Koninklijke Philips NV (PHG) 2019 Q4 法說會逐字稿

Welcome to the Royal Philips Fourth Quarter and Full Year 2020 Results Conference Call on Tuesday, the 28th of January 2020. (Operator Instructions) Please note that this call will be recorded, and the replay will be available on the Investor Relations website of Royal Philips.

歡迎參加 2020 年 1 月 28 日星期二舉行的皇家飛利浦 2020 年第四季度和全年業績電話會議。（操作員說明）請注意，本次電話會議將被錄音，重播將在皇家飛利浦投資者關係網站上提供.

I will now hand the conference over to Mr. Leandro Mazzoni, Head of Investor Relations. Please go ahead, sir.

我現在將把會議交給投資者關係主管 Leandro Mazzoni 先生。請繼續，先生。

Good morning, ladies and gentlemen. Welcome to Philips' Fourth Quarter and Full Year 2019 Results Conference Call. I'm here with our CEO, Frans van Houten; and our CFO, Abhijit Bhattacharya. On today's call, Frans will take you through our strategic and financial highlights for the period. Abhijit will then provide more detail on the financial performance and market dynamics. After that, we will take your questions.

早上好，女士們，先生們。歡迎參加飛利浦 2019 年第四季度和全年業績電話會議。我和我們的首席執行官 Frans van Houten 一起來的；以及我們的首席財務官 Abhijit Bhattacharya。在今天的電話會議上，Frans 將帶您了解我們在此期間的戰略和財務亮點。 Abhijit 隨後將提供有關財務業績和市場動態的更多詳細信息。之後，我們將回答您的問題。

Our press release and the related information slide deck were published at 7 a.m. CET this morning. Both documents are available on our Investor Relations website. A full transcript of this conference call will be made available by end of today on our website.

我們的新聞稿和相關信息幻燈片於歐洲中部時間今天上午 7 點發布。這兩份文件都可以在我們的投資者關係網站上找到。本次電話會議的完整記錄將於今天結束前在我們的網站上公佈。

Finally, as mentioned in the press release, adjusted EBITA is defined as income from operations, excluding amortization of acquired intangible assets, impairment of goodwill and other intangible assets, restructuring charges, acquisition-related costs and other significant items. Comparable growth for sales and orders are adjusted for currency and portfolio changes.

最後，如新聞稿所述，調整後的 EBITA 定義為運營收入，不包括收購的無形資產攤銷、商譽和其他無形資產減值、重組費用、收購相關成本和其他重要項目。銷售和訂單的可比增長根據貨幣和投資組合變化進行了調整。

With that, I would like to hand over to Frans.

有了這個，我想交給弗蘭斯。

Yes. Thanks, Leandro, and good morning to all of you on the call and webcast. In the fourth quarter, we delivered 3% comparable sales growth, and the adjusted EBITA margin for the group improved by 50 basis points to 17.9%. Our 3 business segments together delivered encouraging results, with 4% comparable sales growth and a strong 120 basis points adjusted EBITA margin improvement in the quarter, with all businesses contributing. This performance was partly offset by the decrease in license income in the segment Other, in line with our expectations.

是的。謝謝，萊安德羅，早上好，在電話和網絡廣播中的所有人。第四季度，我們實現了 3% 的可比銷售額增長，集團調整後的 EBITA 利潤率提高了 50 個基點，達到 17.9%。我們的 3 個業務部門共同取得了令人鼓舞的業績，本季度可比銷售額增長 4%，調整後 EBITA 利潤率強勁增長 120 個基點，所有業務都做出了貢獻。這一業績部分被其他部門許可收入的減少所抵消，這符合我們的預期。

In the full year, we delivered comparable sales growth of 4.5% and improved the adjusted EBITA margin to 13.2%, despite gross tariff headwinds before compensating actions of over EUR 100 million. Moreover, we achieved a free cash flow of more than EUR 1 billion and increased adjusted diluted EPS from continuing operations by 15% in the year.

在全年，我們實現了 4.5% 的可比銷售額增長，並將調整後的 EBITA 利潤率提高到 13.2%，儘管在補償行動之前總關稅逆風超過 1 億歐元。此外，我們實現了超過 10 億歐元的自由現金流，並將來自持續經營業務的調整後攤薄每股收益在這一年中增加了 15%。

While we have made overall progress in 2019 in a more challenging environment and has delivered on most of our financial targets, the small step-up in profitability for the group was not satisfactory, and I want to repeat that we remain completely focused on achieving to drive improvement in 2020 and beyond.

雖然我們在更具挑戰性的環境中在 2019 年取得了總體進展，並實現了我們的大部分財務目標，但集團盈利能力的小幅提升並不令人滿意，我想重申，我們仍然完全專注於實現推動 2020 年及以後的改進。

Diagnosis & Treatment and Personal Health delivered a good performance and strong adjusted EBITA margin improvement in 2019. In Connected Care, adjusted EBITA margin decreased to 13.2% in the year, but we saw the initial impact from the measures we have deployed in these businesses reflected in its fourth quarter results. The fundamentals of Connected Care are strong. We believe that the segment will gradually contribute to the group's overall performance improvement in 2020.

診斷與治療和個人健康業務在 2019 年表現良好，調整後的 EBITA 利潤率大幅提高。在 Connected Care 中，調整後的 EBITA 利潤率在這一年下降至 13.2%，但我們看到了我們在這些業務中部署的措施的初步影響在其第四季度業績中。 Connected Care 的基礎非常牢固。我們相信該板塊將逐步為集團2020年的整體業績提升做出貢獻。

Also important, Philips ended the year with a strong order book driven by 3% comparable order intake growth in both Q4 and the full year 2019, further building on the double-digit growth seen in 2018. The demand for our innovative products and solutions remains strong, and we expect to have continued increasing market share in the professional health care market.

同樣重要的是，在 2018 年兩位數增長的基礎上，飛利浦在 2019 年第四季度和全年的可比訂單量增長 3% 的推動下，在年底取得了強勁的訂單。對我們創新產品和解決方案的需求仍然存在強大，我們預計將繼續增加在專業醫療保健市場的市場份額。

As we continue our transformation to expand leadership in health technology, today, we announced we will review ownership options for the Domestic Appliances business. This business has significantly contributed to Philips, but it is not a strategic fit for our future as we choose to further sharpen the focus along the health continuum and invest in our consumer health and professional health care-related businesses.

隨著我們繼續轉型以擴大在健康技術領域的領導地位，今天，我們宣布將審查家用電器業務的所有權選擇。這項業務對飛利浦做出了重大貢獻，但它不符合我們未來的戰略，因為我們選擇進一步加強對健康連續體的關注，並投資於我們的消費者健康和專業醫療保健相關業務。

We are convinced that with this move, we will create a focused and competitive Domestic Appliances business that can continue to thrive and grow over time. We are committed to a smooth disentanglement process and expect to complete the separation in the next 12 to 18 months.

我們相信，通過這一舉措，我們將創建一個專注且具有競爭力的家用電器業務，該業務可以隨著時間的推移繼續蓬勃發展。我們致力於平穩的分離過程，並期望在未來 12 到 18 個月內完成分離。

The Domestic Appliances business has solid financial performance and market positions. It generated sales of EUR 2.3 billion in 2019, with average comparable sales growth of mid-single digit over the past few years. Its adjusted EBITA margin is at double-digit level, driven by innovation, strong performance management and productivity.

家用電器業務擁有穩健的財務業績和市場地位。它在 2019 年實現了 23 億歐元的銷售額，過去幾年的平均可比銷售額增長率為中個位數。在創新、強大的績效管理和生產力的推動下，其調整後的 EBITA 利潤率處於兩位數水平。

Following the disentanglement of Domestic Appliances, our EUR 3.5 billion Personal Health businesses will continue to shape its important role in the company's integrated health continuum approach through products and increasingly through solutions to support the health and well-being of people. Oral Care, Mother & Child Care and Personal Care are relevant building blocks to consumer health, which, cognitive of what the data of social determinants of health tell us, play a big role in the prevention of disease and support of chronic disease. We will continue to innovate and invest in these areas.

在拆分家用電器之後，我們價值 35 億歐元的個人健康業務將繼續通過產品並越來越多地通過支持人們健康和福祉的解決方案發揮其在公司綜合健康連續體方法中的重要作用。口腔護理、母嬰護理和個人護理是消費者健康的相關組成部分，根據健康社會決定因素數據告訴我們的認知，這些在疾病預防和慢性病支持方面發揮著重要作用。我們將繼續在這些領域進行創新和投資。

Let me also update you on the announced changes in our management team. As I told you during the third quarter call, I have been closer to the Connected Care businesses since the summer. And Carla and I agreed that she will leave the company to return to Germany and pursue other career interests. I'm pleased to announce that Roy Jakobs, currently Chief Business Leader of Personal Health, will take over the leadership of the Connected Care business with immediate effect. I want to thank Carla for her contributions to Philips.

讓我也向您介紹我們管理團隊宣布的變動。正如我在第三季度電話會議上告訴你的那樣，自夏季以來，我與 Connected Care 業務的關係更加密切。 Carla 和我同意她將離開公司返回德國並追求其他職業興趣。我很高興地宣布，現任個人健康業務首席業務負責人 Roy Jakobs 將立即接管 Connected Care 業務。我要感謝卡拉對飛利浦的貢獻。

A few comments about Roy, then. To help us achieve the required performance improvement in the Connected Care segment, Roy brings his experience as a global leader, with strong business performance record, accomplishments in strategy, digital innovation and new business development in both the B2B and B2C domains. I like especially his people leadership style and energy, taking along his team and all the people, something that he demonstrated in Personal Health already.

那麼，關於羅伊的一些評論。為了幫助我們在 Connected Care 領域實現所需的績效改進，Roy 帶來了他作為全球領導者的經驗，在 B2B 和 B2C 領域擁有出色的業務績效記錄、戰略成就、數字創新和新業務開發。我特別喜歡他的領導風格和活力，帶領他的團隊和所有的人，他已經在個人健康中展示了這一點。

In view of the changes in Personal Health, I have opted to oversee the segment myself on an interim basis. It will take some time to appoint the eventual new leader for this segment, and I will inform you, of course, in due course.

鑑於個人健康狀況的變化，我選擇臨時親自監督該部分。任命該部門最終的新領導者需要一些時間，當然，我會在適當的時候通知您。

Ladies and gentlemen, we will continue with our strategic journey to leadership in health technology. As you know, our value creation story is built around 3 key levers: driving growth in the core business, innovating solutions and driving operational excellence. We continue to drive market share in our core businesses through deeper and more comprehensive customer partnerships and pursuing growth by increasing geographic coverage and market penetration.

女士們，先生們，我們將繼續我們的戰略之旅，引領健康技術。如您所知，我們的價值創造故事圍繞 3 個關鍵槓桿展開：推動核心業務增長、創新解決方案和推動卓越運營。我們繼續通過更深入和更全面的客戶合作夥伴關係來推動我們核心業務的市場份額，並通過增加地理覆蓋範圍和市場滲透率來追求增長。

During the fourth quarter, we entered into new long-term strategic partnerships with leading hospitals. For example, we signed 5-year partnership with the Regional Medical Center in South Carolina to provide Diagnostic Imaging and Image-Guided Therapy solutions to innovate care for the residents.

第四季度，我們與領先醫院建立了新的長期戰略合作夥伴關係。例如，我們與南卡羅來納州的區域醫療中心簽署了為期 5 年的合作夥伴關係，以提供診斷成像和圖像引導治療解決方案，為居民提供創新護理。

I'm very pleased that we continue to see double-digit growth in health systems in China, where we won several large contracts in the quarter. For example, we signed an agreement with Xi'an International Medical Group to deliver solutions in Diagnostic Imaging, Image-Guided Therapy and patient monitoring to address clinical and research needs in cardiology, radiation, oncology and critical care.

我很高興我們繼續看到中國衛生系統的兩位數增長，我們在本季度贏得了幾份大合同。例如，我們與西安國際醫療集團簽署協議，提供診斷成像、圖像引導治療和患者監護方面的解決方案，以滿足心髒病學、放射學、腫瘤學和重症監護領域的臨床和研究需求。

In the fourth quarter, we also continued to roll out exciting new products and solutions. For example, we launched the CT 6000 iCT and the CT 5000 Ingenuity. These platforms offer new capabilities, including advanced workflow benefits and cybersecurity, as well as software and hardware enhancements that improve performance. Following the recent launch of the new Incisive CT platform with the industry-first Tube for Life guarantee, we have now completely refreshed our CT portfolio of systems, software and services.

在第四季度，我們還繼續推出令人興奮的新產品和解決方案。例如，我們推出了 CT 6000 iCT 和 CT 5000 Ingenuity。這些平台提供了新功能，包括高級工作流程優勢和網絡安全，以及可提高性能的軟件和硬件增強功能。繼最近推出具有行業首創 Tube for Life 保證的新型 Incisive CT 平台之後，我們現在已經完全更新了我們的 CT 系統、軟件和服務組合。

We also continue to set the standard in integrated solutions for Image-Guided Therapy with the expansion of the Azurion platform family with FlexArm and the seamless integration of our smart catheters in the platform. Combined with the successful launch of Azurion in China and the expansion of the smart catheter offering in Europe and Asia, this resulted in double-digit comparable sales and order intake growth for the Image-Guided Therapy business in 2019.

我們還通過使用 FlexArm 擴展 Azurion 平台系列以及將我們的智能導管無縫集成到平台中，繼續為圖像引導治療的集成解決方案設定標準。結合 Azurion 在中國的成功推出以及智能導管產品在歐洲和亞洲的擴張，這導致 2019 年圖像引導治療業務的可比銷售額和訂單量實現了兩位數的增長。

Strengthening our leadership in patient monitoring solutions, we expanded the General Care solutions portfolio with the launch of the EarlyVue VS30 in the U.S. This new monitor uses automated Early Warning Scoring to collect critical vital signs and calculate risk-based alerts that allow clinicians to identify subtle signs of patient deterioration and facilitate communication between caregivers for timely intervention and care.

