Koninklijke Philips NV (PHG) 2023 Q1 法說會逐字稿

Welcome to the Royal Philips First Quarter 2023 Results Conference Call on Monday, April 24, 2023. During the call hosted by Mr. Roy Jakobs, CEO and Mr. Abhijit Bhattacharya, CFO. (Operator Instructions) Please note that this call will be recorded and replay will be available on the Investor Relations website of Royal Philips.

歡迎參加 2023 年 4 月 24 日星期一舉行的皇家飛利浦 2023 年第一季度業績電話會議。電話會議由首席執行官 Roy Jakobs 先生和首席財務官 Abhijit Bhattacharya 先生主持。 （操作員說明）請注意，此通話將被錄音，並可在皇家飛利浦投資者關係網站上重播。

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。

Hi, everyone. Welcome to Philips' First Quarter 2023 Results Webcast. I have here with me our CEO, Roy Jakobs, and our CFO, Abhijit Bhattacharya. The first quarter press release and slide deck as well as the frequently asked questions and deck on the Respironics recall were published on our Investor Relations website this morning. The replay and full transcript of the webcast will be made available on the website as well.

大家好。歡迎觀看飛利浦 2023 年第一季度業績網絡廣播。我們的首席執行官 Roy Jakobs 和我們的首席財務官 Abhijit Bhattacharya 和我在一起。第一季度的新聞稿和幻燈片以及有關 Respironics 召回的常見問題和幻燈片已於今天上午發佈在我們的投資者關係網站上。網絡廣播的重播和完整記錄也將在網站上提供。

Before we start, I want to draw your attention to our safe harbor statement on screen. You will also find the statement in the presentation published on our Investor Relations website. In today's call, we will discuss our first quarter results as well as the progress on the actions we're taking across different areas to drive performance improvement.

在開始之前，我想提請您注意屏幕上的安全港聲明。您還可以在我們的投資者關係網站上發布的演示文稿中找到該聲明。在今天的電話會議中，我們將討論我們第一季度的業績，以及我們在不同領域為推動績效改進而採取的行動的進展情況。

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

有了這個，我想交給羅伊。

Thanks, Leandro. Good morning, everyone, and welcome. It's good to be with you again. I want to start with giving you the key highlights for this quarter. First, we delivered a solid start to the year with 6% comparable sales growth and improvements in profitability and operating cash flow in Q1 as our actions to strengthen execution and to deliver shareholder value started to take effect.

謝謝，萊安德羅。大家早上好，歡迎光臨。很高興再次和你在一起。我想首先向您介紹本季度的主要亮點。首先，隨著我們加強執行力和創造股東價值的行動開始生效，我們在第一季度實現了 6% 的可比銷售額增長以及盈利能力和運營現金流的改善，從而在今年開局良好。

Secondly, we are making good progress in executing our plan and on our 3 priorities: enhancing patient safety and quality, strengthening our supply chain reliability, which has helped our improved performance in Q4 last year and the first quarter this year and establish a simplified, more agile operating model.

其次，我們在執行我們的計劃和我們的 3 個優先事項方面取得了良好進展：提高患者安全和質量，加強我們的供應鏈可靠性，這有助於我們改善去年第四季度和今年第一季度的業績，並建立一個簡化的、更敏捷的運營模式。

Thirdly, resolving the Respironics recall for patients remains our highest priority. This quarter, Respironics recorded a EUR 575 million provision in connection with the anticipated resolution of the economic loss class action in the U.S.

第三，為患者解決 Respironics 召回問題仍然是我們的首要任務。本季度，偉康 (Respironics) 記錄了 5.75 億歐元的撥備，與美國經濟損失集體訴訟的預期解決方案有關。

Looking ahead, based on our solid performance in the quarter, our order book and the ongoing actions to further improve execution, we are confident in our plan for 2023, acknowledging that uncertainties remain.

展望未來，基於我們在本季度的穩健表現、我們的訂單以及為進一步提高執行力而採取的持續行動，我們對 2023 年的計劃充滿信心，並承認不確定性依然存在。

Now on to some key financials in the quarter. We had a solid 6% comparable sales growth, with strong growth of 15% in Diagnosis & Treatment and 3% growth in Connected Care, partly offset by a 6% decline in Personal Health. Comparable order intake grew double digit in the Diagnosis & Treatment businesses, offset by Connected Care. Sales in the quarter were supported by the good momentum for Diagnosis & Treatment and Connected Care businesses in China as well.

現在介紹本季度的一些主要財務數據。我們的可比銷售額實現了 6% 的穩健增長，其中診斷和治療業務強勁增長 15%，互聯護理業務增長 3%，部分被個人健康業務下降 6% 所抵消。診斷和治療業務的可比訂單量增長了兩位數，但被 Connected Care 抵消了。中國診斷與治療和互聯醫療業務的良好勢頭也為本季度的銷售額提供了支持。

We see continued strength of our order book, which is 10% higher than a year ago. Despite strong revenue conversion in the last 2 quarters and a flat order intake in the quarter itself. Adjusted EBITA margin was 8.6%, an improvement of 240 basis points compared to Q1 2022. Operating cash was an inflow of EUR 202 million, a step-up of EUR 429 million versus Q1 2022.

