Koninklijke Philips NV (PHG) 2014 Q4 法說會逐字稿

Good morning or good afternoon, everyone, should I say. Thank you for joining us this morning for this briefing to discuss our fourth quarter and full year results. As you can see, I'm here with our Chief Executive Officer, Frans van Houten, and Chief Financial Officer Ron Wirahadiraksa. After some introductory remarks from Frans, we'll open the floor to questions. And with that I'll hand over to Frans.

我應該說大家早安還是下午好？感謝您今天早上參加我們的簡報會，討論我們的第四季和全年業績。如你所見，我與我們的執行長 Frans van Houten 和財務長 Ron Wirahadiraksa 一起來到這裡。在弗蘭斯做了一些介紹性發言後，我們將開始提問。接下來我將把任務交給弗蘭斯。

Yes, thank you, [Red]. Welcome, everybody. I'd like to spend some time on the following topics. Performance in the fourth quarter, 2014, overall, of course, the outlook needs to be discussed. We'd like to talk about the progress on accelerated program that works and that we are proud of. And, of course, then the future of Philips as we create two companies in HealthTech and Lighting solutions.

是的，謝謝你，[紅]。歡迎大家。我想花一些時間討論以下主題。 2014年第四季的業績整體來說，當然前景還需要討論。我們想談談我們引以為傲的加速計畫所取得的進展。當然，還有飛利浦的未來，我們將在健康科技和照明解決方案領域創建兩家公司。

Let's first start by talking about the fourth quarter. Underscore that the year was a challenging year for Philips. Our transformation efforts continue to show good results. The underlying improvements even as we addressed several performance issues, but also ongoing softness in markets like China and Russia, and stronger than anticipated foreign exchange impact, especially in emerging markets where the hygiene is not possible.

我們首先從第四季開始。強調今年對飛利浦來說是充滿挑戰的一年。我們的轉型努力不斷取得良好成效。儘管我們解決了幾個性能問題，但仍存在根本性的改善，但中國和俄羅斯等市場的持續疲軟，以及比預期更強的外匯影響，尤其是在不可能衛生的新興市場。

But overall it goes without saying that we are not satisfied with our results in 2014, and we have been taking clear actions to improve our performance in 2015 and beyond.

但總體而言，不言而喻的是，我們對 2014 年的業績並不滿意，我們一直在採取明確的行動來改善 2015 年及以後的業績。

Now let's look at the results in a little bit more detail. Overall group sales declined with two percent on a comparable basis. But we posted solid growth in, among others, Latin America, Middle East, Turkey, while China, in fact, caused a double digit decline.

現在讓我們更詳細地看看結果。集團整體銷售額較去年同期下降了百分之二。但我們在拉丁美洲、中東、土耳其等地區實現了穩健成長，而中國實際上造成了兩位數的下降。

Western Europe and North America were stable. Operational result, which we call adjusted EBITDA, which is a representation of the underlying performance of our business actually amounted to EUR743 million, or 11.4 percent of sales. And net income was EUR130 million, which is a decline from a year earlier. And that was mainly caused by lower operational results, higher restructuring, and incidental items.

西歐和北美穩定。我們稱之為調整後 EBITDA 的營運業績，它代表了我們業務的基本業績，實際上達到了 7.43 億歐元，佔銷售額的 11.4%。淨利為1.3億歐元，較上年同期下降。這主要是由於經營業績下降、重組增加和附帶項目所造成的。

If we zoom in on the performance of each business, then in healthcare we can observe that we were down overall, very much driven also by soft end markets and, of course, the impact from the Cleveland Remediation program. We are encouraged by market shared gains in, among others, image guided therapy that we run here out of [Destin] in the south of the Netherlands. And our strategic focus on large-scale and multi-year partnerships that continue to gain traction, and you know that that is very important for us for the future.

如果我們放大每項業務的業績，那麼在醫療保健領域，我們可以觀察到整體下滑，這在很大程度上是受到軟終端市場的推動，當然還有克利夫蘭補救計劃的影響。我們對我們在荷蘭南部[德斯汀]所進行的影像導引治療等領域的市場共享效益感到鼓舞。我們的策略重點是大規模和多年的合作夥伴關係，這些合作夥伴關係繼續受到關注，您知道這對我們的未來非常重要。

We recorded strong order intake in Europe and the Middle East, and that's good news, maybe also indicative that Europe picks up a bit, where we signed also four multi-year solution deals. Comparable sales declined three percent year-on-year. Currency comparable equipment order intake showed a mid-single digit decline. Growth geographies as a whole posted a mid-single digit increase, largely reflecting the impact of a double digit China decline. The adjusted EBITDA was 14.8.

我們在歐洲和中東的訂單量強勁，這是個好消息，也許也顯示歐洲有所回升，我們也簽署了四項多年解決方案協議。可比銷售額較去年同期下降 3%。貨幣可比設備訂單量出現中個位數下降。成長地區整體呈現中個位數成長，很大程度反映了中國兩位數下降的影響。調整後的 EBITDA 為 14.8。

Let's talk a bit more about Cleveland. I know that everybody has that topic high on the list. Let me start by acknowledging that we have underestimated how much time and effort it would take to solve this. It was a painful exercise, but I'm convinced that we will come out stronger, really now, this time, putting the fundamentals in place, and putting them right.

讓我們多談談克利夫蘭。我知道每個人都把這個話題放在第一位。首先我要承認，我們低估了解決這個問題所需的時間和精力。這是一次痛苦的練習，但我相信我們會變得更加強大，真的是現在，這一次，把基本原則落實到位，並把它們糾正過來。

The updated quality management system at our Cleveland facility passed the third-party audit, and we started to ship again first products. Due to slower than anticipated ramp-up of production and shipments, the impact on 2014 EBITDA was larger than originally anticipated.

我們克利夫蘭工廠更新的品質管理系統通過了第三方審核，我們再次開始運送首批產品。由於產量和出貨量的成長速度慢於預期，對 2014 年 EBITDA 的影響大於最初預期。

Passing that third-party audit is an important milestone, and we have resumed the shipment of these systems to customers. And now we can focus really building out capacity, ramping up further the production, gain back momentum as we have great innovations for our customers.

透過第三方審核是一個重要的里程碑，我們已經恢復向客戶運送這些系統。現在，我們可以真正集中精力建立產能，進一步提高產量，並隨著我們為客戶提供偉大的創新而重新獲得動力。

We are also ramping up production in our other facilities in Haifa, in Israel, and in [Sucho] in China, initially specifically for customers outside of the United States. Our remediation work will continue to weigh on 2015. It's a costly effort. We expect our global CT assisted production and shipment volume to only gradually return to 2013 levels by the end of this year.

我們也提高了以色列海法和中國[Sucho]其他工廠的產量，最初是專門為美國以外的客戶生產的。我們的修復工作將繼續影響 2015 年。這是一項代價高昂的工作。我們預計，到今年年底，我們的全球 CT 輔助生產和出貨量才會逐漸恢復到 2013 年的水準。

As a result, Cleveland will positively contribute to EBITDA from the middle of this year onwards, and overall will expect a full year improvement of the results of approximately EUR100 million versus 2014.

因此，克利夫蘭將從今年年中開始為 EBITDA 做出積極貢獻，預計全年業績將比 2014 年提高約 1 億歐元。

A few other highlights on healthcare. We signed, as I already flagged, several multi-year projects, and that's underlining the trend in the market. Hospitals that look for partnerships in order to drive better outcomes at lower cost in delivering care to more patients.

關於醫療保健的其他一些亮點。正如我已經指出的那樣，我們簽署了幾個多年期項目，這突顯了市場的趨勢。醫院尋求合作夥伴關係，以便以更低的成本獲得更好的結果，為更多患者提供護理。

For example, we signed a six year agreement comprising advanced imaging and monitoring equipment and services for multiple hospitals of the [Amaco] Group in the Kingdom of Saudi Arabia. In the U.S., we did something similar with the Mayo Clinic, a very famous hospital system, by closing a contract to deliver patient monitoring and software maintenance, and services across all the Mayo Clinics in North America.

例如，我們與沙烏地阿拉伯王國[Amaco]集團的多家醫院簽署了一份為期六年的協議，其中包括先進的成像和監測設備及服務。在美國，我們對梅奧診所（一個非常著名的醫院系統）做了類似的事情，簽訂了一份合同，為北美所有梅奧診所提供患者監測和軟體維護以及服務。

As you probably know and remember, we announced in December an exciting agreement to acquire Volcano, which will help us expand our leadership in what we call image-guided therapy markets, doing surgery without cutting, which is one of the most strategic and promising assets in our HealthTech portfolio.

您可能知道並記得，我們​​在12 月宣布了一項令人興奮的收購Volcano 的協議，這將幫助我們擴大在圖像引導治療市場的領導地位，無需切割即可進行手術，這是最具戰略意義和最有前途的資產之一在我們的健康科技產品組合中。

In the last years, Philips has created a leading image-guided therapy business already, through investments in R&D, partnerships, and technology. Volcano has a complementary product portfolio, a complementary sales force, and complementary R&D capabilities, and that will allow the combination to drive additional revenue, bring new products to the market, and so on. We look forward to closing this transaction in the fourth quarter of 2015.

在過去的幾年裡，飛利浦透過對研發、合作夥伴關係和技術的投資，已經創造了領先的影像導引治療業務。 Volcano 擁有互補的產品組合、互補的銷售團隊和互補的研發能力，這將使合併能夠帶來額外的收入，將新產品推向市場等等。我們期待在 2015 年第四季完成此項交易。

Let's talk about consumer lifestyle now. Consumer lifestyle continued to perform very, very well. Continued, in fact, its three-year market outperformance trend. The health and wellness business there delivered double-digit growth. We saw overall strong growth in EBITDA. Comparable sales increased by six percent. Adjusted EBITDA margin improved by 260 basis points to 16 percent, driven by higher volumes and improved cost margins.

現在我們來談談消費者的生活方式。消費者生活方式繼續表現得非常非常好。事實上，其三年表現優於市場的趨勢仍在持續。那裡的健康和保健業務實現了兩位數的成長。我們看到 EBITDA 整體強勁成長。可比銷售額成長了百分之六。由於產量增加和成本利潤率提高，調整後 EBITDA 利潤率提高了 260 個基點，達到 16%。

Demand for our solutions remains strong and, in fact, we strengthened our leadership positions. In China, on what is the year's biggest day for online shopping, which is called Double Eleven, in fact, the 11th of November, Philips held leading market positions in their grooming, oral healthcare, and mother and child care categories. In fact, we grew 40 percent year-on-year on that date. Driven by very smart digital campaigns and partnership with the largest online sales platforms.