為了加強我們在患者監護解決方案方面的領導地位，我們通過在美國推出 EarlyVue VS30 擴展了一般護理解決方案組合。這款新監護儀使用自動早期預警評分來收集關鍵生命體徵併計算基於風險的警報，使臨床醫生能夠識別細微的患者病情惡化的跡象，並促進護理人員之間的溝通，以便及時進行干預和護理。

Health First, Central Florida's only fully integrated delivery network, achieved significant performance improvement by using our telehealth solutions for critical care. Powered by Philips' eCareManager, their VitalWatch eICU achieved a 23% reduction in overall mortality, 49% reduction in ICU length of stay and 35% reduction in length of stay across its hospitals. This demonstrates that our data-driven solution is delivering results.

Health First 是佛羅里達州中部唯一的完全集成的交付網絡，通過使用我們的重症監護遠程醫療解決方案實現了顯著的性能改進。在飛利浦的 eCareManager 的支持下，他們的 VitalWatch eICU 實現了總體死亡率降低 23%，ICU 住院時間縮短 49%，其醫院的住院時間縮短 35%。這表明我們的數據驅動解決方案正在交付成果。

Switching to Personal Health. We are further building on the success of our leading oral care solutions and rolled out the BrushSmart program, in collaboration with Delta Dental of California, the largest provider of dental benefits in the United States. The subscription-based program includes a Sonicare toothbrush, coaching and teledentistry and connects brushing behaviors with professional care to better understand, motivate and improve oral health.

切換到個人健康。我們進一步鞏固了我們領先的口腔護理解決方案的成功，並與美國最大的牙科福利提供商 Delta Dental of California 合作推出了 BrushSmart 計劃。基於訂閱的計劃包括 Sonicare 牙刷、指導和遠程牙科，並將刷牙行為與專業護理聯繫起來，以更好地理解、激勵和改善口腔健康。

Moreover, we are happy to see the continuing strong traction of our recent launches in the lower-priced segments of oral care and Male Grooming. For example, the success of DailyClean in the United States supports the conversion from manual to power toothbrushing, while the success of Shaver S1000 in China recruits new users into power shaving.

此外，我們很高興看到我們最近推出的低價口腔護理和男性美容產品繼續保持強勁勢頭。例如，DailyClean在美國的成功支持了電動牙刷從手動到電動的轉換，而Shaver S1000在中國的成功則為電動剃須吸納了新用戶。

Moving on to the third key driver of our strategic agenda: to improve margins through customer and operational excellence. Our self-help initiatives to drive over EUR 1.8 billion in savings over the period 2017 to 2020 are on track. We delivered annual savings of EUR 480 million in 2019, driven by the 3 main programs, i.e., procurement savings, manufacturing productivity and cost reduction. With that, cumulative savings reached more than EUR 1.4 billion in the 2017 to 2019 period.

接下來是我們戰略議程的第三個關鍵驅動因素：通過卓越的客戶和運營來提高利潤。我們旨在在 2017 年至 2020 年期間節省超過 18 億歐元的自助計劃正在按計劃進行。在 3 個主要計劃的推動下，我們在 2019 年實現了 4.8 億歐元的年度節約，即採購節約、製造生產力和成本降低。由此，2017 年至 2019 年期間累計節省超過 14 億歐元。

A progress update on regulatory matters. We continue to address the follow-up request of the U.S. Food and Drug Administration as part of the efforts to fulfill our obligations under the consent decree. We remain in dialogue with the FDA. However, given the nature of the process, we still cannot provide a definitive time line for the expected lifting of the injunction. We are making good progress with the EU MDR certifications, the European Medical Device Regulation certification, expecting the majority of our businesses to be compliant in the course of 2020.

監管事務的最新進展。我們將繼續處理美國食品和藥物管理局的後續要求，作為履行同意令規定的義務的一部分。我們仍在與 FDA 進行對話。但是，鑑於該過程的性質，我們仍然無法為預期解除禁令提供明確的時間表。我們在歐盟 MDR 認證、歐洲醫療器械法規認證方面取得了良好進展，預計我們的大多數企業將在 2020 年期間合規。

You may be curious as to my experiences during last week's World Economic Forum in Davos. I would like to make 3 remarks. The International Business Council, representing some 100 large companies, have joined in embracing standardized ESG metrics and committing to public goals on how we will deliver against the Sustainable Development Goals. Philips is at the forefront in this field, on track to be carbon-neutral in our operations and to achieve zero waste to landfill in 2020 and 100% closed loops for all large medical systems by 2025.

你可能對我上週在達沃斯世界經濟論壇上的經歷感到好奇。我想發表 3 點意見。代表約 100 家大公司的國際商業理事會已加入採用標準化 ESG 指標的行列，並致力於實現我們將如何實現可持續發展目標的公共目標。飛利浦處於這一領域的前沿，有望在我們的運營中實現碳中和，並在 2020 年實現垃圾填埋場零廢物，到 2025 年所有大型醫療系統實現 100% 閉環。

My second observation is around the economic outlook. While the atmosphere in Davos was slightly more optimistic than last year, I wish to point out that significant geopolitical risk remain, and in fact, one new risk emerged, like the coronavirus spread.

我的第二個觀察是圍繞經濟前景。儘管達沃斯的氣氛比去年略微樂觀，但我想指出，地緣政治風險依然存在，而且實際上還出現了新的風險，例如冠狀病毒的傳播。

Finally, Davos is, as always, a great opportunity to discuss the health care business opportunities. It's evident that Philips is at the forefront of the transition to value in health care, with its solutions that deliver against the quadruple aim of improving health outcomes, productivity and patient and staff experience. Informatics and data science are obviously big topics in this context, and I was very pleased to observe the recognition that we get for our strategy from the health care community present in Davos.

最後，達沃斯一如既往地是討論醫療保健商機的絕佳機會。很明顯，飛利浦處於醫療保健價值轉型的最前沿，其解決方案實現了改善健康結果、生產力以及患者和員工體驗的四重目標。信息學和數據科學顯然是這方面的重要話題，我很高興看到達沃斯的醫療保健界對我們的戰略表示認可。

Let me now conclude. I expect that 2020s will be a very exciting decade for health care, accelerating developments in technology, data science and precision medicine will come together at unparalleled speed to create many innovation opportunities to address consumer, customer and patient needs. The 2020s will also be an era where the transformation to value-based care will take center stage in society. Our strategy to deliver solutions along the health continuum that deliver on the quadruple aim of health care plays right into that. We continue to focus on improving execution, and I'm certain that by courageously taking the next steps on our journey, we will make Philips more valuable in the coming years.

現在讓我總結一下。我預計 2020 年代將是醫療保健領域非常激動人心的十年，技術、數據科學和精準醫學的加速發展將以前所未有的速度匯聚在一起，創造許多創新機會來滿足消費者、客戶和患者的需求。 2020 年代也將是一個向基於價值的護理轉型將成為社會焦點的時代。我們的戰略是沿著健康連續體提供解決方案，以實現醫療保健的四重目標。我們繼續專注於提高執行力，我確信通過勇敢地邁出我們旅程的下一步，我們將在未來幾年讓飛利浦變得更有價值。

With regards to 2020, we continue to observe geopolitical and economic risks. We aim for 4% to 6% comparable sales growth and an adjusted EBITA margin improvement of around 100 basis points in the year, with the performance momentum that is expected to improve during the course of the year.

關於 2020 年，我們繼續觀察地緣政治和經濟風險。我們的目標是今年可比銷售額增長 4% 至 6%，調整後的 EBITA 利潤率提高約 100 個基點，業績勢頭有望在年內得到改善。

And with that, ladies and gentlemen, I'll turn the call to Abhijit, who will provide more detail on financial performance and market dynamics.

女士們先生們，我將把電話轉給 Abhijit，他將提供有關財務業績和市場動態的更多詳細信息。

Thank you, Frans, and thank you all for joining us today. Let me provide some color on the fourth quarter comparable sales growth of 3%.

謝謝你，弗蘭斯，感謝大家今天加入我們。讓我提供一些關於第四季度可比銷售額增長 3% 的顏色。

Growth geographies sales increased by 11% in the quarter, and we are pleased to reach double-digit sales growth in these geographies also for the full year, with strength across all our businesses. Mature geographies sales were in line with the fourth quarter of 2018, as growth in North America and Western Europe was offset by decline in other mature geographies, driven by the one-off license income in Q4 2018 and the impact of higher consumption tax in Japan in Q4 2019.

增長型地區的銷售額在本季度增長了 11%，我們很高興在這些地區全年也實現了兩位數的銷售額增長，我們所有業務都表現強勁。成熟地區的銷售額與 2018 年第四季度持平，因為北美和西歐的增長被其他成熟地區的下降所抵消，這是由 2018 年第四季度的一次性許可收入和日本較高消費稅的影響推動的2019 年第四季度。

Our Diagnosis & Treatment businesses delivered a good 5% comparable sales growth in the quarter as well as for the full year. Image-Guided Therapy and Ultrasound continued their strong performance path and grew high single digit and mid-single digit in the quarter, respectively. Diagnostic Imaging grew low single digit due to phasing of orders.

我們的診斷和治療業務在本季度和全年實現了 5% 的可比銷售額增長。圖像引導治療和超聲繼續保持強勁的表現，在本季度分別增長了高個位數和中個位數。由於訂單的分階段，Diagnostic Imaging 增長低個位數。

The sales of -- for the Connected Care businesses grew 2% in the fourth quarter, driven by high single-digit growth in patient monitoring and double-digit growth in our EMR business. The Sleep & Respiratory Care business comparable sales was in line with Q4 2018 on the back of overall tough comparables as well as soft ventilation market. The sales for Connected Care grew 3% for the full year.

Connected Care 業務的銷售額在第四季度增長了 2%，這得益於患者監護的高個位數增長和 EMR 業務的兩位數增長。睡眠和呼吸護理業務的可比銷售額與 2018 年第四季度一致，原因是整體可比性強，通風市場疲軟。 Connected Care 的銷售額全年增長 3%。

The Personal Health businesses delivered 4% comparable sales growth in the fourth quarter led by new product introductions and double-digit growth in our Oral Healthcare business. After a difficult 2018, we are glad to see the comparable sales growth of 5% for Personal Health in 2019.

受新產品推出和口腔保健業務兩位數增長的帶動，第四季度個人保健業務實現了 4% 的可比銷售額增長。在經歷了艱難的 2018 年之後，我們很高興看到 2019 年個人健康業務的可比銷售額增長了 5%。

Overall, our business segments delivered 5% comparable sales growth in the full year, which is well within our target range. This performance was partly offset by lower IP royalties compared to 2018, resulting in 4.5% comparable sales growth for the group.

總體而言，我們的業務部門全年實現了 5% 的可比銷售額增長，這完全在我們的目標範圍內。這一業績被與 2018 年相比較低的知識產權使用費部分抵消，導致該集團可比銷售額增長 4.5%。

Moving on to orders. Diagnosis & Treatment delivered 3% comparable sales growth in the quarter. The demand for our products and solutions remained strong in this segment. Despite the tough comparables, the equipment portfolio delivered another quarter of mid-single-digit growth, partly offset by phasing of orders in Enterprise Diagnostic Informatics.

繼續訂單。診斷與治療業務在本季度實現了 3% 的可比銷售額增長。該領域對我們的產品和解決方案的需求依然強勁。儘管比較困難，但設備組合又實現了四分之一的中個位數增長，部分被企業診斷信息學訂單的分階段抵消。

The full year comparable order intake grew 5% in Diagnosis & Treatment, further building on the double-digit growth seen in 2018, which results in a strong year-end order book as highlighted by Frans.

診斷和治療的全年可比訂單量增長了 5%，進一步鞏固了 2018 年兩位數的增長，這導致了 Frans 強調的強勁年終訂單。

Comparable order intake in Connected grew -- Connected Care grew mid-single digits in the fourth quarter. In the full year, comparable order intake was 1% down for the Connected Care business due to slower growth in patient monitoring for the first 3 quarters of the year. It's important to note that we expect to have kept our market share stable in this business for 2019.

Connected 的可比訂單量增長——Connected Care 在第四季度增長了中個位數。在全年，由於今年前 3 個季度患者監測增長放緩，Connected Care 業務的可比訂單量下降了 1%。值得注意的是，我們預計 2019 年我們在該業務中的市場份額將保持穩定。

Overall, growth geographies continued to perform well with high single-digit order intake in the quarter driven by double-digit growth in China, Latin America and Russia. Mature geography order intake grew low single digit with growth in North America and Western Europe.

總體而言，在中國、拉丁美洲和俄羅斯兩位數增長的推動下，增長型地區繼續表現良好，本季度訂單量達到高單位數。隨著北美和西歐的增長，成熟地區的訂單量增長低個位數。

Let me now turn to the profitability development in the fourth quarter. Adjusted EBITA for the group increased by EUR 95 million and the margin increased by 50 basis points compared to the fourth quarter of 2018. Our business segments delivered 120 basis point adjusted EBITA margin improvement, which was partly offset by the decrease of license income.