我們看到我們的訂單持續強勁，比一年前高出 10%。儘管過去兩個季度的收入轉化率很高，而且本季度本身的訂單量持平。調整後的 EBITA 利潤率為 8.6%，與 2022 年第一季度相比提高了 240 個基點。經營現金流入 2.02 億歐元，與 2022 年第一季度相比增加了 4.29 億歐元。

As you already know, Philips is a defendant in several class action lawsuits and individual personal injury claims. This quarter, Respironics recorded a EUR 575 million provision in connection with the anticipated resolution of the economic class action in the U.S. Abhijit will provide more details around it.

如您所知，飛利浦是多起集體訴訟和個人人身傷害索賠的被告。本季度，Respironics 記錄了 5.75 億歐元的撥備，與美國經濟集體訴訟的預期解決方案有關。Abhijit 將提供更多相關細節。

The anticipated resolution of economic loss class action is an important step in addressing the litigation related to the recall. Visibility on potential outcomes on the medical monitoring class action and personal injury claims is not expected before 2024. I've met many of our customers and partners in the last few months, and it's absolutely clear that Philips remains a preferred innovation partner to help hospitals worldwide addressing their staffing shortages, enhancing productivity and improve patient and staff experience. This has again been exemplified at events during the quarter. Philips Enterprise Informatics solutions resonated very strongly with customers at recent ViVE and HIMSS global health care events, which I attended.

經濟損失集體訴訟的預期解決方案是解決與召回相關訴訟的重要一步。醫療監控集體訴訟和人身傷害索賠的潛在結果預計不會在 2024 年之前出現。我在過去幾個月會見了我們的許多客戶和合作夥伴，很明顯，飛利浦仍然是幫助醫院的首選創新合作夥伴在全球範圍內解決他們的人員短缺問題，提高生產力並改善患者和員工的體驗。這在本季度的活動中再次得到體現。在我最近參加的 ViVE 和 HIMSS 全球醫療保健活動中，飛利浦企業信息學解決方案引起了客戶的強烈共鳴。

We also had some key customer innovation achievements in the first quarter. We signed a multiyear agreement with Northwell Health in U.S. to standardize and centralize monitoring across the hospital. And we signed a multi-vendor services agreement with Prisma Health also in the U.S. to become their sole source vendor for biomedical and clinical engineering services. We expanded our leading ultrasound portfolio with the launch of the Ultrasound Compact 5500 CV, which facilitates first-time-right ultrasound exams for cardiology and vascular patients at the bedside.

我們在第一季度也取得了一些關鍵的客戶創新成果。我們與美國 Northwell Health 簽署了一項多年協議，以標準化和集中整個醫院的監控。我們還與美國的 Prisma Health 簽署了多供應商服務協議，成為他們生物醫學和臨床工程服務的唯一來源供應商。我們通過推出 Ultrasound Compact 5500 CV 擴展了我們領先的超聲產品組合，它有助於在床邊為心髒病和血管患者進行一次正確的超聲檢查。

In Personal Health, we introduced Sonicare for Kids, Design a Pet Edition to improve oral care habits among children. And we again achieved top ranking in medical technology patent filings at the European patent office and we're included on the Clarivate Top 100 Global Innovator list.

在個人健康方面，我們推出了 Sonicare for Kids、Design a Pet Edition 以改善兒童的口腔護理習慣。我們再次在歐洲專利局的醫療技術專利申請中名列前茅，並被列入 Clarivate 全球百強創新者名單。

I'm very confident that our focused organic growth and scalable innovation strategy will further strengthen our businesses and results going forward.

我非常有信心，我們專注的有機增長和可擴展的創新戰略將進一步加強我們的業務和未來的成果。

With that, I would like to give the floor to Abhijit to take us through Q1 in more detail. After which, I will come back on the progress on our execution priorities. Abhijit, please?

有了這個，我想請 Abhijit 發言，讓我們更詳細地了解 Q1。之後，我將回顧我們執行優先事項的進展情況。阿比吉特，好嗎？

Thanks, Roy. Good morning, everyone. I want to start with our order book development in Q1, which ended 10% higher compared to last year, as Roy mentioned, driven by image-guided therapy, ultrasound, MRI, monitoring and Enterprise Diagnostic Informatics. Importantly, the margin profile in the order book reflects the price increases that we have been executing since last year and will start running through our P&L from Q3 onwards.