對我們解決方案的需求仍然強勁，事實上，我們鞏固了我們的領導地位。在中國，11 月 11 日是一年中網上購物最盛大的日子，即“雙十一”，飛利浦在美容、口腔保健和母嬰護理品類中佔據市場領先地位。事實上，我們在那一天同比增長了 40%。由非常聰明的數位行銷活動以及與最大的線上銷售平台的合作推動。

In oral healthcare, our electric toothbrush business is doing very well, and we continue to gain market share. That's important. Sony Care - Philips Sony Care products delivered record market share growth driven by advanced propositions endorsed by dental professionals, but also celebrities as well as our collaboration with key retailers.

在口腔保健領域，我們的電動牙刷業務表現非常好，市場份額不斷擴大。這很重要。索尼護理 - 飛利浦索尼護理產品在牙科專業人士和名人認可的先進主張以及我們與主要零售商的合作的推動下實現了創紀錄的市場份額增長。

Switching to Lighting, in Lighting our comparable sales declined three percent year-on-year. Performance was negatively impacted by China, and professional lighting solutions North America, and of course the conventional lighting, or the lamps, that declined significantly. The big positive is LED.

轉向照明，在照明方面，我們的可比銷售額同比下降了 3%。性能受到中國和北美專業照明解決方案的負面影響，當然還有傳統照明或燈具的顯著下降。最大的優點是LED。

You know, in LED we recorded again double-digit sales growth, and we expanded our margins in LED-based portfolio, especially in LED lamps despite strong price erosion. LED-based sales grew 20 percent, partially offsetting the 14 percent decline in conventional lighting. LED is now 37 percent of all lighting, and the adjusted EBITDA margin, which is a representation of the underlying operational performance, in fact, improved to nine percent.

您知道，在 LED 領域，我們再次實現了兩位數的銷售成長，並且我們擴大了基於 LED 的產品組合的利潤率，尤其是在 LED 燈方面，儘管價格受到嚴重侵蝕。基於 LED 的銷售額成長了 20%，部分抵消了傳統照明 14% 的下降。 LED 目前佔所有照明的 37%，調整後的 EBITDA 利潤率（代表基本營運績效）實際上已提高至 9%。

Let's briefly discuss the combined Lumileds automotive business. We get a lot of questions on that process. The numbers that you see here on the slide are in fact excluding Lumileds and automotive, as we have started to report that business in a different way.

讓我們簡要討論一下合併後的 Lumileds 汽車業務。我們在這個過程中收到了很多問題。您在幻燈片上看到的數字實際上不包括 Lumileds 和汽車行業，因為我們已經開始以不同的方式報告該業務。

We announced last year that we would move Lumileds and automotive into a standalone lighting components business and invite external investors to come in. I can confirm that we are in discussion with multiple external investors for the combined Lumileds and automotive business.

我們去年宣布，我們將把 Lumileds 和汽車業務合併為獨立的照明組件業務，並邀請外部投資者加入。我可以確認，我們正在與多個外部投資者就合併後的 Lumileds 和汽車業務進行討論。

And we expect to complete the transaction in the first half of 2015. As a result, we made these changes in how we report. Lumileds automotive are now reported as so-called discontinued operations, and we have restated Philips Lighting and group financial results as of the fourth quarter of 2014.

我們預計在 2015 年上半年完成交易。因此，我們對報告方式進行了這些更改。 Lumileds 汽車現已被報告為所謂的停產業務，我們重申了飛利浦照明和集團截至 2014 年第四季度的財務業績。

Moving to the business highlights of Lighting, we are particularly proud of a contract that we made with the City of Madrid, where we will upgrade 220,000 street lights with energy-efficient LED lighting. I dare say it's the largest contract in the world for a city street lighting upgrades, and it will deliver 44 percent energy savings to them. And it will be paid for out of the savings of energy that they realize.

說到照明業務亮點，我們對與馬德里市簽訂的合約感到特別自豪，我們將用節能 LED 照明昇級 220,000 盞路燈。我敢說這是世界上最大的城市街道照明昇級合同，它將為他們節省 44% 的能源。他們將從節省的能源中支付費用。

On a different topic, in the professional market we have launched the slim service LED down-lights, which is the thinnest luminaire in the world, in the market. You can imagine that is good when you construct ceilings.

另一方面，在專業市場上，我們推出了超薄服務型LED筒燈，這是市場上世界上最薄的燈具。您可以想像，當您建造天花板時，這很好。

With that, let me now switch to the 2015 outlook. All right? I've already mentioned that 2014 was a set-back in performance, but we have taken a lot of actions to drive a stronger operational performance across our businesses in 2015 and beyond.

現在讓我談談 2015 年的展望。好的？我已經提到，2014 年是業績倒退的一年，但我們採取了許多行動，在 2015 年及以後推動我們的業務實現更強勁的營運表現。

We remain cautious regarding the macro-economic outlook and the volatility of some of our end markets. I was in Davos last week, and it was, of course, a topic high on the agenda from everybody that was there. We also anticipate further incidental costs in 2015 and '16, related, among others, to restructuring and the separation of Philips into two companies.

我們對宏觀經濟前景和部分終端市場的波動保持謹慎態度。上週我在達沃斯，當然，這是在場所有人議程上的熱門話題。我們也預計 2015 年和 16 年將出現進一步的附帶成本，其中包括與飛利浦重組和分拆為兩家公司相關的成本。

Taking all these factors combined, we felt it was prudent to signal to the market that we are tracking one percentage point behind on our original path to achieving our 2016 targets. We are convinced that it does not change the longer term outlook of our performance potential. We are convinced that both HealthTech and Lighting are very effective markets and that we have a strong competitive position, but it will take us a bit longer to get there.

綜合考慮所有這些因素，我們認為向市場發出信號表明我們在實現 2016 年目標的原始路徑上落後了一個百分點，這是謹慎的做法。我們相信，這不會改變我們業績潛力的長期前景。我們堅信，健康科技和照明都是非常有效的市場，我們擁有強大的競爭地位，但我們需要更長的時間才能實現這一目標。

Later this year as we will make progress on the separation, as well as the allocation of the IG&S part of Philips to HealthTech and Lighting Solutions, we intend to update the market about the integral performance targets for each of the two new separate operating companies.

今年晚些時候，由於我們將在分離方面取得進展，以及將飛利浦的 IG&S 部分分配給健康科技和照明解決方案，我們打算向市場更新這兩家新的獨立營運公司的整體業績目標。

The word on Accelerate! You know that Accelerate! has been helping us to drive improvements across the organization for the last three years, resulting in better customer centricity, service levels, faster time to market, and better cost productivity. It is helping us address under-performance, under-performance that has been embedded in Philips for too long, adopting operational excellence, and adopting the Philips business system, which is a standardized way of working.

加速這個詞！你知道加速！過去三年來，我們一直在幫助我們推動整個組織的改進，從而實現更好的以客戶為中心、服務水準、更快的上市時間和更好的成本生產力。它正在幫助我們解決飛利浦長期以來根深蒂固的業績不佳、業績不佳的問題，採用卓越運營，採用飛利浦業務系統，這是一種標準化的工作方式。

Secondly, we are building out businesses to attain global leadership positions, and we have adjusted our portfolio over the last years, reshifting, reallocating resources to where we see the best growth opportunities such as in HealthTech and in Lighting Solutions. We continue with our savings program that drives underlying performance improvements. We reduced our overheads last year by EUR284 million. We have cumulatively gross savings now of more than EUR1.3 billion.

其次，我們正在建立業務以獲得全球領導地位，並且我們在過去幾年中調整了我們的投資組合，重新調整，重新分配資源到我們看到最佳成長機會的領域，例如健康科技和照明解決方案。我們繼續實施節省計劃，以推動潛在的績效改善。去年我們減少了 2.84 億歐元的管理費用。目前，我們的累計儲蓄總額已超過 13 億歐元。

The Design for Excellence program that's related to the bill of material and procurement is very successful and generated an additional EUR123 million of savings in the fourth quarter, bringing the total year to EUR284 million. Moreover, then, our end-to-end approach drives productivity to the tune of EUR79 million. It is these three programs that really saved the day in the light of all the headwinds that we have had, of course.

與物料清單和採購相關的卓越設計計畫非常成功，第四季額外節省了 1.23 億歐元，使全年總成本達到 2.84 億歐元。此外，我們的端到端方法將生產力提高了 7,900 萬歐元。當然，鑑於我們遇到的所有不利因素，正是這三個計劃真正挽救了局面。

Finally, let me talk a bit about the big announcement that we made in September last year, the decision to create two separate companies, each positioned to capitalize on the highly attractive markets of HealthTech and Lighting Solutions. And we are confident - I am confident that we can create more value with focused agile organizations that will be borne out of, let's say, this separation process.

最後，讓我談談我們去年 9 月發布的一項重大公告，決定創建兩家獨立的公司，每家公司都定位於利用極具吸引力的健康科技和照明解決方案市場。我們有信心——我相信我們可以透過專注的敏捷組織創造更多價值，這將在這個分離過程中得到證實。

We recognize that these are big changes, but we believe it makes us relevant for the future, anticipating the evolving needs of our customers, the large, growing health market with an aging population, 79 billion people. You see that all governments in the world are keen to get better technology solutions, to drive productivity in healthcare. And the same in lighting, you know, focused on energy efficient lighting, but also what digital can do in lighting. It will create two fantastic opportunities for us.

我們認識到這些都是巨大的變化，但我們相信這使我們能夠適應未來，預測客戶不斷變化的需求、龐大且不斷增長的健康市場以及人口老化的 790 億人。您將會看到世界各國政府都渴望獲得更好的技術解決方案，以提高醫療保健的生產力。在照明領域也是如此，你知道，重點關注節能照明，但也關注數位化在照明領域的作用。這將為我們創造兩個絕佳的機會。

We are accelerating our transformation also from the point of view that in the past we were selling individual products, and in the future we are a solutions company. And as a solutions company, we can capture better the value from our customers. And we are changing from a transactional relationship to a long-term partnership. And I think that fits very well with where the world economy is going. The hospital systems are forced to become more productive and be partner with them, and the same on the energy efficiency side that, I think, plays very well in sustainable business models.

我們也在加速轉型，從過去我們是銷售單一產品，到未來我們是一家解決方案公司。作為一家解決方案公司，我們可以更好地從客戶那裡獲取價值。我們正在從交易關係轉變為長期合作關係。我認為這非常符合世界經濟的發展方向。醫院系統被迫提高生產力並與他們合作，在能源效率方面也是如此，我認為這在永續商業模式中發揮著非常好的作用。

In healthcare, we see large strengths such as the integrated demand for systems in healthcare, driven by pressures on healthcare systems due to the aging population and the increase in chronic disease. Tackling these challenges is a huge opportunity. We saw, just in the last week, Obama addressed the American population with a desire to make hospitals accountable for the outcome of patient care. And that plays right into our books, where we can actually extend the hospital reach into the home through Telehealth and home care.