現在讓我談談第四季度的盈利能力發展。與 2018 年第四季度相比，集團調整後的 EBITA 增加了 0.95 億歐元，利潤率增加了 50 個基點。我們的業務部門實現了 120 個基點的調整後 EBITA 利潤率改善，部分被許可收入的減少所抵消。

The Diagnosis & Treatment business delivered an adjusted EBITA margin improvement of 40 basis points compared to the fourth quarter of 2018, mainly driven by sales growth, partly offset by investments and tariffs. In the full year, the adjusted EBITA margin in the Diagnosis & Treatment business increased by 140 basis points. We are encouraged to see an adjusted EBITA margin increase of 160 basis points in Connected Care in the fourth quarter, led by the patient monitoring business. The improved profitability for this segment was a result of sales growth and productivity, partly offset by tariffs.

與 2018 年第四季度相比，診斷和治療業務的調整後 EBITA 利潤率提高了 40 個基點，這主要是由銷售增長推動的，部分被投資和關稅所抵消。全年，診療業務調整後EBITA利潤率增長140個基點。我們很高興看到第四季度 Connected Care 的調整後 EBITA 利潤率增長了 160 個基點，這主要是在患者監護業務的帶動下。該部門盈利能力的提高是銷售增長和生產力的結果，部分被關稅抵消。

Personal Health delivered a strong adjusted EBITA margin increase of 200 basis points in the quarter and closed the full year with an increase of 50 basis points compared to 2018. These improvements were driven by growth, a positive mix impact and productivity, partly offset by tariffs.

個人健康業務在本季度實現了強勁的調整後 EBITA 利潤率增長 200 個基點，全年結束時與 2018 年相比增長了 50 個基點。這些改善是由增長、積極的組合影響和生產力推動的，部分被關稅抵消.

The overall negative impact from tariffs in the fourth quarter was in line with our expectations. In the full year, we saw gross tariff impact of more than EUR 100 million for the group, resulting in a net impact after compensating actions of around EUR 70 million. Adjusted EBITA for the group was also impacted by a decrease of license income in the fourth quarter as well as the full year, which was in line with our prior guidance.

第四季度關稅的總體負面影響符合我們的預期。全年，我們看到該集團的總關稅影響超過 1 億歐元，在採取補償措施後產生的淨影響約為 7000 萬歐元。該集團調整後的 EBITA 也受到第四季度和全年許可收入減少的影響，這與我們之前的指引一致。

Our productivity program delivered EUR 125 million net savings in the fourth quarter. More specifically, procurement savings, in part driven by our Design for Excellence program, delivered EUR 39 million of bill of materials savings year-on-year. Net nonmanufacturing cost reductions amounted to EUR 82 million, and the manufacturing productivity program contributed EUR 4 million in the quarter. Productivity savings amounted to EUR 480 million in the full year 2019, and we are well on track for our overall 2017 to 2020 productivity savings target of EUR 1.8 billion.

我們的生產力計劃在第四季度實現了 1.25 億歐元的淨節省。更具體地說，部分由我們的卓越設計計劃推動的採購節省同比節省了 3900 萬歐元的材料清單。淨非製造業成本削減達 8200 萬歐元，製造業生產力計劃在本季度貢獻了 400 萬歐元。 2019 年全年生產力節約總計 4.8 億歐元，我們正在順利實現 2017 年至 2020 年 18 億歐元的總體生產力節約目標。

Overall, the adjusted EBITDA in the fourth quarter increased by EUR 165 million, resulting in a margin of 22.4% of sales, 150 basis points higher than in the fourth quarter of 2018. In the full year, adjusted EBITDA increased by EUR 410 million to 18% of sales compared to 17.1% in 2018. This includes the impact from the implementation of IFRS 16 lease accounting as of January 1, 2019.

總體而言，第四季度調整後的 EBITDA 增加了 1.65 億歐元，銷售額的利潤率為 22.4%，比 2018 年第四季度高出 150 個基點。全年，調整後的 EBITDA 增加了 4.1 億歐元至佔銷售額的 18%，而 2018 年為 17.1%。這包括自 2019 年 1 月 1 日起實施 IFRS 16 租賃會計的影響。

Income tax expense increased by EUR 134 million in Q4, mainly due to lower noncash benefits from tax audit resolutions and business integration compared to Q4 2018, partly offset by lower provisions for tax risks. For the full year, our effective tax rate was 22%, which is below the guided range of 24% to 26%, largely due to nonrecurring tax benefits from business integration.

所得稅費用在第四季度增加了 1.34 億歐元，這主要是由於與 2018 年第四季度相比，稅務審計決議和業務整合帶來的非現金收益減少，部分被稅收風險準備金減少所抵消。全年，我們的有效稅率為 22%，低於 24% 至 26% 的指導範圍，這主要是由於業務整合帶來的非經常性稅收優惠。

Net income amounted to EUR 556 million in the quarter, including charges of EUR 108 million related to value adjustment of capitalized development assets and impairment of goodwill and acquired intangible assets. 1/3 of these total charges of EUR 108 million is related to the portfolio optimization following the acquisition of Carestream's Healthcare Information Systems. We now have in our portfolio a world-class enterprise imaging platform, and as a result, have decided to refocus our efforts in the field, leading to restructuring of development team and writing off of capitalized R&D. The rest are due to choices we have made to address parts of the portfolio and performance in Diagnosis & Treatment.

本季度淨收入為 5.56 億歐元，其中包括 1.08 億歐元與資本化開發資產價值調整和商譽減值以及收購的無形資產相關的費用。在這些 1.08 億歐元的總費用中，有 1/3 與收購 Carestream 的 Healthcare Information Systems 後的產品組合優化有關。現在，我們的產品組合中擁有世界一流的企業成像平台，因此，我們決定重新關注該領域的工作重點，從而重組開發團隊並註銷資本化研發。其餘的是由於我們為解決診斷和治療中的部分產品組合和性能而做出的選擇。

In the full year, net income amounted to EUR 1.173 billion compared to EUR 1.097 billion in 2018. The adjusted EPS from continuing operations increased by 9% in the fourth quarter and by 15% in the full year compared to 2018. Net cash flow from operating activities was EUR 2 billion in the year, and we delivered a free cash flow of more than EUR 1 billion.

全年淨收入為 11.73 億歐元，而 2018 年為 10.97 億歐元。調整後的持續經營業務每股收益在第四季度增長 9%，與 2018 年相比全年增長 15%。淨現金流來自當年的經營活動為 20 億歐元，我們提供了超過 10 億歐元的自由現金流。

Now I would like to give you an update on what we expect to see in the main health care markets of 2020. We continue to experience positive momentum in North America for our portfolio and approach to build long-term strategic partnerships with key customers.

現在，我想向您介紹我們對 2020 年主要醫療保健市場的預期最新情況。我們在北美的產品組合和與主要客戶建立長期戰略合作夥伴關係的方法繼續保持積極勢頭。

Overall, we expect U.S. health care market growth in 2020 to be similar to 2019 in the low single-digit level. For Western Europe, we continue to expect modest low single-digit growth in 2020. For China, we expect another year of mid- to high single-digit health care market growth, mainly driven by government policies to further increase access to care and the expansion of private investments in the sector. Overall, consumer sentiment remains a bit subdued in China, and I would like to flag that the impact of the coronavirus might adversely influence consumer market demand.

總體而言，我們預計 2020 年美國醫療保健市場的增長將與 2019 年相似，處於較低的個位數水平。對於西歐，我們繼續預計 2020 年將實現適度的低個位數增長。對於中國，我們預計醫療保健市場將再次實現中高個位數增長，這主要是受政府政策進一步增加獲得醫療服務的推動以及擴大該部門的私人投資。總體而言，中國的消費者情緒仍然有些低迷，我想指出，冠狀病毒的影響可能會對消費市場需求產生不利影響。

Let me provide some guidance for certain areas of our business. While it is good news that the U.S. and China have reached the first phase accord based on the announcements made so far, the full year gross impact of tariffs is expected to be in line with the last year of around EUR 100 million. Including mitigating actions, we expect the net tariff impact to be around EUR 70 million in 2020, which is also largely in line with the impact seen in 2019.

讓我為我們業務的某些領域提供一些指導。雖然根據迄今為止宣布的消息，美國和中國已達成第一階段協議是個好消息，但預計全年關稅的總影響將與去年持平，約為 1 億歐元。包括緩解措施在內，我們預計 2020 年的淨關稅影響約為 7000 萬歐元，這也與 2019 年的影響基本一致。

Of course, we continue to invest in the necessary countermeasures and expect the results to gradually kick in. It is fair to say, however, that the mitigation of these trade tariffs has proven to be more arduous and time-consuming than originally assumed, and in large part, related to a long tail of components that these are subject to.

當然，我們會繼續投資於必要的反制措施，並期待結果會逐漸顯現。然而，公平地說，事實證明，這些貿易關稅的緩和比原先設想的更加艱鉅和耗時，而且在很大程度上，與這些組件的長尾有關。

In the segment Other, on an adjusted EBITA level, we expect full year costs at around EUR 115 million in 2020, which is a decline of EUR 40 million versus 2019, mainly due to lower license income and investments in quality and regulatory affairs. At EBITA level, we expect a net cost of around EUR 185 million for the full year 2020. For Q1, we expect a net cost of around EUR 50 million at the adjusted EBITA level and around EUR 60 million at the EBITA level in this segment.

在其他部門，根據調整後的 EBITA 水平，我們預計 2020 年全年成本約為 1.15 億歐元，比 2019 年減少 4000 萬歐元，這主要是由於許可證收入以及對質量和監管事務的投資減少。在 EBITA 層面，我們預計 2020 年全年的淨成本約為 1.85 億歐元。對於第一季度，我們預計該部門調整後的 EBITA 水平的淨成本約為 5000 萬歐元，EBITA 水平的淨成本約為 6000 萬歐元.

In line with our previous guidance, restructuring charges are expected to be 90 to 100 basis points, and acquisition-related costs are expected to be around 40 basis points in 2020. We expect onetime EU MDR investments of around EUR 50 million in the year and consent decree-related costs to be around EUR 10 million a quarter, similar to the quarterly run rate of 2019, unless any changes in the status with the FDA.

根據我們之前的指引，2020 年重組費用預計為 90 至 100 個基點，與收購相關的成本預計約為 40 個基點。我們預計 2020 年一次性歐盟 MDR 投資約為 5000 萬歐元，與同意令相關的成本約為每季度 1000 萬歐元，與 2019 年的季度運行率相似，除非 FDA 的狀態發生任何變化。

Financial income and expenses are expected to be a net cost of around EUR 200 million in 2020. This is higher than in 2019, largely due to nonrecurring dividend payments received in 2019. For effective tax rate, we keep our midterm guidance of 24% to 26%, excluding incidentals.

預計 2020 年財務收入和支出的淨成本約為 2 億歐元。這高於 2019 年，這主要是由於 2019 年收到的非經常性股息支付。對於有效稅率，我們將中期指導保持在 24% 至26%，不包括雜費。

On the topic of capital allocation. As of the end of the fourth quarter, we had completed 41.5% of the EUR 1.5 billion share buyback program for capital reduction purposes announced on January 2019. In the fourth quarter, we also completed the cancellation of 8.5 million repurchased shares. With that, the total number of issued shares outstanding was 891 million at the end of the year compared to 914 million shares at the end of 2018. We will submit a proposal for proposed -- for dividend at EUR 0.85 per share against the net income of 2019, which keeps us within the target payout ratio of 40% to 50% of continuing net income.

關於資本配置的話題。截至第四季度末，我們已完成 2019 年 1 月宣布的 15 億歐元用於減資的股份回購計劃的 41.5%。第四季度，我們還完成了 850 萬股回購股份的註銷。因此，年末已發行股票總數為 8.91 億股，而 2018 年底為 9.14 億股。我們將提交一份提案，以每股 0.85 歐元的股息抵消淨收入2019 年，這使我們保持在持續淨收入的 40% 至 50% 的目標派息率之內。

On reporting matters, we expect to continue to account for the Domestic Appliance business under Personal Health until the separation process is completed. We do not estimate that the disentanglement -- we do not estimate the disentanglement to have a significant impact on our overall financials as the Domestic Appliance business margins are slightly lower than the group's, and we expect to have stranded cost. We will give additional guidance on this topic in due course.

在報告事項上，我們預計將繼續在個人健康下對家用電器業務進行會計處理，直到分離過程完成。我們估計這種分離 - 我們估計這種分離不會對我們的整體財務狀況產生重大影響，因為家用電器業務的利潤率略低於該集團的利潤率，而且我們預計會有擱淺成本。我們將在適當的時候就此主題提供額外的指導。

We aim for a 4% to 6% comparable sales growth and an adjusted EBITA margin improvement of around 100 basis points for the group this year. Based on the order book analysis for our professional health care-related businesses and the sales seasonality observed in Personal Health, as well as the potential impact of the coronavirus on consumer buying behavior, we expect a slow start to the year with comparable sales growth for Q1 being below the guidance for the year.

我們的目標是今年該集團的可比銷售額增長 4% 至 6%，調整後的 EBITA 利潤率提高約 100 個基點。根據我們專業醫療保健相關業務的訂單分析和個人健康業務的銷售季節性，以及冠狀病毒對消費者購買行為的潛在影響，我們預計今年開局緩慢，銷售額增長可比第一季度低於今年的指導。

We also estimate a headwind of EUR 30 million in the adjusted EBITA due to lower license income in Q1 of 2019. As a result, we do not expect meaningful improvement in the adjusted EBITA margin for the group in the first quarter. The performance momentum is expected to improve in the course of the year.

由於 2019 年第一季度的許可收入較低，我們還估計調整後的 EBITA 將面臨 3000 萬歐元的逆風。因此，我們預計第一季度該集團的調整後 EBITA 利潤率不會有顯著改善。業績勢頭有望在年內有所改善。

In conclusion, let me make the following remarks. Despite increasing headwinds, our comparable sales grew 4.5% in 2019. We delivered a free cash flow of more than EUR 1 billion, adjusted EBITA increased by almost EUR 200 million to 13.2% of sales and adjusted diluted EPS from continuing operations grew 15% in the year.

