Philips Files Q4 2023 Results via 6-K
Ticker: RYLPF · Form: 6-K · Filed: Jan 29, 2024 · CIK: 313216
Complexity: simple
Sentiment: neutral
Topics: earnings, quarterly-results, foreign-issuer
TL;DR
**Philips just dropped its Q4 2023 earnings, giving us a fresh look at their financial health.**
AI Summary
Koninklijke Philips N.V. (Royal Philips) filed a 6-K on January 29, 2024, to report its Fourth Quarter Results for 2023. This filing indicates that Philips is providing updated financial performance information to the SEC, specifically detailing its Q4 2023 earnings. For investors, this matters because it offers a crucial, recent snapshot of the company's financial health and operational performance, which can influence stock valuation and future investment decisions.
Why It Matters
This filing provides investors with the latest financial performance data for Royal Philips, directly impacting their understanding of the company's profitability and growth prospects.
Risk Assessment
Risk Level: low — This 6-K is a routine filing for reporting quarterly results and does not inherently introduce new risks, but rather provides information to assess existing business risks.
Analyst Insight
Investors should review the full 'Philips’ Fourth Quarter Results 2023' report, which this 6-K comprises, to understand the detailed financial performance and outlook before making any investment decisions.
Key Players & Entities
- KONINKLIJKE PHILIPS N.V. (company) — the registrant filing the 6-K
- Royal Philips (company) — English translation of the registrant's name
- M.J. van Ginneken (person) — authorized to receive notices and communications from the SEC
- January 29, 2024 (date) — date of the 6-K filing and the 'Philips’ Fourth Quarter Results 2023' report
FAQ
What is the primary purpose of this 6-K filing by Koninklijke Philips N.V.?
The primary purpose of this 6-K filing, dated January 29, 2024, is to report 'Philips’ Fourth Quarter Results 2023' to the Securities and Exchange Commission, as explicitly stated in the report.
When was this 6-K report filed with the SEC?
This 6-K report was filed with the SEC on January 29, 2024, as indicated by the 'FILED AS OF DATE: 20240129' and the date on the report itself.
What is the address of Koninklijke Philips N.V.'s principal executive offices?
The address of Koninklijke Philips N.V.'s principal executive offices is Breitner Center, Amstelplein 2, 1096 BC Amsterdam, The Netherlands, according to the filing.
Who is authorized to receive notices and communications from the SEC on behalf of Koninklijke Philips N.V.?
M.J. van Ginneken, located at Amstelplein 2, 1096 BC Amsterdam – The Netherlands, is authorized to receive notices and communications from the Securities and Exchange Commission on behalf of Koninklijke Philips N.V.
Under which form does Koninklijke Philips N.V. typically file its annual reports?
Koninklijke Philips N.V. indicates by check mark that it files its annual reports under Form 20-F.
Filing Stats: 4,596 words · 18 min read · ~15 pages · Grade level 11 · Accepted 2024-01-29 06:17:33
Filing Documents
- phg-20231231.htm (6-K) — 915KB
- visual0001.jpg (GRAPHIC) — 34KB
- visual0002.jpg (GRAPHIC) — 77KB
- 0000313216-24-000001.txt ( ) — 1048KB
From the Filing
Philips - 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 January 29, 2024 KONINKLIJKE PHILIPS N.V. (Exact name of registrant as specified in its charter) Royal Philips (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 ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): ☐ 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. Yes ☐ No ☒ 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 Q4 2023 Philips delivers strong full-year results; agrees with FDA on terms of consent decree focused on Philips Respironics in the US Amsterdam, January 29, 2024 Delivers strong sales growth, improved profitability, and strong cash flow in 2023 through solid execution of first year of 2023-2025 plan Agrees with FDA on terms of consent decree focused on Philips Respironics in the US, providing clarity and a roadmap to demonstrate compliance and to restore the business Reiterates confidence in delivering the 2023-2025 plan; further performance improvement in 2024 FY and Q4 Group performance highlights Group sales amounted to EUR 18.2 billion in 2023; EUR 5.1 billion in Q4 Comparable sales growth of 7% in 2023; 3% in Q4, excluding provisions charged to sales, mainly connected with the Respironics consent decree* Comparable order intake was -5% in 2023; -3% in Q4; absolute order book remains strong Income from operations was EUR -115 million in 2023; EUR 24 million in Q4, including charges of EUR 363 million connected with the Respironics consent decree Adjusted EBITA margin increased to 10.5% of sales in 2023; 12.5% in Q4, excluding provisions charged to sales, mainly connected with the Respironics consent decree* Free cash flow increased to EUR 1,582 million in 2023; increased to EUR 1,128 million in Q4 Restructuring and productivity plan on track, with savings of EUR 956 million in 2023; EUR 271 million in Q4 Proposed dividend maintained at EUR 0.85 per share, to be distributed in shares Philips expects to deliver 3-5% comparable sales growth and Adjusted EBITA margin of 11-11.5% in 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 sales 1 ) 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% 1 ) Excluding provisions charged to sales of EUR 174 million in Q4 2023 mainly in connection with the Respironics consent decree. Roy Jakobs, CEO of Royal Philips: “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 mo