在醫療保健領域，我們看到了巨大的優勢，例如由於人口老化和慢性病增加對醫療保健系統造成的壓力，對醫療保健系統的全面需求。應對這些挑戰是一個巨大的機會。我們看到，就在上週，歐巴馬向美國民眾發表講話，希望讓醫院對病患照護的結果負責。這也體現在我們的書中，我們實際上可以透過遠距醫療和家庭護理將醫院的服務範圍擴展到家庭。

We also talk about the personalized medicine and the consumerization of healthcare. And again, the combination of our consumer division with our healthcare division allows us to play along this whole continuum of care so that we can cover healthy living, prevention, diagnosis, treatment, and recovery in home care.

我們也討論了個人化醫療和醫療保健的消費化。再說一遍，我們的消費者部門與醫療保健部門的結合使我們能夠在整個護理過程中發揮作用，從而使我們能夠涵蓋家庭護理中的健康生活、預防、診斷、治療和康復。

This was very much also the talk of the town in Davos, with ministers of health and CEOs of large healthcare institutions, everybody being convinced that health starts with healthy food, healthy air, preventative care, personal hygiene. And then if you have something definitive diagnostics, minimally invasive surgery, and then back to home for recovery.

這也是達沃斯的熱門話題，各國衛生部長和大型醫療機構的執行長都相信，健康始於健康食品、健康空氣、預防性護理和個人衛生。然後，如果您有明確的診斷、微創手術，然後回家康復。

I repeat it because I feel very passionate about it, and we are on the right path with our strategy. It's a big market.

我重複一遍是因為我對此充滿熱情，而且我們的策略走在正確的道路上。這是一個很大的市場。

Now, in lighting, still a few more words about strategy there. Again, fundamental change taking place. The value is shifting from bulb goods, individual lamps and bulbs, towards integrated systems and services. In fact, Lighting's value will move beyond illumination.

現在，在照明方面，還有一些關於策略的內容。再一次，根本性的改變正在發生。價值正在從燈泡商品、單一燈泡和燈泡轉向整合系統和服務。事實上，照明的價值將超越照明。

LED introduced efficient light source, but digitization is actually moving the world to connected lighting. And with connected lighting, we will see all sorts of cloud services for install-base management, building - smart building management, smart home management, that will create unprecedented new opportunities to create added value.

LED 引入了高效光源，但數位化實際上正在推動世界走向互聯照明。透過互聯照明，我們將看到用於安裝基礎管理、建築-智慧建築管理、智慧家庭管理的各種雲端服務，這將創造前所未有的新機會來創造附加價值。

And I think that, in the end, will offset more the decline of the conventional lighting market. So we may go through a revolution for a few years, but the end state is actually a very attractive marketplace. I'm convinced that with the new set up and with Eric Rondolat and his team we will build a great business. The separation process of Philips into these two great companies will take us time, 12 to 18 months.

我認為，最終，這將更抵消傳統照明市場的下滑。所以我們可能會經歷幾年的革命，但最終狀態其實是一個非常有吸引力的市場。我堅信，透過新的組建以及 Eric Rondolat 和他的團隊，我們將打造一個偉大的企業。飛利浦分拆為這兩家偉大公司的過程將花費我們 12 到 18 個月的時間。

I'm aware, of course, about all the gossip and the rumors in the papers. To me, that underlines that there is excitement around the opportunity that these businesses have, but we should not get ahead of ourselves. First, we need to plan the separation well and only then, later this year, we can actually start considering, you know, what process we will engage in, and how we will give lighting access to the capital markets.

當然，我知道報紙上的所有八卦和謠言。對我來說，這強調了這些企業所擁有的機會令人興奮，但我們不應該超越自己。首先，我們需要好好規劃分離，只有到了今年晚些時候，我們才能真正開始考慮我們將採取什麼流程，以及我們將如何讓照明進入資本市場。

We also flag this morning that the separation is a complex process, and it will cost us quite a bit of money. And we estimate that to be between EUR300 and EUR400 million in 2015.

今天早上我們也指出，分離是一個複雜的過程，而且會花費我們相當多的錢。我們預計 2015 年這一數字將在 3 億至 4 億歐元之間。

In conclusion, and then we open up for Q&A, both Ron and myself will be happy to take any of your questions. The summary is, look, we are disappointed about 2014, but we have continued to make operational improvements and it gives us confidence towards the outlook of 2015 and beyond. We still have a lot of work on our plate. We will continue to make all the right moves to set ourselves up for the longer term future, to create these two great companies that, I think, we can then continue to be proud of going forward.

總而言之，然後我們開始問答，羅恩和我自己都會很樂意回答您的任何問題。總結是，看，我們對 2014 年感到失望，但我們繼續進行營運改進，這讓我們對 2015 年及以後的前景充滿信心。我們還有很多工作要做。我們將繼續採取一切正確的行動，為更長遠的未來做好準備，創建這兩家偉大的公司，我認為，我們可以繼續為未來感到自豪。

And with that, let's open up for questions. I'm sure there will be a lot in this audience.

接下來，讓我們提出問題。我相信這個觀眾中會有很多人。

Please state your name and who you work for. Thank you.

請註明您的姓名以及您為誰工作。謝謝。

[Juren Safen], Financial Daily in the Netherlands. I'm wondering, was it a good timing to announce the split in September, when you look at all the problems of Philips, and when you look at what happened in Cleveland, and what's going on now with lighting?

[Juren Safen]，荷蘭金融日報。我想知道，當你看看飛利浦的所有問題，當你看看克利夫蘭發生的事情，以及現在照明的情況時，宣布9月份的分裂是一個好時機嗎？

Yes. [Juren], we have been thinking about a separation for a while, being convinced about the opportunities of each area, but also knowing that giving capital market access for each activity can actually unlock higher growth. You can do that very secretly with 10 people, but then you don't move forward.

是的。 [舉人]，我們考慮分離已經有一段時間了，我們相信每個領域的機會，但也知道為每個活動提供資本市場准入實際上可以釋放更高的增長。你可以和 10 個人秘密地做這件事，但之後你就不會繼續前進。

So - and to move forward, you need to involve more people and if you involve more people, then it's no longer a secret. Right? So, at some point in time you need to come clean on where your strategy is, and share that with the market, share that with our employees, and share that with our customers.

因此，為了向前發展，你需要讓更多的人參與進來，如果你讓更多的人參與進來，那麼它就不再是秘密了。正確的？因此，在某個時間點，您需要明確自己的策略，並與市場分享，與我們的員工分享，並與我們的客戶分享。

By having done so, I think we are now in a very constructive process where we can prepare the next steps, and where there is indeed a lot of excitement about the opportunities. I fully realize that that adds more work on the plate of all of us, and that in a way, yes, makes life a little bit more challenging in the near term. But I still am convinced it's the right thing to do.

透過這樣做，我認為我們現在正處於一個非常有建設性的過程中，我們可以為下一步做好準備，而這些機會確實令人興奮。我完全意識到，這給我們所有人增加了更多的工作，並且在某種程度上，是的，讓短期內的生活變得更具挑戰性。但我仍然堅信這是正確的做法。

Despite that, we continue to talk about, for example, Cleveland, we have actually made a lot of progress, and we need to keep that in sight. You know, turning around a manufacturing site in the healthcare market takes time, and cannot be underestimated. I have looked at how competitors have done that in similar situations and, in fact, sometimes it took them up to two or three years.

儘管如此，我們仍然繼續談論，例如克利夫蘭，我們實際上已經取得了很多進展，我們需要時刻關注這一點。要知道，扭轉醫療保健市場生產基地的局面需要時間，而且不可小覷。我研究了競爭對手在類似情況下是如何做到這一點的，事實上，有時他們需要長達兩三年的時間。

So, I'm not just [defying] that one year is short. It is long, and it took us - it was a very painful process, but these things take time. We also had to involve hundreds of suppliers that were part of that ecosystem. So, I think we need to focus on the opportunity at hand, which is very large, and we will work through, let's say, the next 12 months with a lot of confidence that we can pull this off.

所以，我不只是[抗拒]一年的時間很短。這是很漫長的，我們花了很多時間——這是一個非常痛苦的過程，但這些事情需要時間。我們還必須讓該生態系統中的數百家供應商參與其中。因此，我認為我們需要專注於手頭上的機會，這是一個非常大的機會，我們將充滿信心地度過接下來的 12 個月，相信我們能夠實現這一目標。

When we look at [depictions] of Philips, only one is super fit for this. It's a consumer lifestyle. It's really doing well. When you look at Lighting and healthcare, they're still a work in progress. Especially I'm wondering about Lighting. There was a loss in the fourth quarter. Can you explain what happened and why you changed leadership in the United States, for Lighting?

當我們查看飛利浦的[描述]時，只有一個非常適合這一點。這是一種消費者的生活方式。確實做得很好。當您觀察照明和醫療保健時，您會發現它們仍在進行中。我特別想知道照明。第四季出現虧損。您能解釋一下發生了什麼以及為什麼您更換了美國照明公司的領導層嗎？

Yes. I'll ask Ron to talk a little about the financials.

是的。我會請羅恩談談財務方面的問題。

We changed leadership because we have not - we want to make more progress in North America. And in our business culture, we need to take accountability for progress and results, and in the case of PLS North America, that result was not yet there, and therefore we took action.

我們更換了領導層，因為我們沒有——我們希望在北美取得更多進展。在我們的商業文化中，我們需要對進展和結果負責，就 PLS North America 而言，結果尚未實現，因此我們採取了行動。

We also believe that Amy Huntington, who was leading our global PLS business, is the right person to lead the North American business.

我們也相信，領導我們全球 PLS 業務的 Amy Huntington 是領導北美業務的合適人選。

Ron, can you maybe talk a bit about Q4?

Ron，可以談談 Q4 嗎？

Yes. It was a loss, but it you dissect it a bit, it's also in line with the [bridge] that we give. You can see it operationally. Lighting has improved its results, so the operational parts - so, if you look at why is the loss, it's mainly because we're pulling up restructuring and right-sizing the business, if you will, particularly in conventional lighting.

是的。這是一種損失，但如果你仔細分析一下，它也符合我們給出的[橋樑]。操作起來就可以看到。照明領域的表現有所改善，營運部門也同樣如此——所以，如果你看看虧損的原因，你會發現這主要是因為我們正在加快重組和調整業務規模，如果你願意的話，尤其是在傳統照明領域。

And I would say that it's more an attestation of proactiveness of management, so management being ready to do that, having a very clear and articulated plan in line with the conventional wind-down. So what you can see in Lighting is clear operational improvement, but incidentals.

