Israel with several subsidiaries, mainly in Diagnosis & Treatment and Connected Care, that are primarily involved in manufacturing and research and development (R&D) activities. Please refer to our 2022 Country Activity and Tax Report (p. 37) for further information on our activities in Israel.
RespironicsPhilips 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. Future developments are subject to uncertainties, which require management to make estimates and assumptions. Actual outcomes in future periods may differ from these estimates and affect the company’s results of operations, financial position and cash flows. Furthermore, Philips is a defendant in several class-action lawsuits and individual personal injury claims, and is in the process of finalizing a consent decree with the FDA. Given the uncertain nature of the relevant events, and of their potential financial and operational impact and associated obligations, if any, the company has not made any legal provisions in the accounts for these matters, except for the following. In the first quarter of 2023, Philips Respironics recorded a provision in connection with an anticipated resolution of the economic loss class action pending in the US. The provision is subject to final court approval of the negotiated settlement agreement and is based on Philips’ best estimate for the expected settlement amounts, which is, in part, based on the expected number of claims ultimately filed pursuant the settlement once it is approved. Actual outcomes in future periods of the above matters may differ from these estimates and affect the company’s results of operations, financial positions and cash flows.
Third-party market share dataStatements 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. 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. Management’s estimates of rankings are based on order intake or sales, depending on the business.
Market Abuse RegulationThis press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
In presenting and discussing the Philips Group’s financial
position, operating results and cash flows, management uses
certain non-IFRS financial measures. 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. Non-IFRS
financial measures do not have standardized meaning under
IFRS and therefore may not be comparable to similar measures
presented by other issuers. A reconciliation of these non-IFRS
measures to the most directly comparable IFRS measures is
contained in this document. Further information on non-IFRS
measures can be found in the Annual Report 2022.
All amounts are in millions of euros unless otherwise stated.
Due to rounding, amounts may not add up precisely to totals
provided. All reported data is unaudited. Financial reporting is
in accordance with the accounting policies as stated in the
Annual Report 2022. Prior-period amounts have been
reclassified to conform to the current-period presentation.
Philips has realigned the composition of its reporting segments
effective from April 1, 2023. The most notable change is the
shift of the previous Enterprise Diagnostic Informatics business
from the Diagnosis & Treatment segment to the Connected
Care segment. This business, together with other informatics
solutions in the Connected Care segment, now forms the
Enterprise Informatics business. Accordingly, the comparative
figures for the affected segments have been restated. The
restatement has been published on the Philips Investor
Relations website and can be accessed here.
Per share calculations have been adjusted retrospectively for all
periods presented to reflect the issuance of shares for the share
dividend in respect of 2022.
in millions of EUR unless otherwise stated
Q4 | January to December | |||
2022 | 2023 | 2022 | 2023 | |
Sales | 5,422 | 5,062 | 17,827 | 18,169 |
Cost of sales | (3,201) | (3,263) | (10,633) | (10,721) |
Gross margin | 2,221 | 1,798 | 7,194 | 7,448 |
Selling expenses | (1,283) | (1,220) | (4,621) | (4,524) |
General and administrative expenses | (195) | (143) | (671) | (608) |
Research and development expenses | (501) | (449) | (2,091) | (1,890) |
Impairment of goodwill | (27) | (8) | (1,357) | (8) |
Other business income | 26 | 50 | 127 | 112 |
Other business expenses | (70) | (6) | (109) | (645) |
Income from operations | 171 | 24 | (1,529) | (115) |
Financial income | 14 | 17 | 58 | 63 |
Financial expenses | (92) | (109) | (258) | (376) |
Investment in associates, net of income taxes | (86) | (26) | (2) | (98) |
Income before taxes | 7 | (94) | (1,731) | (526) |
Income tax (expense) benefit | (120) | 132 | 113 | 73 |
Income from continuing operations | (113) | 38 | (1,618) | (454) |
Discontinued operations, net of income taxes | 8 | - | 13 | (10) |
Net income | (105) | 38 | (1,605) | (463) |
Attribution of net income | ||||
Net income attributable to shareholders1) | (106) | 39 | (1,608) | (466) |
Net income attributable to non-controlling interests | - | (1) | 3 | 2 |
Income from continuing operations attributable to shareholders1) | (113) | 39 | (1,622) | (456) |
Earnings per common share | ||||
Weighted average number of common shares outstanding (after deduction of treasury shares) during the period (in thousands)2): | ||||
- basic | 922,202 | 910,823 | 920,951 | 917,440 |
- diluted | 922,202 | 927,301 | 920,951 | 917,440 |
Income from continuing operations attributable to shareholders1) (in EUR)2) | ||||
- basic | (0.12) | 0.04 | (1.76) | (0.50) |
- diluted | (0.12) | 0.04 | (1.76) | (0.50) |
Net income attributable to shareholders1) (in EUR)2) | ||||
- basic | (0.11) | 0.04 | (1.75) | (0.51) |
- diluted | (0.11) | 0.04 | (1.75) | (0.51) |
Amounts may not add up due to rounding.