謝謝，羅伊。大家，早安。我想從我們第一季度的訂單發展開始，正如 Roy 提到的那樣，在圖像引導治療、超聲、MRI、監測和企業診斷信息學的推動下，與去年相比增長了 10%。重要的是，訂單簿中的保證金概況反映了我們自去年以來一直在執行的價格上漲，並將從第三季度開始貫穿我們的損益表。

Moving to segment highlights from the quarter. In Diagnosis & Treatment, comparable sales increased by 15%, driven by strong double-digit growth in Ultrasound and Image-Guided Therapy and mid-single-digit growth in Diagnostic Imaging. Sales grew double digit across mature and growth geographies with strong performance in North America, Western Europe and China. Order intake grew double digit on the back of 7% growth in 2022. This was driven by strong double-digit order intake growth in Image-Guided Therapy and computer tomography, where our spectral CT 7500 continues to perform very well in the market.

從本季度開始細分亮點。在診斷和治療領域，可比銷售額增長了 15%，這得益於超聲和圖像引導治療領域強勁的兩位數增長以及診斷成像領域的中等個位數增長。北美、西歐和中國的表現強勁，成熟和成長型地區的銷售額增長了兩位數。在 2022 年 7% 的增長的支持下，訂單量增長了兩位數。這是由圖像引導治療和計算機斷層掃描領域兩位數的強勁訂單量增長推動的，我們的光譜 CT 7500 在市場上繼續表現出色。

Orders in growth geography grew by double digits driven by strong growth in China and Latin America. Orders in mature geographies grew by 3%, driven by 10% growth in North America. Adjusted EBITA margin increased to 11.3%, mainly driven by operational leverage, a better mix as well as productivity measures. Connected Care comparable sales increased 3%, driven by strong double-digit growth in hospital patient monitoring, largely offset by sleep and respiratory care.

在中國和拉丁美洲強勁增長的推動下，增長地區的訂單以兩位數的速度增長。在北美 10% 的增長推動下，成熟地區的訂單增長了 3%。調整後的 EBITA 利潤率增至 11.3%，主要受運營槓桿、更好的組合以及生產力措施的推動。 Connected Care 的可比銷售額增長了 3%，這主要受醫院患者監護兩位數強勁增長的推動，這在很大程度上被睡眠和呼吸護理所抵消。

Order intake declined double digit due to tough comps in hospital patient monitoring on the back of the expansion and renewal of the installed base during the period 2020 to 2022. For context, hospital patient monitoring continues to run above pre-COVID levels, driven by the fundamental demand shift in adoption of our patient care management solutions and expanding market shares. AI-powered patient monitoring is increasingly critical to care delivery. Our IntelliVue patient monitoring solutions are based upon superior hardware and predictive AI-based software that together monitor patients throughout their hospital stay.

由於在 2020 年至 2022 年期間安裝基礎的擴展和更新，醫院患者監測的艱難補償導致訂單量下降了兩位數。就背景而言，醫院患者監測繼續高於 COVID 前水平，這是由採用我們的患者護理管理解決方案和擴大市場份額方面的根本需求轉變。 AI 驅動的患者監測對於護理提供越來越重要。我們的 IntelliVue 患者監護解決方案基於卓越的硬件和基於人工智能的預測軟件，可在整個住院期間共同監測患者。

Adjusted EBITA margin increased to 2.4%, driven by an improvement of more than 500 basis points of the Connected Care businesses, excluding Sleep & Respiratory Care. Finally, in Personal Health, comparable sales declined 6% on the back of 8% growth in Q1 2022. This was due to a 4 percentage point impact from portfolio decisions related to Russia in 2022 and the lower consumer demand globally.

調整後的 EBITA 利潤率增至 2.4%，這得益於 Connected Care 業務（不包括睡眠和呼吸護理）增長超過 500 個基點。最後，在個人健康領域，可比銷售額在 2022 年第一季度增長 8% 的情況下下降了 6%。這是由於 2022 年與俄羅斯相關的投資組合決策產生了 4 個百分點的影響，以及全球消費者需求下降。

Sales grew low single digit in China where we see improving sellout trends. Adjusted EBITA margin was 13.2%, mainly due to the lost sales related to Russia. Adjusted EBITA margin for the group increased by 240 basis points to 8.6%, which and component price inflation came in at around 300 basis points. However, this was more than offset by 120 basis points of operating leverage and by our productivity and pricing actions, which contributed a further 520 basis points.

中國的銷售額增長低個位數，我們看到銷售趨勢有所改善。調整後的 EBITA 利潤率為 13.2%，主要是由於與俄羅斯相關的銷售損失。該集團調整後的 EBITA 利潤率增加了 240 個基點，達到 8.6%，而組件價格通脹率約為 300 個基點。然而，這被 120 個基點的經營槓桿以及我們的生產力和定價行動所抵消，這進一步貢獻了 520 個基點。

The pricing impact on our health systems businesses that is Diagnosis & Treatment and Connected Care will be further reflected in the P&L during the second half of 2023 as we gradually convert more orders at new and better prices. Our productivity initiatives are on track. These actions delivered savings of EUR 190 million in the first quarter. Operating model productivity savings amounted to EUR 94 million. Procurement savings amounted to EUR 32 million and other productivity programs delivered savings of EUR 64 million. Adjusting items in the quarter included EUR 150 million of charges related to the accelerated execution of the workforce reduction plan, where we are ahead of the plan with 5,400 role reductions to date.