我想說，這更證明了管理層的主動性，因此管理層已準備好這樣做，並製定了與傳統的逐步結束一致的非常清晰且明確的計劃。因此，您可以在照明中看到明顯的營運改進，但也有一些附帶的問題。

Now, there, of course - so, this industry is changing, as Frans also has said. We're going more downstream. The LED parts, as he also said on the call, needs to grow further. There is still price erosion, so that means that this organization still needs to become leaner and meaner, if you will. And that is another task that management is working on very strongly.

現在，當然，正如弗蘭斯所說，這個行業正在改變。我們要去更下游的地方。正如他在電話會議上所說，LED 部件需要進一步成長。價格侵蝕仍然存在，所以這意味著如果你願意的話，這個組織仍然需要變得更精簡、更精簡。這是管理階層正在大力進行的另一項任務。

The - the restructuring in Lighting is an inevitability, right? And we should not see that as certain surprise. We know that the conventional lighting factories will have to scale down, as conventional lighting disappears. The LED piece will grow. The supply chain of LED is different than the supply chain of conventional lamps.

- 照明領域的重組是必然的，對嗎？我們不應該認為這是必然的意外。我們知道，隨著傳統照明的消失，傳統照明工廠將不得不縮小規模。 LED 片將會生長。 LED的供應鏈與傳統燈具的供應鏈不同。

The fact that we take action on the conventional factories, yes, that's tough, but totally to be anticipated. And I think if you dissect the business results, the fact that our LED business is growing fast, that our market shares in LED are strong, that our margins in LED are improving, because a lot of people had to worry, you know, can LED be as profitable as conventional lighting. And we are making progress every quarter on that, right?

事實上，我們對傳統工廠採取行動，是的，這很困難，但完全可以預料到。我認為，如果你剖析業務成果，我們的 LED 業務正在快速成長，我們在 LED 領域的市場份額很強大，我們在 LED 領域的利潤率正在提高，因為很多人必須擔心，你知道，可以LED 與傳統照明一樣有利可圖。我們每季都在這方面取得進展，對嗎？

So these are all good indicators that we - this time around, move from analog to digital in a way that is allowing us to be successful, right? And several of you in the room have written about the analog to digital switch of other businesses in the past, and we are determined that this time we are successful, right? And that goes hand in hand, being very proactive about taking the measures that we need to take.

因此，這些都是很好的指標，表明我們這次從類比轉向數字，從而使我們能夠取得成功，對嗎？而且在座的幾位過去也寫過其他業務的類比數位轉換，我們確信這次我們會成功，對嗎？這是齊頭並進的，非常積極主動地採取我們需要採取的措施。

We are ahead of our competitor in Germany when it comes to dealing with the conventional business, right? Now, it weighs in our results, and then everybody, of course, says, well, the results - all this restructuring is bad. You can turn it around. Restructuring is necessary to make sure that Philips Lighting has a great future. And we are taking responsible actions to do that.

在處理傳統業務方面，我們領先德國的競爭對手，對吧？現在，它影響了我們的結果，然後每個人當然都會說，好吧，結果 - 所有這些重組都是糟糕的。你可以扭轉局面。為了確保飛利浦照明擁有美好的未來，重組是必要的。我們正在採取負責任的行動來做到這一點。

Good morning. [Walter Van North], [NRC]. I have two questions, actually. One is concerning the trouble in Cleveland, which are no secret, but recently also other FDA reports surfaced that make you wonder if all the problems in the U.S. are now solved definitely. That's my first question.

早安. [沃爾特·範·諾斯]，[NRC]。實際上我有兩個問題。其中之一是關於克利夫蘭的問題，這已經不是什麼秘密了，但最近FDA的其他報告也浮出水面，讓你懷疑美國的所有問題現在是否都已經解決。這是我的第一個問題。

And the second one is about the HealthTech market, which is rapidly changing, also no secret. But there is also a bunch of money coming in from the sale of Lighting. So that leads to the question, are you planning any acquisitions in the HealthTech space? And if yes, in what direction?

第二個是關於健康科技市場，這個市場正在快速變化，這不是秘密。但銷售照明也能帶來一大筆錢。那麼這就引出了一個問題，您是否計劃在健康科技領域進行任何收購？如果是，朝什麼方向？

In healthcare, we have multiple factories, right? And we have reviewed all these factories and looked for issues to address. And we have certainly found some issues in some of these factories. And I think some of the reports were also, you know, lifted and talked about.

在醫療保健領域，我們有多家工廠，對吧？我們審查了所有這些工廠並尋找需要解決的問題。我們確實在其中一些工廠中發現了一些問題。我認為有些報告也被提起和討論。

We have taken a very proactive approach to fixing all these issues. We know that we still have work to do, so if you use the word definitive and final, no. We know we still have more work to do and we are working on it. We have brought in quite a number of new people, also, coming out of, for example, the automotive industry, to bring that rigor and quality mentality that I feel Philips needed to step up more.

我們採取了非常積極主動的方法來解決所有這些問題。我們知道我們還有工作要做，所以如果你使用「最終」和「最終」這個詞，那就不行。我們知道我們還有更多工作要做，我們正在努力。我們也引進了相當多來自汽車產業的新人，以帶來我認為飛利浦需要進一步加強的嚴謹和品質心態。

And we are making progress in all these locations, to be, first of all, fully compliant with the FDA regulations, and secondly, delivering top quality to our customers. The fact that we paused the manufacturing is a courageous step of saying, "No, we don't want to continue to operate a factory if we do not comply to the FDA regulations." So it is a sign of management being responsive and proactive about.

我們正在所有這些地點取得進展，首先是完全符合 FDA 法規，其次是為我們的客戶提供最高的品質。我們暫停生產的事實是勇敢的一步，我們說：“不，如果我們不遵守 FDA 的規定，我們就不想繼續經營工廠。”因此，這是管理層積極響應和積極主動的標誌。

Typically, to really get to world class it takes several years. I said that when I became the CEO of Philips in 2011. The Accelerate! program is very much focused on driving operational excellence. The Philips business system is very much focused on a repetitive and standardized way of working, where there are no surprises. This is something that we knew we had to upgrade.

通常，要真正達到世界一流水準需要幾年的時間。我在 2011 年成為飛利浦執行長時說過。加速！該計劃非常注重推動卓越營運。飛利浦的業務系統非常注重重複性和標準化的工作方式，沒有任何意外。這是我們知道必須升級的東西。

And I've also said it's a marathon and not a sprint. I therefore do not expect that it is done and fixed in half a year. Now, it takes us time, and that's disappointing, but it is realistic.

我也說過這是一場馬拉鬆而不是短跑。因此，我並不期望它能在半年內完成並修復。現在，這需要我們時間，這令人失望，但這是現實的。

Do you expect further fallout with your customers in the States? Or in the healthcare market because of these problems?

您預計美國客戶會受到進一步影響嗎？還是因為這些問題進入醫療保健市場？

it's a mixed picture, [Walter]. I mean, we reported mid-single digit order intake, for example, in Europe, positive order intake. Part of that order are also in the imaging business. Right? So we are winning new customers already in imaging, and that's good news.

這是一幅複雜的畫面，[沃爾特]。我的意思是，我們報告了中等個位數的訂單量，例如在歐洲，訂單量為正。該訂單的一部分也涉及成像業務。正確的？因此，我們已經在成像領域贏得了新客戶，這是個好消息。

But if you are a customer who had expected a delivery mid-last year and it didn't come, then I think that customer will remember that for a while, and we need to repair that confidence. Now, there are tens of thousands of hospitals in the world, and they did not all, let's say, experience that. So, we need to work on rebuilding confidence in our CT business and I've said it will take us at least all of 2015 to do that, and with only a gradual ramp-up.

但如果你是一位客戶，預計在去年年中交貨，但最終沒有交貨，那麼我認為客戶會記住這一點一段時間，我們需要修復這種信心。現在，世界上有數以萬計的醫院，但並不是所有醫院都經歷過這種情況。因此，我們需要努力重建對 CT 業務的信心，我說過，我們至少需要 2015 年的時間才能做到這一點，而且只是逐步增加。

If I may go to your second question, [Walter], in 2014 we did two acquisitions, right, and then a small technology one. We talked about the Volcano acquisition which strengthens our image guided therapy business, and we created the joint venture with GLC in Lighting in Saudi Arabia to strengthen our Middle East business.

請容許我回答你的第二個問題，[Walter]，2014 年我們進行了兩次收購，對吧，然後是一次小型技術收購。我們談到收購 Volcano 可以加強我們的影像導引治療業務，並且我們與 GLC 在沙烏地阿拉伯的照明領域建立了合資企業，以加強我們的中東業務。

It underlines our commitment to both parts of Philips. We see opportunities to build out both Lighting Solutions as well as HealthTech. And the whole rationale of creating access to capital markets is also to create the opportunity and the agility for each business to further expand. The HealthTech market, by a conservative estimate, is EUR100 billion. At Davos I heard people talk about a EUR200 billion market. That depends a little bit on how you define it, but it's a huge opportunity. And in that market Philips is EUR15 billion, right, so there will be plenty of room to grow.

它強調了我們對飛利浦兩個部門的承諾。我們看到了建立照明解決方案和健康科技的機會。創造資本市場准入的全部理由也是為了為每個企業進一步擴張創造機會和靈活性。保守估計，健康科技市場規模為 1,000 億歐元。在達沃斯，我聽到人們談論 2000 億歐元的市場。這在一定程度上取決於你如何定義它，但這是一個巨大的機會。在這個市場上，飛利浦的營收為 150 億歐元，對吧，所以會有很大的成長空間。

In the Lighting Solutions marketplace today is EUR60 billion. It's estimated to grow to EUR80 billion by 2018. And Philips Lighting, excluding Lumileds and automotive, is around EUR7 billion and a bit, right? Which means 12 percent market share, and we are number one. It also represents a fragmented market where you can actually go and find opportunities to expand.

目前照明解決方案市場規模達 600 億歐元。預計到 2018 年將成長到 800 億歐元。而飛利浦照明（不包括 Lumileds 和汽車）的銷售額約為 70 億歐元，對嗎？這意味著 12% 的市場份額，我們是第一名。它也代表了一個分散的市場，您可以實際去尋找擴展的機會。

So in both markets, I think we should consider opportunities for growth, organically as well as non-organically. And sometimes an acquisition is the right move, and sometimes organic growth is the right move, right?

因此，在這兩個市場中，我認為我們應該考慮有機和非有機成長的機會。有時收購是正確的舉措，有時有機成長是正確的舉措，對吧？

And in what direction would acquisitions be a better move?

朝什麼方向進行收購會是更好的舉措？

I think we should take that a step at a time. I mean, we first now need to digest the Volcano acquisition, and then, as already was argued before, we have quite a bit on our plate, so I would like to leave it at that.