In millions of EUR
January to December | ||
2022 | 2023 | |
Net income for the period | (1,605) | (463) |
Pensions and other post employment plans: | ||
Remeasurement, before tax | 101 | (26) |
Income tax effect on remeasurements | (20) | 3 |
Financial assets fair value through OCI: | ||
Net current-period change, before tax | (32) | (20) |
Income tax effect on net current-period change | 1 | 3 |
Total of items that will not be reclassified to Income statement | 49 | (40) |
Currency translation differences: | ||
Net current-period change, before tax | 748 | (579) |
Income tax effect on net current-period change | 2 | - |
Reclassification adjustment for (gain) loss realized | - | (26) |
Reclassification adjustment for (gain) loss realized, in discontinued operations | ||
Cash flow hedges: | ||
Net current-period change, before tax | (29) | 29 |
Income tax effect on net current-period change | (10) | (2) |
Reclassification adjustment for (gain) loss realized | 63 | (19) |
Total of items that are or may be reclassified to Income Statement | 774 | (597) |
Other comprehensive income for the period | 823 | (637) |
Total comprehensive income for the period | (782) | (1,100) |
Total comprehensive income (loss) attributable to: | ||
Shareholders of Koninklijke Philips N.V. | (786) | (1,101) |
Non-controlling interests | 4 | 1 |
Amounts may not add up due to rounding.
in millions of EUR
December 31, 2022 | December 31, 2023 | |
Non-current assets: | ||
Property, plant and equipment | 2,638 | 2,483 |
Goodwill | 10,238 | 9,876 |
Intangible assets excluding goodwill | 3,526 | 3,190 |
Non-current receivables | 279 | 193 |
Investments in associates | 537 | 381 |
Other non-current financial assets | 660 | 619 |
Non-current derivative financial assets | 4 | 3 |
Deferred tax assets | 2,449 | 2,627 |
Other non-current assets | 98 | 93 |
Total non-current assets | 20,429 | 19,466 |
Current assets: | ||
Inventories | 4,049 | 3,491 |
Other current financial assets | 11 | 3 |
Other current assets | 490 | 500 |
Current derivative financial assets | 123 | 45 |
Income tax receivable | 222 | 220 |
Current receivables | 4,115 | 3,733 |
Assets classified as held for sale | 77 | 79 |
Cash and cash equivalents | 1,172 | 1,869 |
Total current assets | 10,259 | 9,940 |
Total assets | 30,688 | 29,406 |
Equity: | ||
Equity | 13,249 | 12,028 |
Common shares | 178 | 183 |
Capital in excess of par value | 5,025 | 5,827 |
Reserves | 1,488 | 879 |
Other | 6,558 | 5,139 |
Non-controlling interests | 34 | 33 |
Group equity | 13,283 | 12,061 |
Non-current liabilities: | ||
Long-term debt | 7,270 | 7,035 |
Non-current derivative financial liabilities | 4 | 3 |
Long-term provisions | 1,097 | 1,035 |
Deferred tax liabilities | 91 | 71 |
Non-current contract liabilities | 515 | 469 |
Non-current tax liabilities | 435 | 390 |
Other non-current liabilities | 60 | 54 |
Total non-current liabilities | 9,471 | 9,058 |
Current liabilities: | ||
Short-term debt | 931 | 654 |
Current derivative financial liabilities | 207 | 40 |
Income tax payable | 40 | 83 |
Accounts payable | 1,968 | 1,917 |
Accrued liabilities | 1,626 | 1,887 |
Current contract liabilities | 1,696 | 1,809 |
Short-term provisions | 1,018 | 1,463 |
Dividend payable | 11 | |
Liabilities directly associated with assets held for sale | - | 9 |
Other current liabilities | 448 | 414 |
Total current liabilities | 7,934 | 8,287 |
Total liabilities and group equity | 30,688 | 29,406 |
Amounts may not add up due to rounding.