最後，讓我發表以下評論。儘管不利因素越來越多，但我們的可比銷售額在 2019 年增長了 4.5%。我們實現了超過 10 億歐元的自由現金流，調整後的 EBITA 增加了近 2 億歐元，佔銷售額的 13.2%，調整後的持續經營攤薄每股收益增長了 15%那一年。

We continue on our transformation journey and expect profitability to improve in 2020 due to the performance trajectory in Diagnosis & Treatment and Personal Health businesses, and a gradual recovery in Connected Care.

我們繼續我們的轉型之旅，並預計 2020 年的盈利能力將由於診斷和治療和個人健康業務的業績軌跡以及 Connected Care 的逐步復甦而提高。

With that, we will now open the line for your questions. Thank you.

有了這個，我們現在將打開您的問題熱線。謝謝。

(Operator Instructions) We will now take our first question from Michael Jungling from Morgan Stanley.

（操作員說明）我們現在將接受來自摩根士丹利的 Michael Jungling 的第一個問題。

I have 2 questions. Firstly, when it comes to Chinese manufacturing and your assembly businesses, can you comment on whether production is being impacted in any of your 3 divisions through restriction of staff movements or supplier issues? And then question number two is on Domestic Appliances. Can you comment on the size, perhaps, of the sales or the cost synergies that will come from the sale of this business? Meaning, should we expect an extra EUR 50 million or EUR 100 million of costs that was allocated previously through overhead for various divisions now to be absorbed by the remaining division post Domestic Appliances, so cost dissynergies on the disposal of Domestic Appliances?

我有兩個問題。首先，談到中國製造和您的裝配業務，您能否評論一下您的三個部門中的任何一個部門的生產是否因員工流動限製或供應商問題而受到影響？第二個問題是關於家用電器的。您能否評論一下銷售規模或出售該業務將產生的成本協同效應？意思是，我們是否應該期望以前通過間接費用分配給各個部門的額外 5000 萬歐元或 1 億歐元的成本現在被剩餘的家用電器部門吸收，那麼家用電器處置的成本不協調？

Yes. Michael, this is Frans. Let's first talk about China. Situation is developing as we speak, right? And there's not yet impact on manufacturing and production. In fact, it's a normal week off in relation to Chinese New Year. Authorities have indicated that, that vacation period should be extended by another week in order to restrict the virus to spread.

是的。邁克爾，這是弗蘭斯。我們先說說中國。就在我們說話的時候，情況正在發展，對嗎？而且還沒有對製造和生產產生影響。事實上，這是與農曆新年相關的正常休息週。當局表示，假期應該再延長一周，以限制病毒傳播。

There are some differentiation across the country also between parts of the business. For example, our respiratory business has been asked to produce extra hospital masks. So our people are all very active supporting hospitals with the diagnostic equipment to extend more services so that the CT scanners can work around the clock for diagnosing patients.

在全國各地，部分業務之間也存在一些差異。例如，我們的呼吸業務被要求生產額外的醫用口罩。因此，我們的員工都非常積極地支持醫院提供診斷設備以擴展更多服務，以便 CT 掃描儀可以全天候工作以診斷患者。

I am concerned that if, let's say, this prolongs that supply chain may be impacted. But we have not yet -- it's too early to say what the impact is. We have a supply chain organization that is mapping out scenarios and backup scenarios. So we try to be as prepared as possible.

我擔心，比方說，如果這延長了供應鏈可能會受到影響。但我們還沒有——現在說影響是什麼還為時過早。我們有一個供應鏈組織，正在製定場景和備份場景。所以我們盡量做好準備。

With regards to your second question. As Abhijit mentioned, there could be some stranded cost. Of course, as you know us, we will always try to eventually take that out. So we have just announced the start of this process, which can take 12 to 18 months. Typically, we start with a design phase in which we detail out how the carve-out will happen, making sure that both the DA business, but also, let's say, the Philips business can be performing well.

關於你的第二個問題。正如 Abhijit 提到的，可能會有一些滯留成本。當然，正如您所知，我們將始終努力最終解決這個問題。所以我們剛剛宣布開始這個過程，這可能需要 12 到 18 個月。通常，我們從設計階段開始，詳細說明分拆將如何進行，以確保 DA 業務以及比方說飛利浦業務都能表現良好。

In some of the emerging markets, the DA business is quite a sizable proportion of the total revenue, so we will have to design good solutions for that. The DA business is, as Abhijit said, slightly under the average of Philips. I think this is a topic that we should come back on in the course of the year as we gain insights in that design process, and then we'll certainly inform you further.

在一些新興市場，DA業務佔總收入的比例相當大，因此我們必須為此設計好的解決方案。正如 Abhijit 所說，DA 業務略低於飛利浦的平均水平。我認為這是一個我們應該在今年的過程中重新討論的主題，因為我們在設計過程中獲得了深刻的見解，然後我們一定會進一步通知您。

Frans, can I just confirm, so the stranded costs that will arise out of this, you will intend to report as abnormal charge? Or, if you like, it will not be included in the EBITA adjusted. Is that correct?

Frans，我可以確認一下，因此由此產生的滯留成本，您打算報告為異常費用嗎？或者，如果您願意，它不會被包含在調整後的 EBITA 中。那是對的嗎？

Yes. So we don't adjust stranded cost out of the profitability. So it will be a headwind until such time that we, let's say, deal with those stranded costs.

是的。因此，我們不會從盈利能力中調整擱淺成本。因此，在我們處理這些滯留成本之前，這將是一個不利因素。

If we can -- if later on in the design phase we have a good handle on that, we can say here's what we reckon with and here's how long it will take us to take it out, right? Because overall we remain entirely committed to our improvement path. And it also means that we have now a long-term appetite to absorb costs, right? So it's just that in the near term, we need to be realistic as to how fast we can do this.

如果我們可以——如果在設計階段的後期我們對此有很好的處理，我們可以說這就是我們所考慮的，這就是我們需要多長時間才能把它拿出來，對吧？因為總的來說，我們仍然完全致力於我們的改進道路。這也意味著我們現在有吸收成本的長期胃口，對吧？所以只是在短期內，我們需要對我們能以多快的速度做到這一點持現實態度。

We will now take our next question from Veronika Dubajova from Goldman Sachs.

我們現在將接受來自高盛的 Veronika Dubajova 的下一個問題。

Just as a follow-up to Michael's question. Just curious to get a little bit of your thought process of why you are considering divesting Domestic Appliances now. I know you've been asked this question many times over, over the past few years. And just curious what's led you to conclude that now is a good time and how you're thinking about any potential proceeds and how those could be deployed.

就像邁克爾問題的後續行動一樣。只是想知道您為什麼現在考慮剝離家用電器的思考過程。我知道在過去的幾年裡，你已經多次被問到這個問題。只是好奇是什麼讓您得出現在是好時機的結論，以及您如何考慮任何潛在收益以及如何部署這些收益。

And then, Abhijit and Frans, if I can just -- if we can just get your help in terms of how to think about Connected Care for 2020. Obviously, exiting 2019, the order growth is negative. Curious if you have any thoughts on what revenue growth looks like as a result of that as we move into 2020? And also maybe a little bit of comment on the margin improvement. It's been quite a difficult division to model, I think, for all of us. So I'd appreciate some guidance on that.

然後，Abhijit 和 Frans，如果我能——如果我們能在如何考慮 2020 年的 Connected Care 方面得到你們的幫助。顯然，退出 2019 年，訂單增長是負的。想知道當我們進入 2020 年時，您是否對由此帶來的收入增長有什麼想法？也許還有一些關於利潤率改善的評論。我認為，對我們所有人來說，這是一個很難建模的部門。因此，我希望得到一些指導。

Sure, Veronika. Well, we have been quite transparent in the many conversations that we have all had with you and investors that we don't consider Domestic Appliances as strategic to our longer-term health technology journey. And then we also said quite often that we feel that we are a good owner because we have been able to improve the business in terms of size and profitability, right?

當然，維羅妮卡。好吧，在我們與您和投資者進行的許多對話中，我們一直非常透明，我們不認為家用電器對我們的長期健康技術之旅具有戰略意義。然後我們也經常說，我們覺得我們是一個好所有者，因為我們已經能夠在規模和盈利方面改善業務，對嗎？

So now it's a EUR 2.3 billion business with double-digit profitability, strong market positions. And the decision then to now finally take the step to externalize the DA business relates to our desire to enhance focus on our health technology business, to strengthen and grow that health technology portfolio. That also means that in terms of deployment of proceeds, while staying true to our capital allocation strategy, we would expect to go -- to at least allocate a significant part to potential acquisitions, if we can, of course, find a good business case, right?

所以現在它是一個 23 億歐元的業務，具有兩位數的盈利能力和強大的市場地位。然後，現在最終採取措施將 DA 業務外部化的決定與我們加強對健康技術業務的關注、加強和發展該健康技術組合的願望有關。這也意味著，就收益分配而言，在堅持我們的資本配置策略的同時，我們希望——至少將很大一部分分配給潛在的收購，當然，如果我們能找到一個好的商業案例的話， 正確的？

So basically, we want to continue on our strategy. We feel good about it. We also feel that the DA business is in great shape for a stand-alone life. Of course, continuing to leverage the Philips brand that can then also give us an additional brand license income revenue stream.

所以基本上，我們想繼續我們的戰略。我們對此感覺很好。我們還認為 DA 業務非常適合獨立生活。當然，繼續利用飛利浦品牌也可以為我們提供額外的品牌許可收入收入來源。

Then on Connected Care, I flagged in the third quarter that I had moved already closer to that business. Clearly, we recognize the inadequate margin and revenue performance, even though I am absolutely convinced that Connected Care is a great business with a very good strategy where customers resonate with our outlook and vision.

然後在 Connected Care 上，我在第三季度表示我已經接近該業務。顯然，我們認識到利潤率和收入表現不足，儘管我絕對相信 Connected Care 是一家偉大的企業，擁有非常好的戰略，客戶與我們的前景和願景產生共鳴。

The measures that we took in the third quarter includes a change of leadership of the Monitoring & Analytics business. Furthermore, Carla and I have agreed to move on in terms of overall leadership. We have now appointed Roy Jakobs. The Monitoring & Analytics business already showed a sign of increased momentum in the fourth quarter, with both order growth and revenue growth and margin expansion. But clearly, more has to be done across the Connected Care portfolio over the coming year.

我們在第三季度採取的措施包括更換監控與分析業務的領導層。此外，卡拉和我已同意在整體領導方面繼續前進。我們現在任命了 Roy Jakobs。監控與分析業務在第四季度已經顯示出增長勢頭，訂單增長、收入增長和利潤率均有所增長。但很明顯，未來一年，Connected Care 產品組合還有更多工作要做。

I appreciate your comment that it's not easy to model. We would like to say that we believe that we will see an improved growth rate in 2020, both the orders that we got in, in the fourth quarter as well as what we see in our funnel would support that and a gradual margin improvement.

我很感激你的評論，說建模並不容易。我們想說的是，我們相信我們將在 2020 年看到增長率提高，我們在第四季度獲得的訂單以及我們在漏斗中看到的訂單都將支持這一點，並逐步提高利潤率。

Maybe also, I'd look to Abhijit for some further color on this.

也可能，我會向 Abhijit 尋求更多信息。

Yes. I think, Frans, we've provided most of it. Yes, Veronika, you mentioned negative order intake for the year, but I think it's good to see the trajectory that it has moved, right? The first half was actually a mid-single-digit decline, and then we stabilized and then we ended with good growth in the end of the year at mid-single digit.

是的。我想，弗蘭斯，我們已經提供了大部分。是的，Veronika，你提到了今年的負訂單量，但我認為很高興看到它已經移動的軌跡，對吧？上半年實際上是中個位數的下降，然後我們穩定下來，然後我們在年底以中個位數的良好增長結束。

I think also encouraging is that we had in patient monitoring good order intake growth as well as good sales. So you see that, let's say, in the high-margin business when the sales come in, the improvement in margin is quite significant. So I think we expect it to contribute well to the 100 basis points overall company margin improvement for next year. And let's say, that was the big deterrent in 2019, and that is what we hope to turn around for next year.

我認為同樣令人鼓舞的是，我們耐心地監測良好的訂單增長和良好的銷售情況。所以你看，比方說，在銷售進入時的高利潤業務中，利潤率的提高非常顯著。因此，我認為我們預計它將為明年公司整體利潤率提高 100 個基點做出貢獻。可以說，這是 2019 年的最大威懾力量，也是我們希望明年扭轉局面的原因。

We will now take our next question from Hassan Al-Wakeel from Barclays.

我們現在將接受來自巴克萊銀行的 Hassan Al-Wakeel 的下一個問題。

I have a couple. So firstly, another on Domestic Appliances. In terms of structure, would you look to retain any ownership in the business? Or do you -- would your preference be to fully dispose the asset, given that you've mentioned that it is noncore? And on your previous comment on proceeds and potential M&A, does that temper your future expectations around the buyback? And then secondly, could you talk about the main building blocks of the 100 basis points in 2020? And should we expect the majority within D&T and, more specifically, within DI? And if so, does the increased investments that you highlighted in Q4 to your expectations at all here?