隨著我們逐漸以新的更好的價格轉換更多訂單，定價對我們的診斷和治療以及互聯護理等醫療系統業務的影響將進一步反映在 2023 年下半年的損益表中。我們的生產力計劃正在按計劃進行。這些行動在第一季度節省了 1.9 億歐元。運營模式的生產力節省總計 9400 萬歐元。採購節省達 3200 萬歐元，其他生產力計劃節省了 6400 萬歐元。本季度的調整項目包括與加速執行裁員計劃相關的 1.5 億歐元費用，我們在該計劃中領先於該計劃，迄今為止裁員 5,400 人。

The full year outlook for restructuring and acquisition-related and other charges remain in line with the guidance provided in January, except for the impact of the economic loss provision booked in Q1. Let me provide you some more color on that provision. The provision was booked as Philips Respironics expects to submit a negotiated settlement agreement to the court for preliminary approval in the second quarter of 2023. While I cannot go into much detail of the provision at this moment, it's important to note that the economic loss resolution is being negotiated with the assistance of a court-appointed mediator as a potential class action settlement. That will resolve the economic claim loss claims of all device users, hospitals and private insurers in the U.S. whether they filed a lawsuit or not.

重組和收購相關費用及其他費用的全年展望與 1 月份提供的指引一致，但第一季度計入的經濟損失準備金的影響除外。讓我為您提供有關該條款的更多信息。由於 Philips Respironics 預計將在 2023 年第二季度向法院提交協商和解協議以供初步批准，因此該條款已被記錄。雖然我目前無法詳細說明該條款，但重要的是要注意經濟損失決議正在法院指定的調解員的協助下進行談判，作為潛在的集體訴訟解決方案。這將解決美國所有設備用戶、醫院和私人保險公司的經濟索賠損失索賠，無論他們是否提起訴訟。

Subject to final court approval, payments to class members under the settlement are not expected to begin until the first quarter of 2024 at the earliest.

根據法院的最終批准，根據和解協議向集體成員付款預計最早要到 2024 年第一季度才會開始。

With that, I'd like to hand you back to Roy.

有了這個，我想把你交還給羅伊。

Thanks, Abhijit. I would like to continue on the topic of the Respironics recall. We understand how important the sleep therapy devices and ventilators are for patients and how they improve their lives every day at night. Resolving this has been and remains our highest priority. It's a complex task, but we are making progress with some ups and downs. To date, more than 95% of the new replacement device and repair kits have been produced and are ready to serve patients. The other 5% of the registered devices are primarily ventilators. Philips Respironics is fully focused on working towards a solution.

謝謝，阿比吉特。我想繼續討論 Respironics 召回的話題。我們了解睡眠治療設備和呼吸機對患者的重要性，以及他們每天晚上如何改善他們的生活。解決這個問題一直是並且仍然是我們的首要任務。這是一項複雜的任務，但我們正在經歷一些起伏。迄今為止，95%以上的新更換設備和維修包已經生產完畢，可以為患者服務。另外 5% 的註冊設備主要是呼吸機。 Philips Respironics 完全專注於尋找解決方案。

The vast majority of the produced sleep devices have been sent to patients and home care providers, and we are getting the remaining devices to patients as soon as possible. Regarding the test and research program, Respironics continues to expect to publish the toxicological risk assessment of the VOC emissions resulting from ozone-induced foam degradation in the DreamStation 1 devices and to complete testing for SystemOne and DreamStation Go sleep therapy devices in Q2.

絕大多數生產的睡眠設備已發送給患者和家庭護理提供者，我們正在盡快將剩餘的設備送到患者手中。關於測試和研究計劃，Respironics 繼續期望發布 DreamStation 1 設備中臭氧引起的泡沫降解導致的 VOC 排放的毒理學風險評估，並在第二季度完成 SystemOne 和 DreamStation Go 睡眠治療設備的測試。

We are optimistic about what this news will mean for patients, whilst we continue to work through the testing for ventilators. To conclude, I would like to highlight some of the progress we have made in the quarter on our execution priorities. First, on patient safety and quality. To strengthen the voice of the patient, we established a new Patient Safety Advisory Board, which will be operational in the second quarter. To improve product quality, we added significant design control capabilities and talent in systems engineering and software design teams. And we are on track to deliver 45 production in a number of quality management systems this year, building on a 30% reduction by the end of last year.