in millions of EUR
January to December | ||
2022 | 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | (1,605) | (463) |
Results of discontinued operations - net of income tax | (13) | 10 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation, amortization and impairment of assets | 1,602 | 1,261 |
Impairment of goodwill | 1,357 | 8 |
Share-based compensation | 95 | 88 |
Net loss (gain) on sale of assets | (115) | (71) |
Interest income | (25) | (46) |
Interest expense on debt, borrowings and other liabilities | 226 | 255 |
Investments in associates, net of income taxes | 112 | 107 |
Income taxes | (113) | (71) |
Decrease (increase) in working capital: | (862) | 913 |
Decrease (increase) in receivables and other current assets | (342) | 298 |
Decrease (increase) in inventories | (572) | 257 |
Increase (decrease) in accounts payable, accrued and other current liabilities | 52 | 358 |
Decrease (increase) in non-current receivables and other assets | 1 | (33) |
Increase (decrease) in other liabilities | (84) | (38) |
Increase (decrease) in provisions | (199) | 422 |
Other items | (39) | 129 |
Interest received | 15 | 53 |
Interest paid | (205) | (250) |
Dividends received from investments in associates | 12 | 13 |
Income taxes paid | (333) | (152) |
Net cash provided by (used for) operating activities | (173) | 2,136 |
Cash flows from investing activities: | ||
Net capital expenditures | (788) | (554) |
Purchase of intangible assets | (105) | (96) |
Expenditures on development assets | (257) | (203) |
Capital expenditures on property, plant and equipment | (444) | (345) |
Proceeds from sales of property, plant and equipment | 18 | 90 |
Net proceeds from (cash used for) derivatives and current financial assets | (72) | (46) |
Purchase of other non-current financial assets | (116) | (92) |
Proceeds from other non-current financial assets | 78 | 48 |
Purchase of businesses, net of cash acquired | (712) | (73) |
Net proceeds from sale of interests in businesses, net of cash disposed of | 124 | 80 |
Net cash provided by (used for) investing activities | (1,487) | (636) |
Cash flows from financing activities: | ||
Proceeds from issuance of (payments on) short-term debt | 47 | 29 |
Principal payments on short-term portion of long-term debt | (1,472) | (754) |
Proceeds from issuance of long-term debt | 2,516 | 544 |
Re-issuance of treasury shares | 12 | |
Purchase of treasury shares | (187) | (662) |
Dividend paid to shareholders1) | (412) | (2) |
Dividend paid to shareholders of non-controlling interests | (6) | (3) |
Net cash provided by (used for) financing activities | 500 | (848) |
Net cash provided by (used for) continuing operations | (1,160) | 652 |
Net cash provided by (used for) discontinued operations | (12) | 123 |
Net cash provided by (used for) continuing and discontinued operations | (1,172) | 776 |
Effect of changes in exchange rates on cash and cash equivalents | 41 | (79) |
Cash and cash equivalents at the beginning of the period | 2,303 | 1,172 |
Cash and cash equivalents at the end of the period | 1,172 | 1,869 |
For a number of reasons, principally the effects of translation differences, certain items in the statements of cash flows do not correspond to the differences between the balance sheet amounts for the respective items. Amounts may not add up due to rounding.