我有一對。首先，另一個關於家用電器的問題。在結構方面，您是否希望保留對企業的任何所有權？或者你 - 你是否願意完全處置資產，因為你已經提到它是非核心資產？關於您之前對收益和潛在併購的評論，這是否會降低您對回購的未來預期？其次，您能否談談 2020 年 100 個基點的主要組成部分？我們是否應該期望 D&T 中的大多數人，更具體地說，是 DI 中的大多數人？如果是這樣，您在第四季度強調的增加投資是否完全符合您的預期？

Okay. Let's take that one by one. It is our intention to fully dispose the Domestic Appliances business. Now as I said, it's very early in the process. So we need to look at what comes, a knock on our door, we expect a strong interest. However, we keep all options open at this time. So like we have done before, we are not going to preselect one pathway over another.

好的。讓我們一個一個地講。我們有意全面出售家電業務。正如我所說，現在還處於這個過程的早期階段。所以我們需要看看會發生什麼，敲我們的門，我們期待強烈的興趣。但是，我們此時保留所有選項。因此，就像我們之前所做的那樣，我們不會預先選擇一條途徑而不是另一條途徑。

With regards to proceeds, I think I did say that we will stay true to our capital allocation strategy, while, of course, also saying that we look to strengthen our overall portfolio, all right? So I don't know how to be more clearer than that, Hassan, but let's keep it at that.

關於收益，我想我確實說過我們將堅持我們的資本配置策略，同時，當然，也說我們希望加強我們的整體投資組合，好嗎？所以我不知道如何說得更清楚，哈桑，但讓我們保持這樣。

And then, yes, unpacking the building blocks for margin expansion. Look, we expect margin expansion in all businesses. We have a good portfolio of innovations. Personal Health and Connected Care are already touching into the guided range, but clearly have a lot of opportunity to further expand. D&T is still just below the guided range. And there, we have a clear interest to get into the guided range in 2020. So that would mean that a significant step-up should come from the D&T portfolio. You have seen a year-on-year improvement in D&T of, off the top of my head, 107...

然後，是的，拆開利潤擴張的基石。看，我們預計所有業務的利潤率都會擴大。我們有很好的創新組合。 Personal Health 和 Connected Care 已經進入指導範圍，但顯然還有很多機會進一步擴展。 D&T 仍略低於指導範圍。在那裡，我們有明確的興趣在 2020 年進入指導範圍。因此這意味著 D&T 產品組合應該有顯著的提升。你已經看到了 D&T 的逐年改進，在我的腦海中，107...

140.

140.

140 basis points. So it is above the average of Philips. At the same time, you heard me talk about the need to turn around and further improve the performance of Connected Care. Now I would flag that, that will take some time to gain momentum. We have started to see a good impact in Monitoring & Analytics.

140個基點。所以它高於飛利浦的平均水平。與此同時，您聽到我談到需要扭轉局面並進一步提高 Connected Care 的績效。現在我要指出的是，這需要一些時間才能獲得動力。我們已經開始看到監控和分析方面的良好影響。

On the Sleep & Respiratory Care side, we have seen good performance in the sleep business in the fourth quarter. In fact, through the year, while the hospital -- the home ventilation business was -- had a slowdown due to the changes in the reimbursement process and we consequently sold more of the oxygen business that had a lower margin. We expect that reimbursement situation to ease up in the course of 2020. The sleep business will continue with strong momentum.

在睡眠和呼吸護理方面，我們看到第四季度睡眠業務的良好表現。事實上，在這一年裡，雖然醫院——家庭通風業務——由於報銷流程的變化而放緩，我們因此出售了更多利潤率較低的氧氣業務。我們預計報銷情況將在 2020 年有所緩解。睡眠業務將繼續保持強勁勢頭。

Of course, I'm very much aware that on the mask side, 2018 was a very strong year for us. 2019 became a stronger year for our competitor. But we will fight back and we think that we are also, there, looking at an increased momentum during the year. Again, I look to my neighbor here, Abhijit, whether I missed out on anything?

當然，我非常清楚在面具方面，2018 年對我們來說是非常強勁的一年。 2019 年對我們的競爭對手來說是更強大的一年。但我們會反擊，我們認為我們也在那裡，在這一年裡看到了增長的勢頭。再一次，我看看我的鄰居 Abhijit，我是否錯過了什麼？

Very comprehensive, Frans. So I think the only other thing I would say is the procurement headwinds in -- or the procurement savings that we normally deliver, we were a bit short because of strengthening material prices in 2019. And based on what we see in the market, that will give us some more leverage to drive the bigger improvement next year.

非常全面，弗蘭斯。所以我認為我唯一要說的另一件事是採購逆風 - 或者我們通常提供的採購節省，由於 2019 年材料價格走強，我們有點短缺。根據我們在市場上看到的情況，會給我們更多的影響力來推動明年更大的進步。

We will now take our next question from Patrick Wood from Bank of America.

我們現在將接受來自美國銀行的 Patrick Wood 的下一個問題。

I have 2, please. The first would be within D&T. I know you touched on this a little bit with the tariffs in Q4 and then the incremental investments, but I was a little surprised the margin wasn't up a little bit more. Was the investment side mostly support costs associated with the CT launch? I mean, just -- it'd be helpful to understand why the D&T margin in Q4 wasn't quite up as much as we had expected, because I would have thought that would have been a similar hit to the other quarters. That'd be the first question.

我有 2 個。第一個是在 D&T 內部。我知道你在第四季度的關稅和增量投資中談到了這一點，但我有點驚訝利潤率沒有增加一點。投資方是否主要支持與 CT 發射相關的成本？我的意思是，理解為什麼第四季度的 D&T 利潤率沒有達到我們預期的那麼高會很有幫助，因為我本以為其他季度也會受到類似的打擊。那將是第一個問題。

And then the second one, similarly in D&T. I'd love to have a little bit more details on the write-down side on the enterprise side of things. What sort of prompted you to take that view? Are we seeing any change on that part of the market that sort of prompted that decision? It'd be just helpful to get a little bit of color.

然後是第二個，與 D&T 中的類似。我很想在企業方面的減記方面提供更多細節。是什麼促使您採取這種觀點？我們是否看到市場的那部分有任何變化促使做出該決定？獲得一點顏色會很有幫助。

Yes. Let me take those, Patrick. If you look at the D&T sales for Q4, it was, let's say, not as high as in Q3. There was a certain phasing element in that. And I think that was largely the cause for the lower profit step-up in the fourth quarter. Of course, there was a profit step-up but lower than Q3.

是的。讓我拿走那些，帕特里克。如果你看一下第四季度的 D&T 銷售額，比方說，它沒有第三季度那麼高。其中有一定的階段性因素。我認為這在很大程度上是第四季度利潤增長較低的原因。當然，利潤有所上升，但低於第三季度。

There are a couple of reasons for that. One big element was Japan. We had -- Japan is Philips' fourth largest market, and we had big growth in Q3 because there was a consumption tax that came into effect from the 1st of October. That, of course, then translates into much lower Q4 and Q1. So I think you should look at that as a bit of phasing because, of course, we had a very, very strong improvement in performance in Q3. But you should not look to extrapolate that for the full year. I think the 140 basis points that we have done for the full year is pretty much in line with the plans that we had.

有幾個原因。日本是一大因素。我們有——日本是飛利浦的第四大市場，我們在第三季度實現了大幅增長，因為消費稅從 10 月 1 日開始生效。當然，這會轉化為更低的 Q4 和 Q1。所以我認為你應該把這看作是一個分階段的過程，因為當然，我們在第三季度的表現有了非常非常強勁的改善。但是您不應該將其推斷為全年。我認為我們全年所做的 140 個基點與我們的計劃非常一致。

And when we set the target to go to the range of 14% to 16%, we were around the 8%. So we have been making this 140 to 200 basis points improvement every year. And I think if we continue on that trajectory, we will get into the range of 14% to 16%. So that's how I would look at that, not a specific increase in tariffs that impacted, it was more the phasing of sales and some incremental investments mostly related to Q&R.

當我們將目標設定在 14% 到 16% 的範圍內時，我們在 8% 左右。因此，我們每年都在進行 140 到 200 個基點的改進。我認為，如果我們繼續保持這一軌跡，我們將達到 14% 至 16% 的範圍。所以這就是我的看法，不是關稅的具體增加產生影響，更多的是銷售的分階段和一些主要與 Q&R 相關的增量投資。

On the write-down, these were, yes, relatively small, even not product lines but products where, let's say, we have decided based -- going forward that we will not make investments in those areas, so the capitalized part of the R&D had to be written off. So it's not something big or a change in strategic direction.

在減記方面，這些是，是的，相對較小，甚至不是產品線，而是產品，比方說，我們已經決定基於 - 未來我們不會在這些領域進行投資，所以研發的資本化部分必須註銷。所以這不是什麼大事，也不是戰略方向的改變。

The last thing on D&T may be good to mention. In the x-ray business of D&T, also, we saw the biggest impact on the, let's say, relocation of production. So that dampened profits a little bit in Q4. That should also start getting eased from Q2 onwards. So that would be the only additional input that I would give.

關於 D&T 的最後一件事可能值得一提。在 D&T 的 X 射線業務中，我們也看到了對生產搬遷的最大影響。因此，這在第四季度略微抑制了利潤。這也應該從第二季度開始得到緩解。所以這將是我要提供的唯一額外意見。

Got you. And maybe just one more very quickly. Q1 onwards, the U.S. order books got a little bit less. Can you kind of annualize out of the really tough comps, I guess? Is the expectation from you guys that we should start to see a slightly more normalized order book growth on that side of things in North America as we move past that tough comp base, that'd be helpful.

明白了也許很快就會再增加一個。從第一季度開始，美國訂單有所減少。我猜你能從真正艱難的比賽中進行年化嗎？你們的期望是，隨著我們越過那個艱難的競爭基礎，我們應該開始看到北美這一方面的訂單增長略微正常化，這會有所幫助。

Yes. I mean, look, Q4, we are glad to have returned to good growth. I think we are also pleased that monitoring comes back with good growth. We -- unfortunate thing to predict it is that it has been very lumpy in the U.S., even across the businesses. So it would be going out on a limb. But we see, let's say, turning momentum in the U.S. and anywhere low single-digit margin -- market growth. So it's not that it's going to be spectacular, but we should see, let's say, growth in the first half of next year -- this year, sorry. Yes, sorry.

是的。我的意思是，看，第四季度，我們很高興恢復了良好的增長。我認為我們也很高興監控以良好的增長回歸。我們——不幸的是，它在美國一直非常不穩定，甚至在整個企業中也是如此。所以它會危在旦夕。但我們看到，比方說，美國和任何低個位數利潤率的地方——市場增長的勢頭正在轉變。所以這並不是說它會非常壯觀，但我們應該看到，比方說，明年上半年的增長 - 今年，抱歉。是的，對不起。

We will now take our next question from Ed Ridley-Day from Redburn.

我們現在將接受來自 Redburn 的 Ed Ridley-Day 的下一個問題。

First of all, I think it's a congratulations on the decision on Domestic Appliances. And obviously, that sets you up. Obviously, Roy Jakobs has done a great job at Personal Health since he arrived there. What would he specifically be focusing on in Connected Care? If you could give a bit more detail on that, that would be helpful. I have one follow-up.

首先，我認為這是對家用電器的決定表示祝賀。顯然，這會讓你做好準備。顯然，羅伊·雅各布斯 (Roy Jakobs) 自從到達那里以來，在個人健康方面做得很好。他將在 Connected Care 中特別關注什麼？如果您能提供更多詳細信息，那將很有幫助。我有一個跟進。

I already said that the strategy in Connected Care and the vision and direction is the right one. But it all has to do with execution and rallying the organization, taking the people along and turning that potential into results. There, I think Roy brings a great leadership -- people leadership experience, and I think we should see there an impact. Moreover, I think also on the Sleep & Respiratory Care side and in terms of the transition to direct to consumer, direct to patient, he has already had exposure to that in the past and I would expect him to contribute to that.

我已經說過，Connected Care 的戰略以及願景和方向是正確的。但這一切都與執行力和凝聚組織、帶動人們並將這種潛力轉化為成果有關。在那裡，我認為羅伊帶來了出色的領導能力——人員領導經驗，我認為我們應該看到它的影響。此外，我認為在睡眠和呼吸護理方面，以及在直接面向消費者、直接面向患者的過渡方面，他過去已經接觸過這一點，我希望他能為此做出貢獻。

We -- I bring to recollection that Connected Care has 2 very strong businesses with, one, Sleep & Respiratory Care; the other one, Monitoring & Analytics. We already saw an improving momentum in Monitoring & Analytics. We expect an improving momentum in Sleep & Respiratory Care. Once you have those 2 fully engaging and performing, that will give a great platform of margin expansion.

我們——我回想起 Connected Care 擁有 2 項非常強大的業務，其中一項是睡眠和呼吸護理；另一個，監控與分析。我們已經看到監控和分析方面的增長勢頭。我們預計睡眠和呼吸護理方面的勢頭會有所改善。一旦您擁有這 2 個完全參與和執行，這將提供一個很好的利潤擴展平台。

Then the investment areas. We have one investment area in Connected Care Informatics that we very much believe in. We are expanding our electronic medical record and electronic platform engagement in international markets in several countries at the same time, in Germany, in the Middle East, in Japan. And those businesses have a great potential, will bring a strong recurring revenue stream, but require initial investments. We plan to stay the course on that. On the Population Health side, we, I think, have an opportunity to improve momentum. So that will also be a focal point.

然後是投資領域。我們在 Connected Care Informatics 擁有一個我們非常相信的投資領域。我們正在同時在德國、中東、日本等多個國家/地區的國際市場上擴大我們的電子病歷和電子平台參與度。而那些業務潛力巨大，會帶來強勁的經常性收入流，但需要初期投資。我們計劃堅持下去。在人口健康方面，我認為我們有機會改善勢頭。所以這也將是一個焦點。

Now all in all, as I started with, Roy's assignment there is to bring the people together and gain momentum in the execution of what, overall, is a good strategy and, what customers keep on confirming to us, is a good business. And I feel encouraged by the order growth in the fourth quarter in Connected Care that demonstrate what I've just said.