我們對這一消息對患者的意義持樂觀態度，同時我們將繼續進行呼吸機測試。最後，我想強調一下本季度我們在執行重點方面取得的一些進展。首先，關於患者安全和質量。為了加強患者的聲音，我們成立了一個新的患者安全諮詢委員會，該委員會將於第二季度開始運作。為了提高產品質量，我們在系統工程和軟件設計團隊中增加了重要的設計控制能力和人才。今年我們有望在多個質量管理體系中交付 45 個產品，到去年年底減少 30%。

If you look at corrective and preventive action systems, we continue to proactively identify issue, and we are increasing the number of investigations by design. This allow us to find and address them early. We are, of course, focused on this number to improve it significantly as we fully implement our plan. With respect to the supply chain. As of this month, we have moved to customer-centric end-to-end supply chain teams, closely aligned to the different businesses we operate in and which we expect to further enhance the efficiency in delivering to customers. Several new dedicated leaders have already been announced for each business in the first quarter. We continue to make progress to reduce materials and component risks. For example, we have accelerated the redesigns of components by completing 126 printed circuit boards, compared to 56 as of the end of Q4. And we are on track to meet our targets to derisk all our high-risk components by year-end.

如果您查看糾正和預防措施系統，我們會繼續主動識別問題，並且我們正在設計增加調查的數量。這使我們能夠儘早找到並解決它們。當然，隨著我們全面實施我們的計劃，我們將重點關注這個數字以顯著改善它。關於供應鏈。從這個月開始，我們已經轉向以客戶為中心的端到端供應鏈團隊，與我們經營的不同業務緊密結合，我們希望進一步提高向客戶交付的效率。第一季度已經為每個業務宣布了幾位新的專門負責人。我們在降低材料和組件風險方面不斷取得進展。例如，我們通過完成 126 塊印刷電路板加快了組件的重新設計，而截至第四季度末為 56 塊。我們有望在年底前實現我們的目標，即降低所有高風險成分的風險。

As you have seen in the results we have presented today, I'm pleased to see that these actions we have taken are already positively impacting our sales conversion rates. Finally, we are simplifying our operating model by putting prime accountability into the businesses, supported by strong regions and lean functions. As of this month, we have moved to end-to-end P&L accountable businesses. Our goal is to remove complexity and become more focused on strategy and innovation execution. This also included the difficult but necessary reduction of our workforce by 10,000 roles globally by 2025. To date, we have reduced 5,400 roles, and we are ahead of plan. This is accompanied by significant change effort, and I want to thank and acknowledge the efforts of our employees and thank them for their strong ongoing commitment to our purpose.

正如您在我們今天展示的結果中看到的那樣，我很高興看到我們採取的這些行動已經對我們的銷售轉化率產生了積極影響。最後，我們正在簡化我們的運營模式，在強大的區域和精益職能的支持下，將主要責任納入業務。截至本月，我們已轉向端到端的損益責任業務。我們的目標是消除複雜性，更加專注於戰略和創新執行。這還包括到 2025 年在全球範圍內艱難但必要地裁減 10,000 個職位。迄今為止，我們已經裁減了 5,400 個職位，而且我們提前完成了計劃。這伴隨著重大的變革努力，我要感謝並認可我們員工的努力，並感謝他們對我們目標的堅定不移的承諾。

A leaner organization will help Philips to become more agile and ultimately result in better outcomes for customers, consumers and patients. This will also result in a simpler, more productive and more engaging workplace for employees, who are motivated and attracted by our purpose. Moreover, since Q1, we are managing performance through a reduced number of key operational metrics. We brought it down from 30 to 12 addressing customers, quality, ESG and people and financial performance. This focus allows us to make an impact in a vital view. We are also strengthening our teams with new health tech talent adding seasoned leaders with deep domain expertise, including to our executive committee.

更精簡的組織將幫助飛利浦變得更加敏捷，並最終為客戶、消費者和患者帶來更好的結果。這也將為員工創造一個更簡單、更高效、更吸引人的工作場所，他們會被我們的目標所激勵和吸引。此外，自第一季度以來，我們通過減少關鍵運營指標來管理績效。我們將其從 30 個減少到 12 個，以解決客戶、質量、ESG 和人員以及財務績效等問題。這種關注使我們能夠以重要的觀點產生影響。我們還通過新的健康技術人才加強我們的團隊，增加具有深厚領域專業知識的經驗豐富的領導者，包括我們的執行委員會。

In addition to the changes announced in January, earlier this quarter, we announced the appointment of Julia Strandberg as a Chief Business Leader of the Connected Care businesses effective today. Julia brings deep, multidisciplinary expertise, including informatics and monitoring and in improving the health care experience for patients and providers across care settings.

除了 1 月份宣布的變動外，本季度早些時候，我們還宣布任命 Julia Strandberg 為 Connected Care 業務的首席業務負責人，即日生效。 Julia 帶來了深厚的多學科專業知識，包括信息學和監測，以及改善跨護理機構的患者和提供者的醫療保健體驗。

Let me close out by repeating the key messages of the quarter. We delivered a solid start to the year with 6% comparable sales growth and improvements in profitability and operating cash flow in Q1 as our actions to strengthen execution and deliver shareholder value started to take effect. We are making good progress in executing our plan and on our 3 priorities: enhancing patient safety and quality, strengthening our supply chain reliability, which has helped improve performance in Q4 last year and in the first quarter this year and established a simplified, more agile operating model.