In millions of EUR
Common shares |
Capital in excess of par value |
Fair value through OCI |
Cash flow hedges |
Currency translation differences |
Retained earnings |
Treasury shares at cost |
Total shareholders' equity |
Non-controlling interests |
Group equity |
||
reserves | other | ||||||||||
Balance as of January 1, 2022 | 177 | 4,646 | (344) | (25) | 1,117 | 9,344 | (476) | 14,438 | 36 | 14,475 | |
Total comprehensive income (loss) | (32) | 23 | 749 | (1,527) | (786) | 4 | (782) | ||||
Dividend distributed | 3 | 326 | (741) | (412) | (6) | (418) | |||||
Transfer of gain on disposal of equity investments at FVTOCI to retained earnings | (1) | 1 | - | - | |||||||
Purchase of treasury shares | - | (24) | (24) | (24) | |||||||
Re-issuance of treasury shares | (43) | (28) | 77 | 7 | 7 | ||||||
Forward contracts | 76 | (140) | (64) | (64) | |||||||
Share call options | 5 | (12) | (6) | (6) | |||||||
Cancellation of treasury shares | (2) | (298) | 299 | ||||||||
Share-based compensation plans | 95 | 95 | 95 | ||||||||
Income tax share-based compensation plans | 1 | 1 | 1 | ||||||||
Balance as of December 31, 2022 | 178 | 5,025 | (376) | (2) | 1,866 | 6,832 | (275) | 13,249 | 34 | 13,283 | |
Balance as of January 1, 2023 | 178 | 5,025 | (376) | (2) | 1,866 | 6,832 | (275) | 13,249 | 34 | 13,283 | |
Total comprehensive income (loss) | (17) | 8 | (604) | (488) | (1,101) | 1 | (1,100) | ||||
Dividend distributed | 8 | 741 | (816) | (68) | (3) | (70) | |||||
Transfer of gain on disposal of equity investments at FVTOCI to retained earnings | 4 | (4) | - | - | |||||||
Purchase of treasury shares | - | - | - | ||||||||
Re-issuance of treasury shares | (29) | (24) | 54 | - | - | ||||||
Forward contracts | 465 | (608) | (143) | (143) | |||||||
Share call options | |||||||||||
Cancellation of treasury shares | (3) | (563) | 566 | ||||||||
Share-based compensation plans | 88 | 88 | 88 | ||||||||
Income tax share-based compensation plans | 2 | 2 | 2 | ||||||||
Balance as of December 31, 2023 | 183 | 5,827 | (390) | 6 | 1,263 | 5,402 | (262) | 12,028 | 33 | 12,061 |
Amounts may not add up due to rounding.
Certain non-IFRS financial measures are presented when discussing the Philips Group’s performance:
For the definitions of the non-IFRS financial measures listed above, refer to chapter 12.3, Reconciliation of non-IFRS information, of the Annual Report 2022 and to the Forward-looking statements and other important information.