我認為我們應該一步一步地採取行動。我的意思是，我們現在首先需要消化 Volcano 的收購，然後，正如之前所討論的，我們還有很多工作要做，所以我想就此結束。

So we cannot expect a shopping spree yet.

所以我們還不能期待一場瘋狂購物。

[Just leave a] spree.

[就留下一個]狂歡吧。

OK.

好的。

Good morning. This is [Bjorg Lesiko]. I had a few questions, actually. I have the feeling that you are not confident about your orders in the U.S. for this year, and these are going to be flat. Is it so?

早安.這是[比約格·萊斯科]。實際上我有幾個問題。我感覺你們對今年美國的訂單沒有信心，而且這些訂單將會持平。是這樣嗎？

And I was wondering as well what is your strategy in the consumer lifestyle, because you've been talking about [the andere] poles of activities, but nothing about this one. And you said as well that the new company will be created, it will not be in the 12th or 18th month now, but it's the 8 or 14, because you said that four months ago. And I was wondering whether all options are still open, or whether you've restricted the options.

我也想知道您在消費者生活方式方面的策略是什麼，因為您一直在談論活動的[andere]兩極，但對這一點卻隻字未提。你還說新公司會成立，現在不會是在第12個月或第18個月，而是在第8個月或第14個月，因為你在四個月前就說過了。我想知道是否所有選項仍然開放，或者您是否已經限制了選項。

Let's say confidence about North America, last year, 2014, we had negative orders in North America. And we don't plan to repeat that. So in fact it's a statement of confidence. So I hop you will see that from negative double digits to positive is actually a great way forward.

比如說對北美的信心，去年，2014年，我們在北美的訂單是負的。我們不打算重複這一點。所以實際上這是一種信心的聲明。所以我希望你會看到從負兩位數到正數實際上是一個很好的前進方向。

The second one. Do you want to take it?

第二個。你想拿走嗎？

Yes. So, indeed, we said 12 to 18 months, so technically you're right. It's 8 to 14 if you look on the meter.

是的。所以，事實上，我們說的是 12 到 18 個月，所以從技術上來說你是對的。看表的話是8點到14點。

I think the important thing to know, though, is that these things take time. So we are in a deep process of preparing for this entanglement. And as we said, we expect this to last. And you're right, in September we said 18 months. So throughout 2015. So it will take us, you know, the brunt of this year.

不過，我認為重要的是要知道這些事情需要時間。所以我們正在為這種糾纏做深入的準備。正如我們所說，我們預計這種情況會持續下去。你是對的，9 月我們說過 18 個月。整個 2015 年都是如此。所以，你知道，今年我們將首當其衝。

Bear in mind that a large concern by Philips, which has been --

請記住，飛利浦非常關心的是—

So all options are still open.

所以所有的選擇仍然是開放的。

All options are still open. Yes. And what we said was, capital markets [areas], capital market access, you know, it could be an IPO, but we've left all options on the table, and because we don't know. And for IPOs, there has to be a market. The company has to be ready, et cetera.

所有選項仍然開放。是的。我們所說的是，資本市場[領域]、資本市場准入，你知道，這可能是首次公開募股，但我們把所有選擇都放在桌面上，因為我們不知道。對IPO來說，必須有市場。公司必須做好準備等等。

I think the thing to focus on right now is to make sure that when the time comes to take that position, that the company actually is ready to do so. And as I tried to elaborate a bit in my - the first part of my answer is, this is very laborious work, because we have to disentangle, if you will, the company.

我認為現在要關注的事情是確保當需要擔任該職位時，公司實際上已經準備好這樣做。正如我試圖在我的答案中詳細闡述的那樣，我的答案的第一部分是，這是一項非常費力的工作，因為如果你願意的話，我們必須解散公司。

I'd also like to stress that I read that many times, you know. This is a carve-out of Lighting. That is not so, as Frans has clearly said. And we have said it is a separation of the company in two. Both have to be fit for purpose. And we're doing that because of end markets development. I just wanted to emphasize that.

我還想強調，我讀過很多次，你知道。這是照明領域的突破。正如弗蘭斯明確指出的那樣，事實並非如此。我們已經說過，這是將公司一分為二。兩者都必須適合目的。我們這樣做是因為終端市場的發展。我只是想強調這一點。

So it will take, you know, an extra effort because otherwise, you take Lighting, you bolt on a few things, and there it goes. That's not the way we're doing this. They both have to be fit for purpose.

所以，你知道，這需要額外的努力，因為否則，你需要照明，你用螺栓固定一些東西，然後就可以了。我們不是這樣做的。它們都必須適合目的。

Then, of course, Consumer Lifestyle. You know, the pride of the company. We are very happy with Consumer Lifestyle, as both - I talked about it in my little speech. Consumer Lifestyle, six percent growth, very good in a tough world. You can imagine that our Consumer Lifestyle business in Russia declined, yet overall globally we grew by six percent.

然後，當然是優質生活。你知道，這是公司的驕傲。我們對優質生活非常滿意，因為我在簡短的演講中談到了這一點。優質生活 (優質生活) 成長 6%，在艱難的世界中表現非常好。您可以想像，我們在俄羅斯的優質生活業務業務有所下降，但在全球範圍內，我們整體成長了 6%。

In North America, we saw strong growth in oral care. In China we did well. In Europe we did well. I talked about, that it is in fact a recipe instigated by Accelerate!, you know. Global platforms but locally relevant implementation. We talked about the soy milk maker in China, the soup maker in France last year. Now we have a bean curd maker in Brazil, so we get to all these variants.

在北美，我們看到口腔護理領域的強勁成長。在中國我們做得很好。在歐洲我們做得很好。我說過，這實際上是 Accelerate! 發起的一個食譜，你知道。全球平台但本地相關實施。去年我們談到了中國的豆漿機、法國的湯機。現在我們在巴西有一家豆腐製造商，所以我們可以接觸到所有這些變種。

The Airfryer, you know, which allows you to fry without fat, is now being sold in over 100 markets in the world. And it, by the way, also allowed us to re-enter the domestic appliances market in the United States, on the back of this strong proposition.

您知道，Airfryer 氣炸鍋可讓您在無油的情況下進行煎炸，現已在全球 100 多個市場銷售。順便說一句，在這個強有力的主張的支持下，這也讓我們重新進入了美國的家用電器市場。

Africa is starting to grow. That was a strategic effort that we started three years ago, where we said we need to get better on the ground. Also that is going well. It's a great business.

非洲正在開始成長。這是我們三年前開始的策略性努力，我們說我們需要在現場做得更好。這也進展順利。這是一項偉大的事業。

Now, where is Consumer Lifestyle going forward? For me, that's even more important. So, I've talked a bit about how health has to shift. Most economies are struggling with the cost of healthcare. And most healthcare systems are focused on acute care and in treating chronic disease.

現在，優質生活將走向何方？對我來說，這更重要。所以，我已經談論了一些關於健康必須如何改變的問題。大多數經濟體都在為醫療保健成本而苦苦掙扎。大多數醫療保健系統都專注於急性護理和慢性疾病的治療。

It's an unsustainable situation where, if nothing happens, if nothing changes, you get to, you know, high teens percentage of GDP - of your domestic product, and most economies can't afford that, right? The U.S. is, for a reason, intervening in their healthcare system.

這是一種不可持續的情況，如果什麼都沒有發生，如果什麼都沒有改變，你知道，你的國內生產總值佔國內生產總值的比例將達到十幾位，而大多數經濟體都無法承受，對嗎？美國幹預其醫療保健系統是有原因的。

So I refer to the Davos discussion. What most people are convinced about is that we need to go back to people, to consumers, and instigate healthy living. To instigate preventative medicine, preventative care. That's exactly where our Consumer Lifestyle division is going.

所以我參考了達沃斯的討論。大多數人都相信，我們需要回到人、回到消費者，倡議健康的生活。提倡預防醫學、預防保健。這正是我們優質生活部門的發展方向。

So we have asked Pieter Nota and his team to emphasize and prioritize growth in personal health. And we have even relabeled that sector of Philips into Personal Health. Healthy eating, healthy - clean air, personal hygiene, oral care.

因此，我們要求 Pieter Nota 和他的團隊強調並優先考慮個人健康的成長。我們甚至將飛利浦的該部門重新標記為個人健康。健康飲食、健康－清潔空氣、個人衛生、口腔護理。

And we have started a new business unit last year around Personal Health Solutions. This morning in the press release or, I think in the analysts' commentary, we talked about how we have now a personal health proposition to treat psoriasis. You know, the skin disease, as a way to alleviate that without negative effect. So Consumer Lifestyle is shifting towards Personal Health Solutions.

去年，我們圍繞著個人健康解決方案啟動了一個新的業務部門。今天早上，在新聞稿中，或者我認為在分析師的評論中，我們討論了我們現在如何制定治療牛皮癬的個人健康建議。你知道，皮膚病是緩解這種情況的一種方法，不會產生負面影響。因此，消費者生活方式正在轉向個人健康解決方案。

And as professional healthcare needs to be delivered outside of the hospital, into the home, Healthcare meets Consumer. And I think we are one of the few companies in the world that can do both. And I see a keen interest from hospital systems to actually engage in bringing healthcare home, and we are right there for them. So we are already having a big franchise in home care.

由於專業醫療保健需要在醫院以外的家庭中提供，醫療保健滿足了消費者的需求。我認為我們是世界上少數能夠同時做到這兩點的公司。我看到醫院系統對真正參與將醫療保健帶回家的濃厚興趣，我們就在他們身邊。因此，我們已經在家庭護理領域擁有了巨大的特許經營權。

Late last year we gave Pieter Nota, who is heading up our Consumer Lifestyle business, also the home care business that is based out of the United States, in order to, let's say, help consumerize that part of the business.

去年年底，我們把負責我們優質生活業務的彼得·諾塔（Pieter Nota）交給了他，他也是總部位於美國的家庭護理業務的負責人，以便幫助這部分業務實現消費化。

(inaudible - microphone inaccessible)

（聽不清楚 - 麥克風無法存取）

Well, I hope you sell many.

好吧，我希望你能賣很多。

(inaudible - microphone inaccessible)

（聽不清楚 - 麥克風無法存取）

No, it doesn't mean that. The strategy is a direction for the company. It doesn't mean that every last bit needs to be fall 100 percent under that banner.

不，不是這個意思。策略是公司的一個方向。這並不意味著最後一點都需要 100% 落在這個旗幟下。

(inaudible - microphone inaccessible)

（聽不清楚 - 麥克風無法存取）

The big pieces absolutely do, and I think we have painted a very compelling future for the Consumer Lifestyle business to let's - in this space of Personal Health.