讓我通過重複本季度的關鍵信息來結束。隨著我們加強執行力和創造股東價值的行動開始生效，我們在第一季度實現了 6% 的可比銷售額增長以及盈利能力和運營現金流的改善，從而在今年開局良好。我們在執行我們的計劃和我們的 3 個優先事項方面取得了良好進展：提高患者安全和質量，加強我們的供應鏈可靠性，這有助於提高去年第四季度和今年第一季度的績效，並建立了一個簡化、更靈活的運營模式。

Resolving the Respironics recall for patients remains our highest priority. This quarter, we continued to make progress on the remediation and Respironics recorded a provision in connection with the anticipated resolution of the economic loss class action. Looking ahead, based on our solid performance in the quarter, our order book and the ongoing actions to improve further execution, we are confident in our plan for 2023, acknowledging that uncertainties remain.

為患者解決 Respironics 召回問題仍然是我們的首要任務。本季度，我們在補救方面繼續取得進展，Respironics 記錄了與經濟損失集體訴訟的預期解決方案相關的準備金。展望未來，基於我們在本季度的穩健表現、我們的訂單以及為進一步提高執行力而採取的持續行動，我們對 2023 年的計劃充滿信心，並承認不確定性依然存在。

I would like to thank you all for joining this call, and we will now take your questions.

我要感謝大家參加這次電話會議，我們現在將回答您的問題。

(Operator Instructions) The first question comes from the line of Hassan Al-Wakeel from Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Hassan Al-Wakeel。

I have a couple, please. So firstly, can you talk about guidance and why after a very strong Q1, you've decided to keep guidance unchanged? How should we be thinking about the phasing of growth going forward, given that the guidance implies some slowdown sequentially? Is this more caution rather than any real anticipation of a slowdown going forward?

我有一對，請。所以首先，你能談談指導嗎？為什麼在非常強勁的第一季度之後，你決定保持指導不變？鑑於該指引暗示會出現一定程度的放緩，我們應該如何考慮未來的增長階段？這是更謹慎，而不是對未來經濟放緩的任何真正預期？

And then secondly, you've noted that you've produced and shipped more than 95% of recall devices. Given the recent release by the FDA, which highlighted concerns that devices in the hands of patients were considerably less. Could you talk about the deviation here, the expected time to get to patients as well as the broader relationship with the FDA.

其次，您注意到您已經生產並運送了超過 95% 的召回設備。鑑於 FDA 最近的發布，強調了患者手中的設備要少得多的擔憂。你能談談這裡的偏差、到達患者的預期時間以及與 FDA 的更廣泛關係嗎？

Thank you, Hassan. So first on guidance. So we have said and I just repeat that we feel confident for 2023 based upon the combination of 2 things. One is we have, on our own side, of course, a good and solid start to the year with this growth profile the profitability and operating cash flow improvements as well as that we see that the execution of the plan is taking effect.

謝謝你，哈桑。所以首先是指導。所以我們已經說過，我只是重複一遍，基於兩件事的結合，我們對 2023 年充滿信心。一個是，就我們自己而言，當然，今年有了良好而穩固的開端，這種增長狀況、盈利能力和經營現金流的改善以及我們看到計劃的執行正在生效。

At the same time, we are early in the year. We don't want to adjust guidance every quarter, and we also have uncertainties that we want to acknowledge that remain, and those are the same uncertainties that I called out earlier, which are macroeconomic, geopolitical and of course, we have a CD coming. That's why we actually showed the confidence in the plan and have not further adjusted the guidance as a result.

與此同時，我們今年年初。我們不想每個季度都調整指導，我們也有我們想要承認的不確定性，這些不確定性與我之前提到的一樣，是宏觀經濟、地緣政治，當然，我們有一個 CD .這就是為什麼我們實際上表現出對該計劃的信心並且沒有因此進一步調整指導。

On your second question, if I go to the recall. So we, of course, continue to put all our efforts on finalizing recall. And as we shared, we are now at 95% of produced remediation devices, of which we have put the vast majority also into the hands of patients. If you refer to the call out, there is a gap between production and getting it into hands of patients. If you currently look -- in total, we have more than 4 million of the devices that are currently in the hands of the patients. So we're working through the rest, both in U.S. as and rest of world. That actually requires our efforts, but also the efforts of the patients because some of the patients also still need to respond to some of the reach outs that we have done to them. So that is really, really important for us to really finalize the remediation.