Sales growth composition
in %
Q4 2023 | January to December | |||||||
nominal growth | consolidation changes | currency effects | comparable growth | nominal growth | consolidation changes | currency effects | comparable growth | |
2023 versus 2022 | ||||||||
Diagnosis & Treatment | (2.1)% | 0.0% | 6.7% | 4.6% | 6.4% | 0.2% | 4.5% | 11.1% |
Connected Care | (16.6)% | 0.6% | 4.8% | (11.2)% | (2.5)% | 0.3% | 3.3% | 1.1% |
Personal Health | 1.3% | 0.0% | 5.7% | 7.0% | (0.7)% | 0.0% | 3.9% | 3.2% |
Philips Group | (6.6)% | 0.3% | 5.8% | (0.6)% | 1.9% | 0.2% | 3.9% | 6.0% |
Adjusted income from continuing operations attributable to shareholders1)
in millions of EUR unless otherwise stated
Q4 | January to December | |||
2022 | 2023 | 2022 | 2023 | |
Net income | (105) | 38 | (1,605) | (463) |
Discontinued operations, net of income taxes | (8) | - | (13) | 10 |
Income from continuing operations | (113) | 38 | (1,618) | (454) |
Income from continuing operations attributable to non-controlling interests | - | 1 | (3) | (2) |
Income from continuing operations attributable to shareholders | (113) | 39 | (1,622) | (456) |
Adjustments for: | ||||
Amortization and impairment of acquired intangible assets | 104 | 74 | 363 | 290 |
Impairment of goodwill | 27 | 8 | 1,357 | 8 |
Restructuring and acquisition-related charges | 117 | 49 | 202 | 381 |
Other items: | 233 | 498 | 925 | 1,358 |
Respironics litigation provision | 575 | |||
Respironics field-action connected to the anticipated consent decree2) | 85 | 363 | 250 | 363 |
Respironics field-action running remediation costs | 63 | 52 | 210 | 224 |
Quality remediation actions | 100 | 59 | 175 | |
Investment re-measurement loss | 23 | |||
Portfolio realignment charges | 109 | |||
R&D project impairments | 134 | |||
Provision for a legal matter2) | 60 | 31 | 60 | 31 |
Impairment of assets in S&RC | 39 | |||
Gain on divestment of business | (35) | (35) | ||
Remaining items | 26 | (12) | 63 | 2 |
Net finance expenses | - | 4 | (4) | 18 |
Tax impact of adjusted items and tax only adjusting items | (7) | (293) | (376) | (450) |
Adjusted income from continuing operations attributable to shareholders1) | 360 | 381 | 845 | 1,148 |
Earnings per common share: | ||||
Income from continuing operations attributable to shareholders3) per common share (in EUR) - diluted | (0.12) | 0.04 | (1.76) | (0.50) |
Adjusted income from continuing operations attributable to shareholders3) per common share (EUR) - diluted | 0.39 | 0.41 | 0.92 | 1.25 |
Reconciliation of Net income to Adjusted EBITA and Adjusted EBITDA
in millions of EUR
Philips Group | Diagnosis & Treatment | Connected Care | Personal Health | Other | |
Q4 2023 | |||||
Net income | 38 | ||||
Discontinued operations, net of income taxes | - | ||||
Income tax expense | (132) | ||||
Investments in associates, net of income taxes | 26 | ||||
Financial expenses | 109 | ||||
Financial income | (17) | ||||
Income from operations | 24 | 132 | (332) | 208 | 16 |
Amortization and impairment of acquired intangible assets | 74 | 24 | 45 | 4 | 2 |
Impairment of goodwill | 8 | 8 | |||
EBITA | 106 | 163 | (287) | 211 | 18 |
Restructuring and acquisition-related charges | 49 | 15 | 37 | 2 | (4) |
Other items: | 498 | 81 | 453 | (36) | |
Respironics field-action connected to the anticipated consent decree1) | 363 | 363 | |||