大件絕對如此，我認為我們已經為優質生活業務描繪了一個非常引人注目的未來——在個人健康這個領域。

[Brock Meyer] from ANP. On the outlook for 2015, you state that you expect sales growth and EBITDA margin improvement. I was wondering, first of all, if that is sales growth on a comparable basis? Can we expect a growth on a comparable basis?

[布洛克·邁耶]來自 ANP。在展望 2015 年時，您表示預計銷售額將成長，EBITDA 利潤率將有所改善。首先，我想知道這是否是可比較基礎上的銷售額成長？我們可以預期可比較基礎上的成長嗎？

And then can you maybe elaborate on the products and the geographical markets where there are expectations? Will we see growth as well in Lighting as in healthcare? And seeing that you are predicting ongoing volatility in some of your end markets, can you elaborate which end markets you mean?

然後能否詳細說明您期望的產品和地理市場？我們會看到照明領域和醫療保健領域一樣成長嗎？鑑於您預測某些終端市場將持續波動，您能否詳細說明您指的是哪些終端市場？

OK. Want to take this one?

好的。想拿走這個嗎？

OK. You asked about 2015. We haven't given specific guidance. We gave, you know, an outlook on the [2016] targets. I'm sure we're going to talk about that, too.

好的。你問的是2015年的情況，我們沒有給予具體的指導。你知道，我們給了對 [2016] 目標的展望。我相信我們也會討論這個問題。

But for 2015, if you look at the number of key markets, for example, China, particularly for healthcare, but also a bit for Lighting, we don't believe that there will be, you know, a lapse back to large growth right now.

但對於 2015 年，如果你看看主要市場的數量，例如中國，特別是醫療保健市場，但也有一點照明市場，我們認為，你知道，不會出現大幅增長的情況。現在。

That is on the back of a number of initiatives that the government has taken, not in the least anti-corruption clamp-down, also favoring local brands, local innovation. And of course, you know, we are also in a situation with China and it is a very important [CT] market for us. We're recovering that.

這是政府採取的一系列措施的背後，不僅是反腐敗，而且還有利於本土品牌和本土創新。當然，你知道，我們也面臨中國的情況，它對我們來說是一個非常重要的[CT]市場。我們正在恢復它。

So we think the market will not grow as before. It will probably be very modest. We intend in China to outgrow the market, because we are recovering from Cleveland. That's the good news, I would say.

因此我們認為市場不會像以前那樣成長。它可能會非常溫和。我們打算在中國的成長超過市場，因為我們正在從克利夫蘭恢復過來。我想說，這是個好消息。

In North America, other things have gotten a bit more positive. And recently I believe President Obama also emphasized what Frans outlined before, about how hospitals will be responsible for outcomes, clinical and financial. That is very good news. We are very much geared to that. Nevertheless, if you look at new hospital construction in the U.S., then mid-single digits perhaps.

在北美，其他事情也變得更加積極。最近，我相信歐巴馬總統也強調了弗蘭斯之前概述的內容，即醫院將如何對結果、臨床和財務負責。這是一個非常好的消息。我們非常適合這一點。然而，如果你看看美國的新醫院建設情況，那麼可能會達到中個位數。

[If you look at] capital equipment spend, it's still modest, so it does - you know, again, articulate the fact that going forward offering the solutions in healthcare is what we should be doing, and [responsible for] outline to have obtained a number of large deals there.

[如果你看看]資本設備支出，它仍然是適度的，所以它確實 - 你知道，再次闡明這樣一個事實，即繼續提供醫療保健解決方案是我們應該做的，並且[負責]已獲得大綱那裡有許多大宗交易。

So the growth in healthcare will be modest in 2015, I believe. We believe. Also for Lighting, you have seen the numbers excluding the Lumileds and automotive, at three percent. Of course, in that number is Professional Lighting Systems North America, so that business group now in Lighting that we're turning around, has not met the mark yet. We're working that. That will grow.

因此，我相信 2015 年醫療保健的成長將是溫和的。我們相信。同樣對於照明，您已經看到了不包括 Lumileds 和汽車的數字，為 3%。當然，這個數字是北美專業照明系統公司，因此我們現在正在轉向的照明業務部門尚未達到目標。我們正在努力做到這一點。那將會增長。

Consumer luminaires is going a lot better in Europe, but in other regions it was less big. And of course, the LED will continue to grow. But overall we believe that in Lighting it will be across the globe not a lot of growth.

消費性燈具在歐洲的發展要好得多，但在其他地區則不然。當然，LED 將會繼續成長。但總體而言，我們相信照明領域在全球範圍內的成長不會很大。

By the way, sorry. I forgot to mention in healthcare that we have, for Europe, quite encouraging order intake. So probably Europe will edge a bit up. But I will not say here that now, you know, the European market is going to lift off. I simply believe that it is too early for that. There are other signs, you know, and initiatives that could help [benefit], of course.

順便說一句，抱歉。我忘了提及在醫療保健領域，我們在歐洲的訂單量非常令人鼓舞。因此，歐洲可能會小幅上漲。但我不會在這裡說，你知道，歐洲市場現在即將起飛。我只是認為現在還為時過早。當然，還有其他跡象和措施可以幫助[受益]。

Consumer Lifestyle, we intend to continue to grow. As we've said, structurally you think about this business as mid-to-high single digit. The high single digit was delivered. We can't always grow double digits on double digits. But that franchise is working very well, as it was also earlier teed up. It's sometimes a bit of an under-lit area, but it's really an attestation of how accelerated drives growth. Your high [flux] speed of new innovations.

優質生活，我們打算繼續成長。正如我們所說，從結構上講，您認為這項業務是中高個位數的業務。交付了高個位數。我們不可能總是以兩位數成長兩位數。但這支球隊運作得很好，因為它也很早就準備好了。有時這有點光線不足的區域，但這確實證明了加速如何推動成長。新創新的高[通量]速度。

And, may I add, to the product that Frans mentioned, I recommend for all of you the AirFloss which simply replaces flossing. It's clinically tested and the new one has three shots on one tooth. It's fantastic. Let me stop right here. So across the globe, that business is continuing to grow.

而且，我想補充一點，對於 Frans 提到的產品，我向大家推薦噴射潔牙器，它可以簡單地取代牙線。它已經過臨床測試，新的一顆牙齒可以打三針。這是夢幻般的。讓我就在這裡停下來。因此，在全球範圍內，該業務正在持續成長。

So what we've said for 2016 is that, you know, the comparable sales growth outlook - that is comparable sales, but I - all the information I just gave you is about three percent to four percent. So, we don't expect it very soon to lift off.

因此，我們對 2016 年所說的是，可比銷售成長前景 - 即可比銷售，但我 - 我剛剛向您提供的所有資訊約為 3% 到 4%。因此，我們預計它不會很快起飛。

Yes.

是的。

Is that a sufficient answer to your question?

這足以回答您的問題嗎？

[Al DeFonio] from Bloomberg. I was wondering. You said earlier that when it comes to the separation of Lighting, all options are open. Last week in the article "Light of Day", [ohm cape eon] [CVC] interest, there was also a suggestion made maybe that a combination of components and solutions would be - could work.

[阿爾·德福尼奧]來自彭博。我想知道。您之前說過，當涉及照明的分離時，所有的選擇都是開放的。上週，在[ohm Cape eon] [CVC]興趣的文章“Light of Day”中，也提出了一個建議，也許組件和解決方案的組合可能會起作用。

Would that be something that is one of those "all options are open", as well, because you clearly want to sell components right before you have a strategy for the solutions part [yes].

這是否也是“所有選項都是開放的”之一，因為您顯然希望在製定解決方案部分的策略之前銷售組件[是]。

So that is not on the table. Right? We have a clear strategic rationale to separately invite investors in Lumileds and automotive, and then separately bring Lighting Solutions to the market. There's also a big time gap between the two processes. Lumileds automotive is slated to complete in the first half of this year, whereas Lighting Solutions is expected, you know, with the 12 to 18 months, then with somewhere in the first half of 2016.

所以這不在討論範圍之內。正確的？我們有明確的策略理由，分別邀請 Lumileds 和汽車領域的投資者，然後將照明解決方案分別推向市場。這兩個過程之間也存在著很大的時間差距。 Lumileds 汽車專案預計將在今年上半年完成，而照明解決方案預計將在 12 至 18 個月內完成，然後在 2016 年上半年完成。

So there is no combination intended between these two processes. To me it doesn't make any strategic sense to see a future for the components business, which is a semiconductor business, in further enhancing scale around these components, whereas we see a future for Lighting Solutions in the broadening of the portfolio so that you can build better systems and solutions, and bettering controls and bettering services, adopting new business models such as lighting as a service.

因此，這兩個過程之間不存在任何組合。對我來說，看到組件業務（半導體業務）的未來進一步擴大這些組件的規模沒有任何戰略意義，而我們看到照明解決方案的未來是擴大產品組合，以便您可以建立更好的系統和解決方案，以及更好的控制和更好的服務，採用新的商業模式，例如照明即服務。

And that is a different game. It's a different competence. And Lighting already today is sourcing, Lighting Solutions is already today sourcing its components from multiple LED - packaged LED vendors, right?

那是一個不同的遊戲。這是一種不同的能力。照明今天已經開始採購，照明解決方案今天已經從多個 LED 封裝供應商那裡採購其組件，對吧？

So it can be an arm's length relationship. It will be a friendly relationship because, you know, the two parties are understanding each other very well, and have done a lot of collaboration on innovation. But down the road, in the future, there is no logic for a vertically integrated solution.

所以這可以是一種保持一定距離的關係。這將是一種友好的關係，因為雙方非常了解彼此，並且在創新方面進行了大量合作。但在未來，垂直整合的解決方案是不存在邏輯的。

In fact, if you take the perspective of our Lumileds business, right, already more of the output of Lumileds goes to third-party customers than to Philips Lighting. And I think that just underlines my point around where the industry is heading.

事實上，如果你從我們的 Lumileds 業務的角度來看，你會發現，Lumileds 的產出已經有更多的產品流向第三方客戶，而不是流向飛利浦照明。我認為這只是強調了我對產業發展方向的看法。

OK. Thanks. I have a second question, and that relates to what you said yourself already. You've got quite some things on your plate. You've got a sale or separation, and your performance needs to be increased. How are you convincing your shareholders that you're actually going to manage this in the next 12 - well, the next, what did we say? Eight to 14 months, that you were able to do all these things at the same time. How are you going to convince them, because I think this is a crucial year, if you're confident, right?

好的。謝謝。我有第二個問題，這與你自己所說的有關。你有很多事情要做。您被出售或離職，您的績效需要提高。你如何讓你的股東相信你實際上將在接下來的 12 年內解決這個問題 - 好吧，接下來，我們說什麼？八到 14 個月，你就能同時做這一切。如果你有信心的話，你將如何說服他們，因為我認為這是關鍵的一年，對吧？

Yes, yes. By the way, let's not start introducing new logic, right? Eight to 14 is yet another - I think it will be confusing, so we'll stick to the 12 to 18 months, if you don't mind.