現在總而言之，正如我開始的那樣，羅伊的任務是將人們聚集在一起，並在執行整體上獲得動力，這是一個很好的戰略，而且客戶不斷向我們確認，這是一個很好的業務。我對 Connected Care 第四季度的訂單增長感到鼓舞，這證明了我剛才所說的。

That's helpful. And a quick follow-up, Abhijit, on the -- I know you don't obviously provide subdivision margins. But if we look at the depreciation and amortization profile of Domestic Appliances, can you give us any comment there? Is it similar to the group?

這很有幫助。快速跟進，Abhijit，關於——我知道你顯然沒有提供細分利潤率。但是，如果我們看一下家用電器的折舊和攤銷情況，您能給我們一些評論嗎？是不是跟群裡的一樣？

I would need to get back to you on that, Ed.

埃德，我需要就此回复你。

It's a very asset-light business.

這是一個非常輕資產的業務。

Yes. So it would be...

是的。所以它會是...

With very high ROIC, with a supply chain that's mostly externalized. And therefore, it's also D&A -- yes, so just kind of funny, DNA-light, depreciation and amortization light.

具有非常高的 ROIC，供應鏈大部分是外部化的。因此，它也是 D&A——是的，所以只是一種有趣的 DNA 光、折舊和攤銷光。

We will now take our next question from David Adlington from JPMorgan.

我們現在將接受來自摩根大通的 David Adlington 的下一個問題。

So just maybe just picking up a little bit on the comment in the release around the more challenging environment. Maybe you could just give us further color either around geography and/or business area would be useful, please. And then secondly, just on Domestic Appliances. Just wondering if you're expecting to retain more like any ownership, any economic interest in the group, for example, through brand licensing.

因此，也許只是在圍繞更具挑戰性的環境發布的評論中稍微了解一下。也許您可以在地理和/或業務領域方面為我們提供更多有用的顏色，請。其次，就家用電器而言。只是想知道您是否期望保留更多的所有權，集團的任何經濟利益，例如，通過品牌許可。

Yes. We -- the preamble of the outlook with the ongoing geopolitical and economic risks as such, that's not new. We had headwinds in 2019. I think a lot of people interpret the truth between U.S. and China as if that problem is solved, right? Well, it is -- it's more a standstill and the details on the phase one agreement are not still fully understood, but it's our current estimation that the net impact of trade duties -- trade war-related duties will be flat year-on-year, right?

是的。我們 - 前景的序言以及持續的地緣政治和經濟風險本身，這並不新鮮。我們在 2019 年遭遇了逆風。我認為很多人將中美之間的真相解釋為問題已經解決了，對吧？好吧，這更像是停滯不前，第一階段協議的細節仍未完全了解，但我們目前估計貿易關稅的淨影響——與貿易戰相關的關稅將同比持平——年，對吧？

Then additionally, we still are having the uncertainty around the U.S. and European relationships that also, from what we could observe last week in Davos, are uncertain, right, with both continents drawing some lines in the sand. So we'll have to wait and see. We are, of course, in the middle of it with factories in Europe, in the United States and in China, and supply chains are global.

此外，我們仍然存在圍繞美國和歐洲關係的不確定性，從我們上週在達沃斯觀察到的情況來看，這也是不確定的，對吧，兩大洲都在沙子上畫了一些線。所以我們必須拭目以待。當然，我們在歐洲、美國和中國都有工廠，而且供應鍊是全球性的。

I think an upcoming thing then to watch is the coronavirus, where we already talked about it's very early days to estimate what that would cause. The macro trend for health care remains very positive. I'm convinced that overall demand in health care is slated to go up further, also leveraging technologies to drive productivity in health care and better outcomes. Well, I participated in many health care groups and met many health care providers, CEOs and ministers, and Philips is in the middle of that discussion. I think the pivot that we have made to really become a solutions provider and become stronger in informatics eventually will play out very well for us because we are better positioned than some of our traditional competitors in that field.

我認為接下來要關注的是冠狀病毒，我們已經討論過現在估計它會導致什麼還為時過早。醫療保健的宏觀趨勢仍然非常積極。我相信醫療保健的總體需求將進一步上升，同時利用技術來提高醫療保健的生產力和更好的結果。好吧，我參加了許多醫療保健團體並會見了許多醫療保健提供者、首席執行官和部長，飛利浦也在討論之中。我認為我們為真正成為解決方案提供商並在信息學方面變得更強大而做出的轉變最終會對我們產生很好的影響，因為我們在該領域比我們的一些傳統競爭對手處於更有利的位置。

On your second question on DA, it is our intent to divest it fully, but the business will require the Philips brand. And like we have done before, a brand license agreement is a good way to assure that the brand is being used in a responsible way, while it will also give us a recurring license income for the use of that brand that we can then, from time to time, renew if the performance is there. Again, it's early days. This is a 12- to 18-month process, so this is all rather hypothetical at this time. But this is where we expect the direction to go.

關於你關於 DA 的第二個問題，我們打算完全剝離它，但該業務將需要飛利浦品牌。就像我們之前所做的那樣，品牌許可協議是確保以負責任的方式使用品牌的好方法，同時它還會為我們提供使用該品牌的經常性許可收入，然後我們可以從時不時地，有表現就更新。再一次，現在還為時過早。這是一個 12 到 18 個月的過程，所以目前這一切都是假設性的。但這是我們期望的方向。

We will now take our next question from Scott Bardo from Berenberg.

我們現在將接受 Berenberg 的 Scott Bardo 的下一個問題。

Just a question on Domestic Applications -- or Appliances, rather. Frans, the fact that you discussed or your comment about proceeds, are we fair to assume that you're pursuing more of an IPO or a trade sale rather than a spinout? If you could just clarify that, that would be helpful.

只是一個關於國內應用程序的問題——或者更確切地說，是電器。 Frans，您討論的事實或您對收益的評論，我們是否可以公平地假設您正在尋求更多的 IPO 或貿易銷售而不是分拆？如果你能澄清一下，那會很有幫助。

Second question just relates, please, to order dynamics. I think in the third quarter, you highlighted an expectation of an uptick in order book growth, bringing you to around 5% order book growth for the full year. That didn't quite materialize and I think has left you with an order book growth which is below your revenue growth for the first time in many years for Philips. So I wonder if you could just comment a little bit more as to what didn't come in, in the fourth quarter that you're expecting and whether the slightly softer order dynamic impairs your ability to meet an accelerated growth outlook?

第二個問題只涉及訂單動態。我認為在第三季度，您強調了訂單增長的預期，使您全年的訂單增長達到 5% 左右。這並沒有完全實現，我認為飛利浦的訂單增長多年來首次低於收入增長。因此，我想知道您是否可以就第四季度未出現的情況發表更多評論，以及您預期的第四季度訂單動態是否會削弱您實現加速增長前景的能力？

Great. Scott, I think at this time, we will keep all our options open on how we bring DA to the market. We expect a strong interest in that business, and then how we will deal with it is something that, over time, we can discuss. So all options are open at this time.

偉大的。斯科特，我認為此時，我們將對如何將 DA 推向市場保持所有選擇。我們希望對該業務有濃厚的興趣，然後我們將如何處理它，隨著時間的推移，我們可以討論。所以此時所有的選擇都是開放的。

With regards to the order intake dynamics. Let me, first of all, point out that compared to 2018 fourth quarter was very difficult. I mean, we had 10% order growth in the fourth quarter of 2018, then you get normally 3% on top of that in 2019, which was good. Perhaps we should -- we could have been a bit more forthcoming in the third quarter about that. Now we can further go a bit into the details.

關於訂單接收動態。首先讓我指出，與 2018 年第四季度相比非常困難。我的意思是，我們在 2018 年第四季度的訂單增長了 10%，然後通常在 2019 年的基礎上再增長 3%，這很好。也許我們應該 - 我們本可以在第三季度對此更加坦誠一些。現在我們可以進一步深入細節。

And then on the equipment. So in the order intake that we call equipment, there is actually both software as well as equipment. So on the pure equipment side, we saw a 5% order growth, which is great because that typically -- that materializes in the next 15 months or so. On the software side, we still need to further align the horizon in which we book these orders. The comparison on the software order intake, let's say, brought that overall order growth number a little bit down versus the past.

然後在裝備上。所以在我們稱之為設備的訂單接收中，實際上既有軟件也有設備。因此，在純設備方面，我們看到訂單增長了 5%，這很好，因為這通常會在未來 15 個月左右實現。在軟件方面，我們仍然需要進一步調整我們預訂這些訂單的範圍。比方說，軟件訂單攝入量的比較使整體訂單增長數字與過去相比略有下降。

Abhijit, sitting next to me, points out to me that I should also mention that not only was the equipment -- the pure equipment order growth in the fourth quarter 5%, but in fact, it was that for the full year. So it also means if you look at our order book in absolute euro terms, it's actually at an all-time high, and that sets us up well to support the revenue growth this year. So you can see that we look in a different way at that order growth, and we feel comfortable that it is supporting our growth ambitions.

坐在我旁邊的 Abhijit 向我指出，我還應該提到不僅是設備——第四季度純設備訂單增長了 5%，事實上，全年都是如此。因此，這也意味著，如果您以絕對歐元計算我們的訂單，它實際上處於歷史最高水平，這使我們能夠很好地支持今年的收入增長。所以你可以看到我們以不同的方式看待訂單增長，我們對它支持我們的增長雄心感到很舒服。

I think maybe just to add, Scott. So for the software businesses, our current order intake policy we book, even if you get a 2-year or a 3-year confirmed order, which with no cancellation, it's booked as part of OIT. So therefore, the comps with last year is a bit tough.

我想也許只是補充一下，斯科特。因此，對於軟件業務，我們預訂了我們當前的訂單接收政策，即使您獲得 2 年或 3 年的確認訂單，沒有取消，它被預訂為 OIT 的一部分。因此，與去年相比有點艱難。

So as Frans mentioned, if you look at equipment growth, it is 5% for Q4 and the full year. And from next year, we will also align -- actually from this year, from 2020 and in Q1, we will mention that we will align the order intake horizon for software and hardware so that the year-on-year comparisons don't jump up and down.

因此，正如 Frans 提到的那樣，如果你看一下設備增長，第四季度和全年的增長率為 5%。從明年開始，我們還將調整——實際上從今年開始，從 2020 年和第一季度開始，我們將提到我們將調整軟件和硬件的訂單接收範圍，這樣同比比較就不會跳躍上和下。

And regarding the order book size, you can see that on Page 27 of the IR booklet that we have published, where you see clearly that the order book or the orders on hand is probably at a very high level that it has been in the past -- compared to what it has been in the past.

關於訂單簿的大小，您可以在我們發布的 IR 手冊的第 27 頁上看到，您可以清楚地看到訂單簿或手頭訂單可能處於過去的非常高的水平——與過去相比。

That's very clear. And maybe just one quick follow-up. I think the group currently targets over EUR 1.5 billion free cash flow for 2020. Is it fair to say that given the slightly softer margin dynamic of 2019 and some of the heightened investments you make that, that target is now unattainable?

這很清楚。也許只是一個快速跟進。我認為該集團目前的目標是在 2020 年實現超過 15 億歐元的自由現金流。可以說，鑑於 2019 年利潤率略微疲軟以及您為此增加了一些投資，現在該目標無法實現嗎？

That would be a bit too strong, Scott, to say it's unattainable. We think we will get there or thereabouts. So we -- this year, we were a bit above the EUR 1 billion. We were impacted to a certain extent because of the way the calendar panned out that we had to make, let's say, an additional payment run which impacted overall the number for the year that will not be there for 2020. So with the profit improvement and, let's say, also the wind-down of some of the inventory we built up for the factory transfers, we still think we have a fair shot at getting to close to the EUR 1.5 billion, if not higher.

斯科特，如果說這是無法實現的，那就太過分了。我們認為我們會到達那里或附近。所以我們 - 今年，我們略高於 10 億歐元。我們在一定程度上受到了影響，因為我們必須進行的日曆計劃的方式，比方說，額外的付款運行影響了今年的總體數量，而 2020 年將不會出現。因此，隨著利潤的改善和, 比方說，我們為工廠轉移建立的一些庫存的減少，我們仍然認為我們有機會接近 15 億歐元，如果不是更高的話。

We will now take our next question from Max Yates from Crédit Suisse.

我們現在將接受來自 Crédit Suisse 的 Max Yates 的下一個問題。

Just my first question is on the Oral Healthcare business. Could you talk a little bit around the competitive dynamics and what you've seen in market shares? Obviously, you've grown fairly strongly this year. But if you could talk a little bit about the competitive dynamics in that business and how you're seeing sort of behavior from the key competitors at the moment in terms of pricing and promotion and things like that.

我的第一個問題是關於口腔保健業務。您能否談談競爭動態以及您在市場份額中看到的情況？顯然，你今年的成長相當強勁。但是，如果你能談談該行業的競爭動態，以及你目前如何看待主要競爭對手在定價和促銷等方面的行為。

Sure. Well, I think we can be happy with a good comeback in Oral Healthcare during 2019. You will recall, 2018 was tough with our biggest competitor. But we extended the product portfolio. We introduced products at lower price points that still have great margins. We have completely recovered from the supply situation. We have stepped up our online marketing and sales. We have introduced even in the fourth quarter, let's say, oral care as a service to also stave off new entrants in the market that have started to offer that. For example, with Delta Dental, we have a subscription scheme in place that actually has proven a quick pickup in the number of subscribers.