Respironics field-action running remediation costs | 52 | 52 | |||
Quality remediation actions | 100 | 81 | 19 | ||
Provision for a legal matter1) | 31 | 31 | |||
Gain on divestment of business | (35) | (35) | |||
Remaining items | (12) | (11) | (1) | ||
Adjusted EBITA | 653 | 259 | 203 | 213 | (23) |
Depreciation, amortization and impairment of fixed assets and other intangible assets | 253 | 50 | 82 | 30 | 92 |
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items | (11) | - | (10) | (1) | |
Adjusted EBITDA | 896 | 309 | 275 | 243 | 69 |
January to December 2023 | |||||
Net income | (463) | ||||
Discontinued operations, net of income taxes | 10 | ||||
Income tax benefit | (73) | ||||
Investments in associates, net of income taxes | 98 | ||||
Financial expenses | 376 | ||||
Financial income | (63) | ||||
Income from operations | (115) | 720 | (1,199) | 552 | (188) |
Amortization and impairment of acquired intangible assets | 290 | 89 | 178 | 14 | 9 |
Impairment of goodwill | 8 | 8 | - | ||
EBITA | 183 | 816 | (1,020) | 567 | (179) |
Restructuring and acquisition-related charges | 381 | 118 | 115 | 9 | 140 |
Other items: | 1,358 | 92 | 1,275 | 22 | (32) |
Respironics litigation provision | 575 | 575 | |||
Respironics field-action connected to the anticipated consent decree1) | 363 | 363 | |||
Respironics field-action running remediation costs | 224 | 224 | |||
Quality remediation actions | 175 | 81 | 94 | ||
Provision for a legal matter1) | 31 | 31 | |||
Investment re-measurement loss | 23 | 23 | |||
Gain on divestment of business | (35) | (35) | |||
Remaining items | 2 | 11 | (12) | (1) | 3 |
Adjusted EBITA | 1,921 | 1,026 | 369 | 597 | (71) |
Depreciation, amortization and impairment of fixed assets and other intangible assets | 971 | 217 | 267 | 101 | 385 |
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items | (47) | (4) | (14) | (30) | |
Adjusted EBITDA | 2,845 | 1,239 | 623 | 698 | 284 |
Q4 2022 | |||||
Net income | (105) | ||||
Discontinued operations, net of income taxes | (8) | ||||
Income tax benefit | 120 | ||||
Investments in associates, net of income taxes | 86 | ||||
Financial expenses | 92 | ||||
Financial income | (14) | ||||
Income from operations | 171 | 186 | (97) | 173 | (91) |
Amortization and impairment of acquired intangible assets | 104 | 46 | 51 | 4 | 3 |
Impairment of goodwill | 27 | 27 | |||
EBITA | 301 | 232 | (19) | 177 | (88) |
Restructuring and acquisition-related charges | 117 | 18 | 49 | 10 | 39 |
Other items: | 233 | 60 | 158 | (6) | 22 |
Respironics field-action provision | 85 | 85 | |||
Respironics field-action running remediation costs | 63 | 63 | |||
Provision for a legal matter | 60 | 60 | |||
Remaining items | 26 | - | 10 | (6) | 22 |
Adjusted EBITA | 651 | 311 | 188 | 180 | (28) |
Depreciation, amortization and impairment of fixed assets and other intangible assets | 277 | 62 | 71 | 28 | 116 |
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items | (37) | 1 | (13) | 0 | (24) |
Adjusted EBITDA | 891 | 373 | 245 | 208 | 64 |
January to December 2022 | |||||
Net income | (1,605) | ||||
Discontinued operations, net of income taxes | (13) | ||||
Income tax benefit | (113) | ||||
Investments in associates, net of income taxes | 2 | ||||
Financial expenses | 258 | ||||
Financial income | (58) | ||||
Income from operations | (1,529) | 538 | (2,347) | 515 | (235) |