關於你的第二個問題，如果我去召回。因此，我們當然會繼續全力以赴完成召回。正如我們分享的那樣，我們現在生產了 95% 的治療設備，其中絕大多數也交到了患者手中。如果您參考號召，生產和將其送到患者手中之間存在差距。如果你目前看——總共有超過 400 萬台設備目前在患者手中。因此，我們正在努力解決美國和世界其他地區的其他問題。這實際上需要我們的努力，也需要患者的努力，因為一些患者還需要對我們對他們所做的一些外展活動做出回應。所以這對我們真正完成補救真的非常重要。

And then we have the respiratory care part that we also need to conclude upon, which I said we are working towards a resolution, and that's the remaining 5% of the total volume of the remediation. And in terms of the relation with the FDA, we have a continued strong engagement with them on multiple fronts. We are working through the remediation with them. We're working on the CD, as you know, which we have made further progress, but we are not able to share -- to share the kind of status as for now because we have not yet reached an agreement. And we also made good progress on the testing, and as I said, we aim to come forward relatively soon with the testing results where we also got feedback from the FDA.

然後我們還有呼吸護理部分，我們也需要得出結論，我說過我們正在努力解決這個問題，這是補救總量的剩餘 5%。在與 FDA 的關係方面，我們在多個方面與他們保持著密切的聯繫。我們正在與他們一起完成補救工作。正如你所知，我們正在為裁談會工作，我們已經取得了進一步的進展，但我們無法分享——分享目前的狀態，因為我們尚未達成協議。我們在測試方面也取得了很好的進展，正如我所說，我們的目標是相對較快地提出測試結果，我們也從 FDA 那裡得到了反饋。

That's helpful. And just in terms of the phasing of growth going forward, how should we be thinking about that? And you talked about mid-single-digit expectations for D&T and Connected Care with low single digit in PH. I wonder if that's changed at all.

這很有幫助。就未來增長的階段性而言，我們應該如何考慮？你談到了對 D&T 和 Connected Care 的中等個位數期望，PH 值較低。我想知道這是否完全改變了。

Yes. I think -- Hassan, this is Abhijit. At the start of the year, we had expected the year to be more second half weighted. I think with the way we have started, you will see a more smooth growth pattern through the year. So we don't expect a stronger than second half as we had earlier guided for. And if you look at our guidance on Connected Care and Personal Health, we don't see any reason to change neither for D&T, but the good start for D&T gives us, let's say, more confidence that we will be on plan for D&T.

是的。我想 -- Hassan，這是 Abhijit。今年年初，我們曾預計今年下半年的權重會更高。我認為按照我們開始的方式，你會看到全年的增長模式更加平穩。因此，我們預計下半年不會像我們之前指導的那樣強勁。如果你看看我們關於互聯護理和個人健康的指南，我們認為沒有任何理由改變 D&T，但 D&T 的良好開端讓我們更有信心，我們將為 D&T 制定計劃。

The next question comes from the line of Veronika Dubajova from Citi.

下一個問題來自花旗銀行的 Veronika Dubajova。

If I can just start with the D&T margin profile, Abhijit. I just love to understand if there were any extraordinary contributors to that double-digit margin that you reported this quarter and mixed benefit you call out any contribution from pricing? And just kind of trying to get a sense of how representative this is of the underlying margin in the business and how durable it might be through the remainder of the year?

如果我可以從 D&T 利潤率概況開始，Abhijit。我只是想知道您本季度報告的兩位數利潤率和混合收益是否有任何非凡的貢獻者，您是否稱定價有任何貢獻？只是想了解一下這對業務的潛在利潤率有多大的代表性，以及它在今年餘下時間裡的持久性如何？

And then if I can just follow up on the litigation question that Hassan has asked about the FDA and I'm really sorry, I apologize. FDA question, not litigation question that Hassan had asked. Are you still expecting the consent decree resolution this quarter? And any thoughts you have on the probability of outcomes and how those have changed as you continue those discussions?

然後，如果我可以跟進 Hassan 提出的有關 FDA 的訴訟問題，我真的很抱歉，我道歉。 FDA 問題，而不是 Hassan 提出的訴訟問題。您是否仍期待本季度的同意令決議？你對結果的可能性有什麼想法，以及在你繼續這些討論時這些結果是如何改變的？

Veronika, on the D&T margin, there were no special one-off positives in the margin in the first quarter. With the growth that we have, you get good operating leverage. Important, as you saw in the last couple of years, our high-margin businesses were the ones that were impacted, namely IGT and Ultrasound. We have had a very good growth in IGT and Ultrasound. So that gives additional, let's say, that's why I put mix -- of course, the productivity savings that we have running across the company, D&T gets its fair share. And then regarding pricing, we do not see in Q1 and Q2, really any significant pricing impact from better orders that will come in the second half of the year.