是的是的。順便說一句，我們不要開始引入新的邏輯，對吧？ 8 到 14 個月是另一個 - 我認為這會令人困惑，所以如果您不介意的話，我們將堅持 12 到 18 個月。

It's a number of projects, right? And if an investor would ask me that question, I would say, "Look, we have delivered on television. We have delivered on audio-video. We have done this in the past with NXP in a successful way, so we know how to do this, all right?"

這是很多項目，對嗎？如果投資者問我這個問題，我會說，「看，我們已經在電視上實現了交付。我們已經在音頻視頻上實現了交付。過去我們與恩智浦成功地做到了這一點，所以我們知道如何這樣做，好嗎？”

With regard to the performance improvement, very correct question. Ron explained that the underlying performance actually improved 90 basis points last year. So actually despite all the issues, the underlying operational performance is on an upward trend.

關於效能改進，非常正確的問題。 Ron 解釋說，去年的基本表現實際上提高了 90 個基點。因此，實際上儘管存在所有問題，但基本營運績效仍呈上升趨勢。

And with the guidance that we gave for 2016, and the bridge provided, in which you can see that we again expect an operational results improvement between, off the top of my head, 1.8 percent to 2.8 percent, it's a game that we have done also before, right? So we know that [the effects] works. We know that overhead cost reduction works, and so on.

根據我們為 2016 年提供的指導以及提供的橋樑，您可以在其中看到，我們再次期望營運績效能夠在 1.8% 到 2.8% 之間改善，這是我們已經完成的遊戲以前也是，對吧？所以我們知道[效果]是有效的。我們知道降低管理成本是有效的，等等。

What we did not control well last year were all the incidentals. Partly self-induced, which is the Cleveland, partly caused by external factors like currency, Russia, [Massimo] litigation and so on. Currency, we expect to start turning around with all that's happening in the world, although emerging markets are still an unknown. And incidentals are something we need to manage. Partly these are legacy incidentals, sometimes from years ago, that we just need to contain as best as we can.

去年我們控制不好的都是雜項。部分是自因，這是克利夫蘭事件，部分是外部因素造成的，例如貨幣、俄羅斯、[馬西莫]訴訟等。在貨幣方面，我們預計隨著世界上發生的一切事情開始好轉，儘管新興市場仍然是一個未知數。雜費是我們需要管理的。部分這些是遺留的雜物，有時是幾年前的，我們只需要盡可能地控制它們。

So I think investors will look through this situation and hopefully see the forest for the trees, right? I know that we put a lot in front of you, but when you dissect this situation, you can actually see that we are making progress on multiple fronts.

所以我認為投資人會審視這種情況，並希望只見樹木不見森林，對嗎？我知道我們在你們面前付出了很多，但是當你們剖析這個情況時，你們實際上可以看到我們在多個方面都取得了進展。

Yes. [Can another one?]

是的。 【再來一張可以嗎？】

Yes.

是的。

Yes. A question on China. I think the growth you had in China last year was 7.3 percent, officially. Now, maybe that's the Chinese do - exaggerated a little bit. But how does it relate to your overall decline in sales?

是的。關於中國的問題。我認為去年中國的官方成長率為 7.3%。現在，也許這就是中國人所做的事——有點誇張了。但這與您的整體銷售額下降有何關係？

Can you take that, Ron?

你能接受嗎，榮恩？

Yes. So, our decline in sales, particularly in the fourth quarter, because of large iCT sales last year was not good. Also for the full year, so that's a bit self-inflicted, as Frans said. If the 7.3 will hold a little bit, you know, around 7.0, we'll leave that in the middle because, as you say, those are self-proclaimed numbers.

是的。因此，我們的銷售額下降，特別是在第四季度，因為去年的 iCT 銷售額很大，情況不好。正如弗蘭斯所說，對於全年來說，這有點是自作自受。如果 7.3 能保持一點點，你知道，大約 7.0，我們會把它留在中間，因為正如你所說，這些是自稱的數字。

What is for us important is that the fundamentals in China, you know, keep being at work. And those are that hospitals still increasing actually in need to have solutions. People are waiting a long, long time. [Hyatee] hospital I think would be further on [luck]. And also the private sector in China, that's really good news for us - is growing.

對我們來說重要的是中國的基本面繼續發揮作用。事實上，越來越多的醫院需要解決方案。人們等了很久很久。 [Hyatee]醫院我認為會更進一步[運氣]。中國的私營部門也在不斷成長，這對我們來說確實是個好消息。

And it's also the stated agenda that, you know, we can tap in to. And we're doing that successfully. But to note, as I earlier said, you know, the market will not grow very much. And also we don't expect large growth in China.

你知道，這也是我們可以利用的既定議程。我們正在成功做到這一點。但要注意的是，正如我之前所說，你知道，市場不會成長太多。而且我們預計中國不會大幅成長。

I think the franchise, as was asked earlier, with customers - you know, customers there tend to [wreck] sometimes a bit more drastically. We have asked a lot of patience, but so far we've managed that to the best of our ability, and we do expect [with] the resumption of Cleveland and, you know, the other products that we have, of course. But Cleveland more gradually, to improve that situation for 2015.

我認為，正如之前所問的，特許經營權與客戶之間的關係——你知道，那裡的客戶有時往往會[破壞]得更徹底。我們需要很大的耐心，但到目前為止，我們已經盡力做到了這一點，我們確實期望克利夫蘭的恢復，當然還有我們擁有的其他產品。但克利夫蘭將在 2015 年逐步改善這種情況。

The decline, is it healthcare or is it also --

下降是因為醫療保健還是——

Yes, I told you -

是的，我告訴過你——

Is it healthcare?

是醫療保健嗎？

This was healthcare. Now, in Lighting, if you look at construction in China, you know, it's tapered off somewhat. And particular also in the, you know, new retail outlets that, of course, that doesn't help. Online sales is increasing. We're doing very well in Consumer Lifestyle, and also in Lighting. That is something that we're going to see - that we're going to see more of.

這就是醫療保健。現在，在照明方面，如果你看看中國的建築，你就會知道，它已經縮減。尤其是在新的零售店，這當然沒有幫助。網路銷售額正在增加。我們在優質生活領域以及照明領域做得非常好。這是我們將會看到的——我們將會看到更多。

There, in China, as you know, we had over [eaten] ourselves a little bit in the fourth quarter of last year. So we've been sitting on that for this year. Oh, yes, sorry. In 2013. I'm still - before the annual report is published, I still live in 2014.

如你所知，在中國，去年第四季我們有點吃了頭。所以今年我們一直在等待這個問題。哦，是的，抱歉。 2013年。我還－在年報發布之前，我還生活在2014年。

So in 2013, Q4, we'd over [eaten] ourselves a bit. That had to work itself through, and also came back and, you know, was somewhat higher, you know, perception of the conventional wind-down in China, in our case. But that was partly because there was a lot of restocking taking place with customers. I think we worked through most of that, and gradually we rebuilt that.

所以在 2013 年第四季度，我們有點吃了頭。這必須自行解決，然後又回來了，你知道，在我們的例子中，對中國傳統的逐步結束的看法要高一些。但這部分是因為客戶進行了大量補貨。我認為我們已經解決了大部分問題，並逐漸重建了它。

And as I said earlier, you know, in China, for Lighting, not significant growth, but we will grow in China, again, with Lighting.

正如我之前所說，您知道，在中國，照明領域並沒有顯著成長，但我們將再次在中國實現照明領域的成長。

In Consumer Lifestyle, of course, the China story has been now, as you know, for many, many quarters a very good one. And we've done that by capitalizing on, you know, local developments, you know, new households that really want to pay for a premium brand like Philips. Our brand strength in China in Consumer Lifestyles, across the board, I would say, is very strong.

當然，如你所知，在優質生活領域，中國的故事現在對於很多很多方面來說都是一個非常好的故事。我們透過利用當地的發展來做到這一點，你知道，新家庭確實想為像飛利浦這樣的高端品牌付費。我想說，我們在中國優質生活領域的品牌實力非常強大。

Chinese New Year this year is a little bit skewed to the back so, you know, within the quarter we'll see that pan out differently than last year. But for the quarter, you know, we expect ongoing growth. And I gave you the long term, the longer term growth rate for Consumer Lifestyle in total. So, a good franchise in Consumer Lifestyle, Lighting [holding] itself through in China, you know, the outgrowth from the market will be because we are improving our performance.

今年的農曆新年有點向後傾斜，因此，您知道，在本季度內，我們將看到情況與去年有所不同。但我們預計本季將持續成長。我給了你們長期的、優質生活的整體成長率。因此，在消費者生活方式、照明領域擁有良好的特許經營權，在中國保持自己的地位，你知道，市場的成長將是因為我們正在改善我們的業績。

Mr. van Houten, we have another year or year and a half to go until the separation is done, right? I was wondering, how do you see your own position at that time?

van Houten 先生，我們還有一年或一年半的時間才能完成分居，對嗎？我想知道，您如何看待自己當時的立場？

In what way?

以什麼方式？

The company is completely changing by then. Do you still see a role for yourself at leadership?

到那時，公司就徹底改變了。您仍然認為自己在領導階層中可以發揮作用嗎？

Absolutely. I hope that the shareholders will reappoint me in May for another four years. I think that the journey that Philips is on is very exciting, and that there is still a lot to be done. I've always called it a marathon. And the separation as such is just another milestone on that marathon.

絕對地。我希望股東們能在五月重新任命我，任期四年。我認為飛利浦的旅程非常令人興奮，而且還有很多工作要做。我一直稱之為馬拉松。這樣的分離只是馬拉鬆比賽中的另一個里程碑。

What I would like to see is success in both Lighting Solutions and in HealthTech, an upward trend gaining market share, and a leading role in the world. So, I think we need to be ambitious. I think we can be ambitious. These are fantastic opportunities, and I would like it to be my contribution that Philips is strongly on the path of being, you know, the winner in both businesses. So, that's the goal for the next four years.

我希望看到照明解決方案和健康科技都取得成功，呈上升趨勢，贏得市場份額，並在世界各地發揮領導作用。所以，我認為我們需要有雄心壯志。我認為我們可以雄心勃勃。這些都是絕佳的機會，我希望我能做出貢獻，讓飛利浦堅定地走上成為這兩項業務的贏家的道路。所以，這就是未來四年的目標。

OK.

好的。

[Tony Dant] from the [Telhaff]. Are you worrying about the shareholder's value, because the price declined very rapidly last year? And what do you - and how do you regain their trust from shareholders?