Amortization and impairment of acquired intangible assets | 363 | 115 | 226 | 15 | 8 |
Impairment of goodwill | 1,357 | 1,357 | |||
EBITA | 192 | 652 | (764) | 531 | (227) |
Restructuring and acquisition-related charges | 202 | 3 | 125 | 11 | 62 |
Other items: | 925 | 133 | 750 | (4) | 46 |
Respironics field-action provision | 250 | 250 | |||
Respironics field-action running remediation costs | 210 | 210 | |||
R&D project impairments | 134 | 73 | 59 | 3 | |
Portfolio realignment charges | 109 | 109 | |||
Provision for a legal matter | 60 | 60 | |||
Quality remediation actions | 59 | 59 | |||
Impairment of assets in S&RC | 39 | 39 | |||
Remaining items | 63 | - | 24 | (6) | 46 |
Adjusted EBITA | 1,318 | 788 | 111 | 538 | (119) |
Depreciation, amortization and impairment of fixed assets and other intangible assets | 1,239 | 302 | 420 | 117 | 400 |
Adding back impairment of fixed assets included in Restructuring and acquisition-related charges and Other items | (252) | (83) | (136) | (3) | (30) |
Adjusted EBITDA | 2,305 | 1,008 | 394 | 652 | 250 |
Composition of free cash flow
in millions of EUR
Q4 | January to December | |||
2022 | 2023 | 2022 | 2023 | |
Net cash provided by operating activities | 540 | 1,310 | (173) | 2,136 |
Net capital expenditures | (237) | (182) | (788) | (554) |
Purchase of intangible assets | (26) | (20) | (105) | (96) |
Expenditures on development assets | (57) | (50) | (257) | (203) |
Capital expenditures on property, plant and equipment | (164) | (105) | (444) | (345) |
Proceeds from disposals of property, plant and equipment | 10 | (7) | 18 | 90 |
Free cash flow | 303 | 1,128 | (961) | 1,582 |
in millions of EUR unless otherwise stated
2022 | 2023 | |||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
Sales | 3,918 | 4,177 | 4,310 | 5,422 | 4,167 | 4,470 | 4,471 | 5,062 |
Nominal sales growth | 2% | (1)% | 4% | 10% | 6% | 7% | 4% | (7)% |
Comparable sales growth1) | (4)% | (7)% | (5)% | 3% | 6% | 9% | 11% | (1)% |
Comparable order intake2) | 5% | 1% | (6)% | (8)% | 0% | (8)% | (9)% | (3)% |
Gross margin | 1,511 | 1,731 | 1,730 | 2,221 | 1,755 | 1,961 | 1,933 | 1,798 |
as a % of sales | 38.6% | 41.4% 3 ) | 40.1% | 41.0% | 42.1% | 43.9% | 43.2% | 35.5% |
Selling expenses | (1,066) | (1,115) | (1,157) | (1,283) | (1,079) | (1,112) | (1,114) | (1,220) |
as a % of sales | (27.2)% | (26.7)% | (26.8)% | (23.7)% | (25.9)% | (24.9)% | (24.9)% | (24.1)% |
G&A expenses | (155) | (146) | (175) | (195) | (158) | (157) | (150) | (143) |
as a % of sales | (4.0)% | (3.5)% | (4.1)% | (3.6)% | (3.8)% | (3.5)% | (3.4)% | (2.8)% |
R&D expenses | (493) | (486) | (612) | (501) | (528) | (468) | (445) | (449) |
as a % of sales | (12.6)% | (11.6)% | (14.2)% | (9.2)% | (12.7)% | (10.5)% | (10.0)% | (8.9)% |
Income from operations | (181) | 11 | (1,529) | 171 | (583) | 221 | 224 | 24 |
as a % of sales | (4.6)% | 0.3% | (35.5)% | 3.2% | (14.0)% | 4.9% | 5.0% | 0.5% |
Net income | (151) | (20) | (1,329) | (105) | (665) | 74 | 90 | 38 |
Income from continuing operations attributable to shareholders4) per common share in EUR - diluted | (0.17) | (0.03) | (1.44) | (0.12) | (0.72) | 0.08 | 0.10 | 0.04 |
Adjusted income from continuing operations attributable to shareholders4) per common share in EUR - diluted1) | 0.15 | 0.14 | 0.24 | 0.39 | 0.21 | 0.28 | 0.33 | 0.41 |
