Philips Files 6-K Report

TL;DR

Philips dropped a 6-K filing on 4/29, check it for Q1 2024 financials.

AI Summary

Koninklijke Philips NV filed a Form 6-K on April 29, 2024, to report its financial information. The filing is for the period ending March 31, 2024, and it is submitted as a report of a foreign issuer under the Securities Exchange Act of 1934. Philips is incorporated in The Netherlands and its principal executive offices are located in Amsterdam.

Why It Matters

This filing provides essential financial updates for Koninklijke Philips NV, allowing investors and stakeholders to monitor the company's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine financial filing (6-K) and does not contain new material events or significant financial changes.

Key Players & Entities

• Koninklijke Philips NV (company) — Registrant
• Royal Philips (company) — Registrant's English name
• The Netherlands (location) — Jurisdiction of incorporation
• Amsterdam (location) — Principal executive offices location
• April 29, 2024 (date) — Filing date
• March 31, 2024 (date) — Reporting period end date

FAQ

Filing Documents

• phg-20240331.htm (6-K) — 375KB
• visual0001.jpg (GRAPHIC) — 34KB
• visual0002.jpg (GRAPHIC) — 77KB
• 0000313216-24-000008.txt ( ) — 508KB

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 April 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’ First Quarter Results 2024”, dated April 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 April 2024. KONINKLIJKE PHILIPS N.V. /s/ M.J. van Ginneken (Chief Legal Officer) Quarterly report Q1 2024 Philips delivers first-quarter results in line with 2024 performance improvement plan; Resolves the Respironics personal injury and medical monitoring litigation in the US for USD 1.1 billion Amsterdam, April 29, 2024 First-quarter highlights Group sales amounted to EUR 4.1 billion, with comparable sales growth of 2.4%  Comparable order intake -3.8%, mainly due to China USD 1.1 billion Respironics litigation settlement reached in the US (provision recognized of EUR 982 million) Income from operations EUR -824 million, including above provision Adjusted EBITA margin of 9.4% of sales Free cash outflow of EUR 336 million EUR 540 million agreement reached with insurers for Respironics recall-related product liability claims   Roy Jakobs, CEO of Royal Philips: “We started the year in line with our plan, with order intake growth outside China turning positive and strong margin improvement. Supported by key innovation launches and strong focus on our execution priorities, we remain confident in our performance improvement plan for 2024. Patient safety and quality is our highest priority, and we have taken important steps in further resolving the consequences of the Respironics recall. The remediation of the sleep therapy devices for patients is almost complete, and the test results to date show the use of these devices is not expected to result in appreciable harm to health. We do regret the concern that patients may have experienced. The approved consent decree and economic loss settlement, and now the resolution of the personal injury and medical monitoring litigation in the US, are significant milestones and provide further clarity on the way forward for Philips.” Respironics litigation Philips and plaintiffs’ leadership have reached an agreement, following a mediation with Judge Diane M. Welsh,  to resolve the personal injury litigation and the medical monitoring class action to end the uncertainty associated with litigation in the US. Philips and Philips Respironics do not admit any fault or liability, or that any injuries were caused by Respironics’ devices.  The settlement addresses the claims filed in the US courts and potential claims submitted to the census registry. Under the settlement, Philips Respironics has agreed to pay a total of USD 1.1 billion. The related payments are expected in 2025 and will be funded from Philips’ cash flow generation. As a consequence, a EUR 982 million * ) provision was recognized in Q1 2024.  In April 2024, Philips Respironics signed a consent decree, which was court-approved, and obtained the final court approval for the previously announced economic loss settlement in the US, for which a provision was recognized in Q1 2023.  Philips also concluded an agreement with insurers to pay Philips EUR 540 million to cover Respironics recall-related product liability claims. This income is expected to be recognized in Q2 2024 and payment is expected during 2024.  Following the remediation of the sleep therapy devi

View Full Filing

View this 6-K filing on SEC EDGAR