來自[Telhaff]的[托尼·丹特]。您是否擔心股東的價值，因為去年股價下跌得非常快？你會做什麼——以及如何重新獲得股東的信任？

[Tony], we have a long-term past for value creation with Philips. And we come from very deep. You know, we were in the teens years ago. I know when I started it was in the 20s but, you know, very soon we had several profit warnings. It was a sign of underlying issues in the business, and we have been steadily structurally improving the business, not through, you know, fashionable quick actions, but Philips business systems, operational excellence, portfolio shifting, getting out of businesses that were not making money, like TV, shifting toward businesses that have much better potential.

[東尼]，我們與飛利浦有著長期的價值創造歷史。我們來自很深的地方。你知道，幾年前我們還是十幾歲的孩子。我知道我剛開始的時候是 20 多歲，但是很快我們就收到了幾次獲利警告。這是業務中存在根本問題的跡象，我們一直在結構性地穩步改進業務，不是透過時髦的快速行動，而是透過飛利浦業務系統、卓越營運、投資組合轉移、退出那些不賺錢的業務。資金，就像電視一樣，轉向具有更大潛力的企業。

And these are big steps. They take time, and we need to give it time. I think long-value investors have been very, very loyal to Philips. And we have several shareholders, the top ten, that are being very, very long in the stocks, because they actually believe in what we are doing, and they want us to continue to do that. All right? So, not in a quarterly - like, this quarter we do it, the next quarter we don't. No, we are systematically building a new profile for Philips.

這些都是重大舉措。他們需要時間，我們需要給它時間。我認為長期價值投資者對飛利浦非常非常忠誠。我們有幾個股東，前十名，他們非常非常多地持有股票，因為他們實際上相信我們正在做的事情，他們希望我們繼續這樣做。好的？所以，不是在季度中，例如這個季度我們這樣做，下個季度我們不這樣做。不，我們正在有系統地為飛利浦建立新的形象。

I think the regrettable part is that it is such a volatile journey, right? And I would wish that we could prevent that. We should also be critical of ourselves about the incidentals, right? Some incidentals, as I talked about, the restructuring of Lighting factories is unavoidable, yes, but still confuses the market. You know, why does it happen? Why does it happen now? Does it need to happen slower or faster? The legacy legal cases, very unfortunate, but we need to deal with it.

我認為令人遺憾的是這是一段如此不穩定的旅程，對嗎？我希望我們能夠阻止這種情況發生。我們也應該對自己的雜事進行批評，對吧？一些偶然的事情，正如我所說，照明工廠的重組是不可避免的，是的，但仍然讓市場感到困惑。你知道為什麼會這樣嗎？為什麼現在才會發生呢？它需要發生得更慢還是更快？遺留的法律案件，非常不幸，但我們需要處理它。

The pension overhang, right, the exposure on pensions. It's there. You know, many companies in the world have it and they need to deal with it. So the amount of incidentals is unfortunate, but we need to deal with it. And we do. So I think investors that are long in Philips, they understand that, and they share with us the conviction that there is a lot of unlocked value in Philips. And that we need to continue on this path to really get to a new situation. I'm convinced that we will get there.

退休金懸而未決，右，退休金風險敞口。在那。你知道，世界上許多公司都存在這種情況，他們需要應對它。因此，雜費的數量是不幸的，但我們需要處理它。我們確實這麼做了。因此，我認為長期持有飛利浦的投資者了解這一點，並且他們與我們一樣堅信飛利浦有很多未開發的價值。我們需要繼續沿著這條道路走下去，才能真正進入新的局面。我堅信我們會到達那裡。

So the investors that have sold their shares are short-term investors?

那麼賣出股票的投資人就是短期投資人嗎？

I don't know who has sold --

不知道誰賣了

I mean, you know --

我的意思是，你知道——

Who has sold, in your view? I mean, I'm very much aware of many long-term investors that are still with us, right? I don't know who you have in mind, [Tony].

您認為誰已出售？我的意思是，我非常清楚許多長期投資者仍然與我們在一起，對吧？我不知道你想到的是誰，[托尼]。

Nobody.

沒有人。

OK. Fine. Good.

好的。美好的。好的。

Just to be sure, did you say that the Accelerate! program has generated EUR1.3 billion [is greater than two and seven alef], and how much will this generate in the coming years?

只是為了確定，你說的是加速！該計劃已產生 13 億歐元 [大於 2 和 7 alef]，未來幾年將產生多少？

Yes, so it has generated, indeed, to EUR1.3 billion on a gross basis, compared to 2011, so we have actually over-achieved again, the amount that we targeted. And we continue to prolong this. The total will be, by 2016, EUR1.6 billion. So that means EUR200 million plus to go. Yes, we're well on track for that, well executed.

是的，與 2011 年相比，它的總收入確實達到了 13 億歐元，所以我們實際上再次超額實現了我們的目標金額。我們繼續延長這一時間。到 2016 年，總額將達到 16 億歐元。這意味著還需要花費 2 億多歐元。是的，我們已經步入正軌，執行得很好。

It's not the Accelerate! program in total. This is the overhead cost part savings. Yes, so there are three - or two other programs, end-to-end productivity that I just mentioned then. So that also drives returns and income. And then there's the very important part that [would be] for Lighting, the [bill] of material, the design for excellence, if you will. But those two are also running, and you see the [add up] of that in the bridge that we have given.

這不是加速！總共計劃。這就是間接成本節省的部分。是的，所以還有我剛才提到的三個或兩個其他程序，端到端的生產力。這也推動了回報和收入。如果你願意的話，還有一個非常重要的部分，那就是照明、材料、卓越設計。但這兩個也在運行，你可以在我們給出的橋中看到它們的[加起來]。

OK. So, as you put - if you put all these programs together, these three, how much that is?

好的。所以，正如你所說，如果你把所有這些程序放在一起，這三個程序，那是多少錢？

[Seven.]

[七。]

Yes. So all these together and the impact of that, also, you know, in other parts, for the operational result have driven for the full year 90 basis points, you know, of improvement. It goes back also to what I said earlier on Lighting. That is why Lighting operationally has still expanded its margin, albeit slightly but it did.

是的。因此，所有這些加在一起以及其影響，以及您知道的，在其他方面，對營運績效的影響推動了全年 90 個基點的改善。這也可以追溯到我之前所說的照明。這就是為什麼照明在營運上仍然擴大了利潤率，儘管幅度不大，但確實如此。

So, you know, I think also to the earlier questions on investor confidence, I think that this is a very good sign, that despite - and not very, at least in healthcare and Lighting, you know --

所以，你知道，我認為對於之前有關投資者信心的問題，我認為這是一個非常好的跡象，儘管——而且不是很好，至少在醫療保健和照明領域，你知道——

[I didn't remember.] I'm sorry.

[我不記得了。] 對不起。

Despite a not-so-glorious top line in healthcare and Lighting, we are still able to drive operational improvement. I think that's a very good indication of once that top line starts to motor again, you know, we'll drive more operating leverage.

儘管醫療保健和照明領域的營收並不那麼輝煌，但我們仍然能夠推動營運改善。我認為這是一個很好的跡象，表明一旦營收再次開始成長，我們將推動更多的營運槓桿。

But how much then in total, the three?

但這三者總共多少錢呢？

For this year, 90 basis points.

今年為 90 個基點。

What's that 90 basis points in euros?

90 個基點換算成歐元是多少？

I will look up the amount for you. So it's 175 minus two - it's about, for the third quarter, 90 basis points. About EUR100 million. That's the total that we have been driving. And we're going to prolong that in 2015 and 2016. Yes.

我幫你查一下金額。所以這個數字是 175 減 2——第三季大約是 90 個基點。約1億歐元。這就是我們一直在駕駛的總數。我們將在 2015 年和 2016 年延長這一期限。是的。

OK, but then, would it be in 2016 in total?

好吧，那麼，總共是 2016 年嗎？

Yes, so, we have set, you know, for this year the operational improvement will be about 100 basis points, you know, something similar to what Frans said earlier. And we've actually depicted that for you on page 27 of the investor diagram. And maybe you don't have that in front of you. But it's definitely there.

是的，所以，我們已經設定，今年的營運改善將約為 100 個基點，與 Frans 之前所說的類似。實際上，我們已經在投資者圖表的第 27 頁上為您描述了這一點。也許你面前沒有這個。但它肯定是存在的。

It's on their website.

它在他們的網站上。

Yes. So, it's on the website. You can see it very clearly. So the storyline is incidentals are not completely gone, because we're still restructuring Lighting, and we have the - what we call the separation costs that we talked about, right? But they will abate. So they will become less. And the operational improvement is ongoing. Now, what we need is a bit more top line growth.

是的。所以，它在網站上。你可以很清楚地看到它。所以故事情節是雜費並沒有完全消失，因為我們仍在重組照明，而且我們有 - 我們所說的我們談到的分離成本，對嗎？但它們會減弱。所以他們會變少。並且營運改善正在進行中。現在，我們需要的是更多的收入成長。

I'm afraid I need to bring this to a close. Thank you very much indeed. We're running a tight ship here. Right.

恐怕我需要結束這一切。確實非常感謝。我們在這裡管理得很嚴密。正確的。

Thank you.

謝謝。

Thanks very much, everybody, for your attention.

非常感謝大家的關注。

This communication is neither an offer to purchase nor a solicitation of an offer to sell any shares of common stock of Volcano or any other securities. Philips has filed a tender offer statement on Schedule TO with the SEC and a Solicitation/Recommendation Statement on Schedule 14D-9 has been filed with the SEC by Volcano. The offer to purchase shares of Volcano common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ BOTH THE TENDER OFFER STATEMENT, AS FILED AND AS IT MAY BE AMENDED FROM TIME TO TIME, AND THE SOLICITATION/ RECOMMENDATION STATEMENT, AS FILED AND AS MAY BE AMENDED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING THE OFFER. Investors and security holders may obtain a free copy of these statements and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to Georgeson Inc., the Information Agent for the offer, at (866) 856-2826.

本通訊既不是購買要約，也不是出售任何 Volcano 普通股或任何其他證券的要約邀請。飛利浦已向 SEC 提交了附表 TO 中的要約收購聲明，Volcano 已向 SEC 提交了附表 14D-9 中的招標/建議聲明。購買 Volcano 普通股的要約將僅根據購買要約、送文函和作為附表 TO 的一部分提交的相關文件提出。投資者和證券持有人應閱讀已提交且可能不時修訂的要約收購聲明，以及已提交且可能不時修訂的招標/推薦聲明，因為它們包含重要內容有關要約的資訊。投資者和證券持有人可以透過 SEC 維護的網站 www.sec.gov 取得這些聲明和向 SEC 提交的其他文件的免費副本，或向要約資訊代理人 Georgeson Inc. 提出此類請求，網址為： (866 )856-2826。