EBITA1) | (107) | 92 | (94) | 301 | (510) | 292 | 295 3 ) | 106 |
as a % of sales | (2.7)% | 2.2% | (2.2)% | 5.6% | (12.2)% | 6.5% | 6.6% | 2.1% |
Adjusted EBITA1) | 243 | 216 | 209 | 651 | 358 3 ) | 453 | 457 3 ) | 653 |
as a % of sales | 6.2% | 5.2% | 4.8% | 12.0% | 8.6% | 10.1% | 10.2% | 12.9% |
Adjusted EBITDA1) | 488 | 461 | 466 | 891 | 575 | 681 | 693 3 ) | 896 |
as a % of sales | 12.5% 3 ) | 11.0% | 10.8% | 16.4% | 13.8% | 15.2% | 15.5% | 17.7% |
Philips statistics in millions of EUR unless otherwise stated
2022 | 2023 | |||||||
January-March | January-June | January-September | January-December | January-March | January-June | January-September | January-December | |
Sales | 3,918 | 8,095 | 12,405 | 17,827 | 4,167 | 8,636 | 13,107 | 18,169 |
Nominal sales growth | 2% | 0% | 2% | 4% | 6% | 7% | 6% | 2% |
Comparable sales growth1) | (4)% | (5)% | (5)% | (3)% | 6% | 8% | 9% | 6% |
Comparable order intake 2) | 5% | 3% | (1)% | (3)% | 0% | (4)% | (6)% | (5)% |
Gross margin | 1,511 | 3,243 | 4,973 | 7,194 | 1,755 | 3,717 | 5,650 | 7,448 |
as a % of sales | 38.6% | 40.1% | 40.1% | 40.4% | 42.1% | 43.0% | 43.1% | 41.0% |
Selling expenses | (1,066) | (2,181) | (3,338) | (4,621) | (1,079) | (2,191) | (3,304) | (4,524) |
as a % of sales | (27.2)% | (26.9)% | (26.9)% | (25.9)% | (25.9)% | (25.4)% | (25.2)% | (24.9)% |
G&A expenses | (155) | (301) | (476) | (671) | (158) | (315) | (465) | (608) |
as a % of sales | (4.0)% | (3.7)% | (3.8)% | (3.8)% | (3.8)% | (3.6)% | (3.5)% | (3.3)% |
R&D expenses | (493) | (979) | (1,590) | (2,091) | (528) | (996) | (1,441) | (1,890) |
as a % of sales | (12.6)% | (12.1)% | (12.8)% | (11.7)% | (12.7)% | (11.5)% | (11.0)% | (10.4)% |
Income from operations | (181) | (170) | (1,700) | (1,529) | (583) | (362) | (139) | (115) |
as a % of sales | (4.6)% | (2.1)% | (13.7)% | (8.6)% | (14.0)% | (4.2)% | (1.1)% | (0.6)% |
Net income | (151) | (171) | (1,500) | (1,605) | (665) | (591) | (501) | (463) |
Income from continuing operations attributable to shareholders3) per common share in EUR - diluted | (0.17) | (0.19) | (1.64) | (1.76) | (0.72) | (0.64) | (0.54) | (0.50) |
Adjusted income from continuing operations attributable to shareholders3) per common share in EUR - diluted1) | 0.15 | 0.29 | 0.53 | 0.92 | 0.21 | 0.50 | 0.83 | 1.25 |
EBITA1) | (107) | (15) | (109) | 192 | (510) | (218) 4 ) | 77 | 183 |
as a % of sales | (2.7)% | (0.2)% | (0.9)% | 1.1% | (12.2)% | (2.5)% | 0.6% | 1.0% |
Adjusted EBITA1) | 243 | 459 | 667 | 1,318 | 358 4 ) | 811 4 ) | 1,268 | 1,921 |
as a % of sales | 6.2% | 5.7% | 5.4% | 7.4% | 8.6% | 9.4% | 9.7% | 10.6% |
Adjusted EBITDA1) | 488 | 948 | 1,414 | 2,305 | 575 | 1,256 | 1,949 | 2,845 |
as a % of sales | 12.5% 4 ) | 11.7% | 11.4% | 12.9% | 13.8% | 14.5% | 14.9% | 15.7% |
Number of common shares outstanding (after deduction of treasury shares) at the end of period (in thousands) | 869,298 | 885,316 | 885,348 | 881,481 | 881,539 | 920,085 | 915,987 | 906,403 |
Shareholders' equity per common share in EUR | 16.64 | 16.63 | 16.31 | 15.03 | 13.99 | 13.18 | 13.84 | 13.27 |
Net debt : group equity ratio1) | 28:72 | 31:69 | 34:66 | 35:65 | 36:64 | 37:63 | 36:64 | 33:67 |
Total employees at end of period | 78,548 | 78,831 | 79,097 | 77,233 | 73,712 | 71,519 | 70,741 | 69,656 |
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