當然。好吧，我認為我們對 2019 年口腔保健業務的良好回歸感到高興。你會記得，2018 年對我們最大的競爭對手來說是艱難的。但我們擴展了產品組合。我們以較低的價格推出了仍有很大利潤的產品。我們已經完全從供應情況中恢復過來。我們加強了在線營銷和銷售。我們甚至在第四季度推出了口腔護理服務，以阻止已經開始提供該服務的市場新進入者。例如，對於 Delta Dental，我們有一個訂閱計劃，事實證明訂閱者數量迅速增加。

On your question of market share, we have numbers up and inclusive of the third quarter. The MAT market share until the end of third quarter is up year-on-year. So that's great. We have some exciting product launches planned for 2020. That also will broaden the range, not only have range extension but also we'll enter into some exciting new areas. So I feel good about the momentum of Oral Healthcare for Philips. And yes, maybe I'll leave it at that.

關於你的市場份額問題，我們有包括第三季度在內的數字。截至第三季度末，MAT 市場份額同比增長。那太好了。我們計劃在 2020 年推出一些令人興奮的產品。這也將擴大範圍，不僅有範圍擴展，而且我們將進入一些令人興奮的新領域。所以我對飛利浦口腔保健的發展勢頭感到滿意。是的，也許我會保留它。

Okay. And just a quick sort of follow-up. If I look at, obviously, the margin trajectory in Personal Health and I look at the kind of commentaries that you've given each quarter, I mean, the key difference this quarter with the 200 bps margin expansion seems to be sort of advertising and promotion is lower where it's been more of a drag in the first 3 quarters. So what I wanted to understand is, is that just a seasonal effect as we've sort of moved into the end of the year? Or when you look out into next year, I mean, is there scope to perhaps spend slightly less on advertising and promotion maybe as you've realized kind of these products have had kind of very good traction and you've spent quite a lot in the first 3 quarters? Or do you just see this as a kind of normal seasonal effect and we should think about advertising and promotion broadly stable into next year?

好的。只是一種快速跟進。很明顯，如果我看個人健康的利潤率軌跡，我看一下你每個季度給出的那種評論，我的意思是，本季度與 200 個基點的利潤率擴張的關鍵區別似乎是某種廣告和在前 3 個季度受到更多拖累的地方，晉升率較低。所以我想了解的是，隨著我們進入年底，這只是一種季節性影響嗎？或者當你展望明年時，我的意思是，是否有可能在廣告和促銷上花費稍微少一些，因為你已經意識到這些產品具有很好的吸引力並且你已經花了很多錢前三個季度？或者您是否認為這是一種正常的季節性影響，我們應該考慮到明年的廣告和促銷活動大致穩定？

Well, it's more of a normalization. We certainly did not reduce advertising and promotion. I think the main thing that you see coming through is operational leverage on high growth in oral care and Personal Care. These are high gross margin activities. So when the sales there come through, you see an immediate benefit to the bottom line. So they are our strongest performers within the Personal Health portfolio. I think advertising and promotion remains very important. We will definitely not look skimp on them. The effectiveness of advertising and promotion is rising, and I think that also supports the high growth rate.

好吧，這更像是一種正常化。我們當然沒有減少廣告和促銷。我認為你看到的主要事情是口腔護理和個人護理領域高速增長的運營槓桿。這些都是高毛利活動。因此，當那裡的銷售額出現時，您會立即看到底線收益。因此，它們是我們在個人健康產品組合中表現最出色的產品。我認為廣告和促銷仍然非常重要。我們絕對不會吝嗇他們。廣告和促銷的效果正在上升，我認為這也支持了高增長率。

But just if I look back at the previous quarters, I mean, Oral Healthcare has been strong all year in terms of sort of my -- so I'm really trying to understand what was so different this quarter, given we should have seen a fairly positive mix impact from Oral Healthcare growing double digits, I think, in 2 out of the 3 preceding quarters? So what was really different this quarter?

但是，如果我回顧一下前幾個季度，我的意思是，就我而言，口腔保健全年都表現強勁 - 所以我真的很想了解這個季度有什麼不同，因為我們應該看到我認為，在前 3 個季度中的 2 個季度中，口腔保健的組合影響相當積極，增長了兩位數？那麼這個季度到底有什麼不同呢？

A couple of things, Max. We also talked about the newer product range introductions that would get us better margins. And you remember, let's say, last year, we were struggling -- not last year -- 2018 Q4, we were struggling with a large number of issues in supply as well as with our, let's say, e-tailers. All of those costs, et cetera, are not there anymore.

有幾件事，麥克斯。我們還談到了新產品系列的推出，這將使我們獲得更高的利潤。你還記得，比方說，去年，我們在苦苦掙扎——而不是去年——2018 年第四季度，我們在供應方面以及我們的電子零售商方面苦苦掙扎。所有這些成本，等等，都不再存在了。

So I think that's what is driving the strong improvement, not only in oral health care but also very good growth in Personal Care, as Frans mentioned, where we're growing in the mid-single digit for a high-margin business gets us a lot of leverage. So that's exactly what we were building up to with the, let's say, spending of advertising -- or investments in advertising and promotion in the early part of the year because we knew that once we start stepping that up and we get it back in growth, the operating leverage in these 2 businesses is very, very high.

因此，我認為這就是推動強勁改善的原因，不僅在口腔保健方面，而且在個人護理方面也取得了非常好的增長，正如 Frans 提到的那樣，我們以中等個位數的速度增長，因為高利潤業務使我們獲得了很多槓桿。因此，這正是我們在廣告支出或今年年初的廣告和促銷投資中建立的目標，因為我們知道一旦我們開始加強它，我們就會恢復增長，這兩項業務的經營槓桿非常非常高。

We will now take our next question from Julien Dormois from Exane BNP Paribas.

我們現在將接受 Exane BNP Paribas 的 Julien Dormois 的下一個問題。

My question relates to imaging, and then I will have a follow-up. You have highlighted and you have demonstrated a clear revamp of your portfolio in Diagnostic Imaging over the past few years. Now despite this complete revamp, I still believe that the results are not exactly where they should be in terms of being above the market growth. So could you just talk us through what is preventing you from delivering stronger growth than the low single digit that you've had in imaging? Is it more about the market dynamics or geographic mix or competitive pressures? And then I have one follow-up, please.

我的問題涉及成像，然後我會進行跟進。在過去的幾年中，您已經強調並展示了您在診斷成像領域的產品組合的明顯改進。現在，儘管進行了徹底的改造，但我仍然認為，就高於市場增長而言，結果並沒有達到應有的水平。那麼，您能否告訴我們是什麼阻礙了您實現比成像領域的低個位數更強勁的增長？是更多地關注市場動態、地域組合還是競爭壓力？然後我有一個跟進，請。

We have further continued in 2019 with the product renewal. I mentioned that also in my speech where I spoke about some of the new CT machines. I expect actually that the lower growth in the fourth quarter is more incidental than structural, but was also a difficult compare. So overall, DI will continue on the path of improvement, and all of D&T of course. We also see that relationships with radiologists, the interest in our data science or AI applications for radiology take along also the equipment side. So good outlook for DI, if it is, in my point of view.

我們在 2019 年進一步繼續進行產品更新。我在談到一些新的 CT 機器的演講中也提到了這一點。我預計第四季度較低的增長更多是偶然的而不是結構性的，但也是一個困難的比較。所以總的來說，DI 將繼續在改進的道路上，當然還有所有的 D&T。我們還看到，與放射科醫師的關係、對我們的數據科學或 AI 放射學應用的興趣也影響了設備方面。在我看來，DI 的前景非常好，如果是的話。

Okay. And as a follow-up, I know you've not sold DA yet. But if you were given a magic wand, would you rather invest the proceeds into health informatics or into the devices business to beef up the offering in D&T?

好的。作為後續行動，我知道你還沒有賣掉 DA。但是，如果給你一根魔杖，你願意將收益投資於健康信息學還是設備業務以加強 D&T 的產品？

Well, magic wand or crystal ball. I think you have the crystal ball, actually. Yes, I'm not going to speculate on what can happen. We are very pleased with how our investments in the devices have worked out. It has allowed that business to pivot to a solutions orientation. Customers now see us as an innovator of the procedure as opposed to an innovator of hardware, right? And that's at the core of the strategy of Philips, where we want to create clinical impact, operational impact for our customers and consumers, and a blended approach of hardware and informatics and data plays are necessary.

好吧，魔杖或水晶球。實際上，我認為你有水晶球。是的，我不會猜測會發生什麼。我們對我們在這些設備上的投資取得的成果感到非常滿意。它使該業務轉向解決方案導向。客戶現在將我們視為程序的創新者，而不是硬件的創新者，對嗎？這是飛利浦戰略的核心，我們希望為我們的客戶和消費者創造臨床影響、運營影響，並且硬件和信息學以及數據播放的混合方法是必要的。

The -- I don't want to speculate on which part of the business is getting an investment first. We just did the boosting of our PACS business in Diagnostic Informatics. I think that was -- has been very much welcomed by our customers. So we'll take a balanced approach.

- 我不想推測業務的哪一部分首先獲得投資。我們剛剛在診斷信息學領域提升了我們的 PACS 業務。我認為那是——我們的客戶非常歡迎。所以我們會採取平衡的方法。

Maybe then just to underpin my statement on why are we pleased with the devices. I mean the companies that we bought were double-digit loss-giving. We have turned it around to double-digit profitability, right? So I think that's the kind of play that we need to do to do responsible investments. So overall, that strategy has worked pretty well.

也許只是為了支持我關於為什麼我們對這些設備感到滿意的聲明。我的意思是我們買的公司是兩位數的虧損。我們已經將其轉變為兩位數的盈利能力，對嗎？所以我認為這就是我們需要做的事情來進行負責任的投資。總的來說，該策略效果很好。

We will now take our next question from Sebastian Walker from UBS.

我們現在將接受來自瑞銀的 Sebastian Walker 的下一個問題。

Two, if I could, as well. Just firstly, on -- a follow-up on the Personal Health margins. So it seems that the Domestic Appliances business declined in Q4. So how much of that 200 basis points improvement in margins in the quarter was driven by that mix effect, given Domestic Appliance is the lowest margin business? And then the second question is on D&T. So within China and the quotas, which we haven't spoke on for a while, but some of your radiotherapy peers are actually talking about incremental quota-related licenses coming online. I believe there was some bidding rounds earlier this year. So could you comment on whether you're seeing a pickup in activity there as well.

兩個，如果可以的話。首先，關於個人健康利潤率的後續行動。所以家電業務似乎在第四季度有所下降。那麼，考慮到家用電器是利潤率最低的業務，本季度利潤率提高 200 個基點中有多少是由這種混合效應推動的？然後第二個問題是關於 D&T 的。因此，在中國和配額方面，我們已經有一段時間沒有談到了，但你們的一些放射治療同行實際上正在談論與增量配額相關的許可證上線。我相信今年早些時候進行了一些競標。那麼，您能否評論一下您是否也看到那裡的活動有所增加。

Okay. Let me start with the China question while we prepare for the DA question. Look, we have had double-digit growth in China for D&T for several years. Also, 2019 was very strong. The news around the quotas is usually a bit exaggerated. There is no sudden wave of orders coming. It's much more even, right? We see the market growing at high single digits in China, 7%, 8% growth on a rather consistent basis. And Philips has been outgrowing that with double-digit growth, all right? And basically, it points to the appetite for hospitals for superior solutions.

好的。在我們準備發展議程問題時，讓我從中國問題開始。看，多年來，我們在中國的 D&T 取得了兩位數的增長。此外，2019 年非常強勁。有關配額的消息通常有點誇張。沒有突如其來的訂單潮。它更均勻，對吧？我們看到中國市場以高個位數增長，7%，8% 的增長相當穩定。飛利浦已經以兩位數的速度增長，好嗎？基本上，它表明了醫院對卓越解決方案的需求。

Notwithstanding that, of course, the local competitors are a force to reckon with, but Philips holds its ground when it comes to our position and market share in China. In fact, we have been expanding. So I feel good about it. But I don't expect a sudden quota to appear. It could be that your data point comes from the radiotherapy market. Of course, we are not in that market. But I think in radiotherapy, I've also heard something that there is a backlog where patients don't get enough capacity. So it could be that in selected niche areas, you would see such a quota impact happening. But in the general diagnostic imaging market, we don't expect sudden peaks or troughs in demand.

儘管如此，當然，本土競爭對手是一股不可忽視的力量，但就我們在中國的地位和市場份額而言，飛利浦仍然佔據一席之地。事實上，我們一直在擴張。所以我感覺很好。但我不希望突然出現配額。您的數據點可能來自放射治療市場。當然，我們不在那個市場。但我認為在放射治療中，我也聽說過積壓的情況，患者沒有足夠的能力。因此，在選定的利基領域，您可能會看到這種配額影響正在發生。但在一般診斷影像市場，我們預計需求不會突然出現高峰或低谷。

On the other question, Abhijit, for you.

關於另一個問題，Abhijit，請問你。

Yes. Yes, I think as we mentioned before, yes, DA decline in Q4 is maybe a bit harsh. It was kind of flattish. It was just minus point something less. I think point even 4 or something like that. So it was a very short decline -- a small decline. And Q3, we had actually high single-digit growth in DA. So -- and overall, for the full year, nicely in the mid-single-digit range. So growth in itself is not the issue.

是的。是的，我認為正如我們之前提到的，是的，第四季度的 DA 下降可能有點嚴重。這有點平淡。這只是減分的東西。我什至認為要點 4 或類似的東西。所以這是一次非常短暫的下跌——一次小幅下跌。第三季度，我們的 DA 實際上實現了高個位數的增長。所以 - 總的來說，全年，很好地處於個位數的中間範圍內。所以增長本身不是問題。

And for, let's say, the 200 bps that we did in PH, there's less -- yes, there was a certain element of mix, but, let's say, the improvement in the 2 businesses that had good growth, which is Oral Healthcare and Personal Care, primarily accounted for the 200 bps improvement. It may be if DA had improved a little bit more, we would have gotten another few tens of basis points. But I would not say that it's completely due to the mix, it's just 2 businesses which have performed extremely well in the fourth quarter and got very good operating leverage from the growth that they have generated.

而且，比方說，我們在 PH 中所做的 200 個基點，較少 - 是的，有一定的混合元素，但是，比方說，兩個增長良好的業務的改善，即口腔保健和個人護理，主要貢獻了 200 個基點的改善。如果 DA 再改進一點，我們可能會再得到幾十個基點。但我不會說這完全是由於混合，這只是 2 家企業在第四季度表現非常出色，並且從它們產生的增長中獲得了非常好的運營槓桿。

Great. Can I follow-up as well with one just tariff-related question? So I'm kind of surprised that the net effect of tariffs in 2020 is flat year-on-year. I would have expected some of the mitigating activities to have a -- to reduce that impact. Could you comment on why we're not seeing that improvement?

偉大的。我可以跟進一個與關稅相關的問題嗎？因此，我對 2020 年關稅的淨影響同比持平感到有些驚訝。我本來期望一些緩解活動能夠減少這種影響。您能否評論一下為什麼我們沒有看到這種改進？

I think primarily because the tariffs actually go up next year because you have the full year impact, right? This year, the tariff came in through the year, so it could have actually gone up. The good news is that with the mitigation that we don't have a year-on-year negative impact. So let's say, the performance improvement that we do between 2019 and 2020 will not get eaten up by the tariff impact, so it remains flat. I think that's how you should see that the full year impact versus, let's say, phased in 2017, compensated by some of the compensating action -- 2020, sorry.

我認為主要是因為明年關稅實際上會上漲，因為你有全年的影響，對吧？今年，關稅貫穿全年，因此實際上可能會上漲。好消息是，有了緩解措施，我們不會產生同比負面影響。因此，可以說，我們在 2019 年至 2020 年期間所做的性能改進不會被關稅影響所吞噬，因此它保持平穩。我認為這就是你應該如何看待全年的影響，比方說，在 2017 年分階段進行，並通過一些補償行動進行補償 - 2020 年，抱歉。

So in 2019, it was phased. It gradually came through in 2020.

所以在2019年，分階段進行。它在2020年逐漸實現。

Correct. It's full year.

正確的。已經整整一年了。

We now expect an even full year.

我們現在預計整整一年。

Yes.

是的。

We will now take our next question from Falko Friedrichs from Deutsche Bank.

我們現在將接受來自德意志銀行的 Falko Friedrichs 的下一個問題。

I have 2 quick questions left. Firstly, could you provide an update on the Azurion launch in China and the feedback so far? Secondly, your working capital came back a bit again in Q4. What should we expect here for 2020?

我還有 2 個快速問題。首先，您能否介紹一下 Azurion 在中國發布的最新情況以及迄今為止的反饋？其次，你們的營運資金在第四季度又回來了一點。 2020 年我們應該期待什麼？

On Azurion in China, I can be brief. Great reaction, strong traction, strong order intake in the latter part of the year after the launch, and I would expect that momentum to continue in 2020.

關於中國的 Azurion，我可以簡單介紹一下。推出後的下半年，反響好、牽引力強、訂單量大，我預計這種勢頭將在 2020 年繼續。

Yes. And working capital was a bit higher in Q4 for 2 primary reasons. I think, one, we mentioned earlier, the inventory was a bit higher. And I think, secondly, the receivables. And that's because our, let's say, December sales compared to 2018 was significantly higher so that basically resulted in inventory getting converted to receivables. So when that gets converted to cash in 2020, you will see that coming back in the cash flow for the year. So we expect it to be a bit lower in 2020.

是的。由於兩個主要原因，第四季度的營運資金略高。我認為，第一，我們之前提到過，庫存有點高。我認為，其次是應收賬款。這是因為，比方說，我們 12 月的銷售額與 2018 年相比明顯更高，因此基本上導致庫存轉化為應收賬款。因此，當它在 2020 年轉換為現金時，您會看到它在當年的現金流中回歸。因此，我們預計 2020 年會有所降低。

We will now take our next question from Daniel Wendorff from Commerzbank.

我們現在將接受來自德國商業銀行的 Daniel Wendorff 的下一個問題。

Two, if I may, related to Diagnostic Imaging on the D&T division. And when you look at full year 2019 and can you comment on the development of market shares in Diagnostic Imaging, and what should we expect for 2020 here? And my second question is related to a comment you made in your presentation, Abhijit. You mentioned the reprioritization of focus, which has resulted in the write-off of capitalized R&D. Can you give us a bit more detail here?

兩個，如果可以的話，與 D&T 部門的診斷成像有關。當您回顧 2019 年全年時，您能否評論一下診斷成像市場份額的發展，以及我們對 2020 年的期望是什麼？我的第二個問題與你在演講中發表的評論有關，Abhijit。你提到了焦點的重新排序，這導致了資本化研發的註銷。你能在這裡給我們更多的細節嗎？

Sure. Daniel, on market shares in 2019, obviously, we don't have full year numbers yet. I would expect when the numbers are in, that the full year for DI is more or less flat, with an increase in MRI and a decrease in nuclear medicine in the AMI section. But overall, flat. Let's not forget that our China momentum continues to be strong. And certainly, we see a lot of opportunities to close the gap between geographical gaps in market share. Notably, Europe is much stronger than in the U.S., we have seen increased momentum. Yes. So I'll just get the data point on my statement on MRI. So the MRI market share -- okay, now you need to take over.

當然。丹尼爾，關於 2019 年的市場份額，顯然，我們還沒有全年數據。我預計當數字出現時，DI 的全年或多或少持平，MRI 增加而 AMI 部分的核醫學減少。但總體來說，平淡。別忘了我們在中國的勢頭依然強勁。當然，我們看到了很多縮小市場份額地域差距的機會。值得注意的是，歐洲比美國強大得多，我們看到了增長勢頭。是的。因此，我將在 MRI 聲明中獲取數據點。所以 MRI 市場份額——好的，現在你需要接管。

Yes. So I think, let's say, again, we don't have Q4. But as of Q3, our market shares are clearly up. And that is -- we see that across, so as Frans mentioned, in MR. But also in ultrasound, where we have been doing very well for D&T. But also in CT, we have been gaining back share. So overall, let's say, so far, market shares are up, and we will see how the fourth quarter pans out.

是的。所以我想，再說一遍，我們沒有第四季度。但截至第三季度，我們的市場份額明顯上升。那就是——我們看到了這一點，正如 Frans 在 MR 中提到的那樣。但在超聲波方面，我們在 D&T 方面一直做得很好。但也在 CT 中，我們一直在重新獲得份額。所以總的來說，到目前為止，市場份額上升了，我們將看到第四季度的表現如何。

And the question on the capitalized R&D?

關於資本化研發的問題？

Yes. The -- those are 2 small -- one is a small -- actually, a product. And the other is a small acquisition that we had done in the EUR 30 million range. So it's not really a big reshuffle of the portfolio. It was an acquisition that was done. And we have found that, let's say, the time that it is needed to get into a growth and profit trajectory is longer than we would have liked, and therefore, we have decided to stall that for the time being.

是的。 - 那些是 2 個小的 - 一個是小的 - 實際上是一個產品。另一個是我們在 3000 萬歐元範圍內完成的小型收購。因此，這並不是真正的投資組合大改組。這是一項已經完成的收購。我們發現，比方說，進入增長和利潤軌道所需的時間比我們希望的要長，因此，我們決定暫時擱置它。

(Operator Instructions) We will now take our next question from Wim Gille from ABN AMRO.

（操作員說明）我們現在將接受來自 ABN AMRO 的 Wim Gille 的下一個問題。

Wim Gille, ABN. I got 2 questions. First, Abhijit, you gave a clear guidance on the first quarter where you basically said that comparable sales growth is going to be below the guidance for the full year, but also you mentioned more or less flat margins in adjusted EBITA for Q1. You explained about EUR 30 million of it is royalty income-related, but that explains only 70 bps of the margin expansion of 100 basis points for the full year. And if I look at the comparable base, the first quarter is not that demanding. So can you give us a bit more color on the other moving parts here related to the margin outlook for Q1?

維姆吉爾，ABN。我有 2 個問題。首先，Abhijit，你對第一季度給出了明確的指導，你基本上說可比銷售增長將低於全年的指導，但你也提到第一季度調整後的 EBITA 的利潤率或多或少持平。你解釋了其中約 3000 萬歐元與特許權使用費收入相關，但這僅解釋了全年 100 個基點的利潤率擴張的 70 個基點。如果我看一下可比基數，第一季度的要求並不高。那麼，您能給我們更多關於與第一季度利潤率前景相關的其他變動部分的顏色嗎？

And in relation to that, sort of the margin increase that you had in D&T in the fourth quarter was only 40 bps. You explained Japan. You also explained that there was a bit of a relocation of production in the fourth quarter. But I kind of missed the point on the investment. So what investments are you making in D&T? And what is the impact on the margins for the fourth quarter?

與此相關，第四季度 D&T 的利潤率增長僅為 40 個基點。你解釋了日本。您還解釋說，第四季度有一些生產轉移。但我有點錯過了投資的重點。那麼您在 D&T 方面進行了哪些投資？對第四季度的利潤率有何影響？

Yes. So the investment is related, as I mentioned, to quality and regulatory, and then there were certain phasing of R&D investments that we had to make. So again, if looking at it per quarter is, let's say, not the lens to look at it. We did 140 basis points for the year, I think that's the trajectory that we are hoping to continue so that we get into the range for next year.

是的。因此，正如我提到的，投資與質量和監管有關，然後我們必須分階段進行研發投資。所以再一次，如果每季度查看它，比方說，不是看它的鏡頭。我們今年做了 140 個基點，我認為這是我們希望繼續的軌跡，以便我們進入明年的範圍。

Now, let's say, on the flat margin growth for Q1. Clearly, you don't have much growth in the first quarter, and we mentioned the reasons. China, we expect to be weaker, not only for the coronavirus but also, let's say, we have seen the growing -- the pattern of purchase around Chinese New Year has changed. So earlier, we had Chinese New Year in Q1, which gave us good sales. Now it has moved more to the big E days, as we call it, where you have the big e-tailers selling. And therefore, let's say, the lack of growth in the first quarter, plus Japan, as I already mentioned, will hamper the profit growth in the first quarter.

現在，比方說，第一季度的利潤率增長持平。顯然，第一季度你沒有太多增長，我們提到了原因。中國，我們預計會更弱，不僅是因為冠狀病毒，而且，比方說，我們已經看到增長——農曆新年前後的採購模式已經改變。所以早些時候，我們在第一季度度過了農曆新年，這給了我們很好的銷售。現在它更多地轉向了我們所說的大 E 時代，大型電子零售商在那裡銷售。因此，可以說，第一季度缺乏增長，加上我已經提到的日本，將阻礙第一季度的利潤增長。

And don't forget the license has a big impact overall. So a big part of the license revenue drops to the bottom line. So we expect that to start, let's say, picking up from Q2 onwards. So therefore, it's good that we have upfront that Q1 is not going to see a big improvement.

並且不要忘記許可證對整體影響很大。因此，很大一部分許可收入下降到底線。所以我們預計這種情況會開始，比方說，從第二季度開始回升。因此，我們提前知道第一季度不會有太大改善是件好事。

Thank you, Mr. van_Houten. That was the last question. Please continue.

謝謝你，van_Houten 先生。這是最後一個問題。請繼續。

Okay. That's great. Thank you very much. Let's summarize. We see perhaps some short-term challenges to the growth, as highlighted, in China. But the -- we do have a strong order book, and that supports an improving trajectory within 2020. We've talked about duties being flat year-on-year. So that means that all our improvements on operational leverage and cost management and the improvements of procurement will all lead to margin expansion as you are used to. I also talked about the interventions in the Connected Care business, where we expect a gradual improvement.

好的。那太棒了。非常感謝。讓我們總結一下。正如強調的那樣，我們可能看到中國的增長面臨一些短期挑戰。但是——我們確實有一個強大的訂單簿，這支持了 2020 年內的改善軌跡。我們已經談到關稅同比持平。因此，這意味著我們在運營槓桿和成本管理方面的所有改進以及採購的改進都將導致您習慣的利潤率增長。我還談到了對 Connected Care 業務的干預，我們希望在這方面逐步改善。

So overall, we are confident with our objective and aim for 4% to 6% growth and 100 basis points profit expansion. Of course, we will update you through the year. We definitely look to entertain you with our Capital Markets Day in the second quarter, where we will also then discuss the margin expansion targets beyond this year and update you on the process around Domestic Appliances. So I realize there will be many questions, but we'll have strong engagement with you as we proceed.

因此，總的來說，我們對我們的目標充滿信心，目標是實現 4% 至 6% 的增長和 100 個基點的利潤增長。當然，我們會全年更新您的信息。我們絕對希望通過第二季度的資本市場日來招待您，屆時我們還將討論今年以後的利潤率擴張目標，並向您介紹有關家用電器的最新進展。所以我知道會有很多問題，但我們會在進行過程中與您進行密切接觸。

Thanks very much.

非常感謝。

This concludes the Royal Philips' Fourth Quarter and Full Year 2019 Results Conference Call on Tuesday, the 28th of January 2020. Thank you for participating. You may now disconnect.

2020 年 1 月 28 日星期二，皇家飛利浦 2019 年第四季度和全年業績電話會議到此結束。感謝您的參與。您現在可以斷開連接。