Veronika，在 D&T 利潤率方面，第一季度的利潤率沒有特別的一次性積極因素。隨著我們的增長，您將獲得良好的運營槓桿。重要的是，正如您在過去幾年所看到的那樣，我們的高利潤業務受到了影響，即 IGT 和超聲波。我們在 IGT 和超聲波方面取得了非常好的增長。所以這提供了額外的，比方說，這就是為什麼我把混合——當然，我們在整個公司運行的生產力節省，D&T 得到了它的公平份額。然後關於定價，我們在第一季度和第二季度沒有看到下半年更好的訂單對定價產生任何重大影響。

And let me take the second one on the FDA and the consent decree. As I said earlier, we're in active dialogue on that. We have also next meetings planned. I would still hope for a quick resolution. I said earlier that, that could be Q2. Now that's still something we definitely want to work towards. But as I also said earlier, we are not in control of that time line. And that's something, of course, that works together with the FDA. At the moment we have clarity will come forward. But I can assure you that we continue to work on that with great efforts.

讓我談談關於 FDA 和同意令的第二個問題。正如我之前所說，我們正在就此進行積極對話。我們還計劃了下次會議。我仍然希望盡快解決。我之前說過，那可能是第二季度。現在，這仍然是我們絕對想要努力的方向。但正如我之前所說，我們無法控制該時間線。當然，這是與 FDA 一起工作的東西。目前我們已經清楚了。但我可以向你保證，我們將繼續為此付出巨大努力。

Understood. And Roy, any sort of change in your confidence in terms of the 2025 guidance and whether that's still consistent with your conversations you're having?

明白了。羅伊，你對 2025 年指南的信心有任何變化，這是否仍然與你正在進行的談話一致？

No. I think there's no change in that perspective. I think based upon the start of the year, we are very confident on the 2023 year plan both on the execution as well as kind of what we see going through from supply chain that allows us to say that kind of we have this confidence that has been growing in the quarter based on the solid start of the year. The consent decree is still one that we need to work through, but has not changed in that perspective, the outlook for the year.

不，我認為這種觀點沒有改變。我認為基於今年年初，我們對 2023 年計劃的執行以及我們從供應鏈中看到的情況都非常有信心，這讓我們可以說我們有這種信心在今年開局良好的基礎上，本季度一直在增長。同意令仍然是我們需要解決的一個問題，但從這一角度來看，今年的前景並沒有改變。

The next question comes from David Adlington from JPMorgan.

下一個問題來自摩根大通的 David Adlington。

So firstly on -- again, just on the D&T margin. I mean going back in my model about 10 years, normally Q1 margin is low to mid-single digit and you've come in obviously more than double that. I just wonder if you could give us some help in terms of how we should be thinking about the margin progression through the rest of this year? Maybe just quantify how much of that is due to the cost savings versus the drop-through? And the second question is on balance sheet. Obviously, given today's provision and you've got some costs coming up with the consent decree and personal litigation as well. I just wondered if you said if you saw any need to strengthen the balance sheet?

所以首先 - 再一次，就在 D&T 利潤率上。我的意思是回到我的模型大約 10 年，通常 Q1 利潤率低到中個位數，而你的收入顯然是它的兩倍多。我只是想知道您是否可以就我們應該如何考慮今年餘下時間的利潤率進展提供一些幫助？也許只是量化其中有多少是由於成本節約而不是下降？第二個問題是資產負債表。顯然，鑑於今天的規定，同意令和個人訴訟也會產生一些費用。我只是想知道你是否說過你是否認為有必要加強資產負債表？

Yes. David, as I told, Veronika, there are no special one-offs in the D&T margin improvement. I think overall, a couple of things when you compare to multiple years back. The IGT share in the overall D&T mix has gone up significantly. Now we are well above the EUR 3 billion in terms of IGT businesses, which are high margin.

是的。大衛，正如我告訴 Veronika 的那樣，在 D&T 利潤率改善方面沒有特別的一次性。總的來說，與多年前相比，我認為有幾件事。 IGT 在整個 D&T 組合中的份額顯著上升。現在，我們的 IGT 業務的利潤率遠高於 30 億歐元，這些業務的利潤率很高。

The cost, as you mentioned, the productivity initiatives dropping. And we had mentioned that we wanted to get into the 12% to -- sorry, into the 14% to 16% margin bracket for D&T. We had unfortunate stall for a couple of years with all the supply chain issues that we have. And now that we are getting back on track, we see ourselves, again, getting to the guided ranges in the 2025 period.

正如您所提到的，成本下降了。我們已經提到我們想要進入 12% 到 - 抱歉，進入 D&T 的 14% 到 16% 的保證金支架。不幸的是，由於我們遇到的所有供應鏈問題，我們停滯了幾年。現在我們正在重回正軌，我們再次看到自己在 2025 年期間達到了指導範圍。

Regarding the balance sheet, I think if you look also from the actions of the primary rating agencies, we are still or we are a couple of notches above investment grade. There is no need to further strengthen it. Our cash generation starts the year off well and we are confident in the cash generation this year. And then once the settlement of the class action for economic loss comes, we are also expect that to be offset by insurance money that we are likely to get. So therefore, we don't see any other actions to further strengthen the balance sheet at this time.

關於資產負債表，我認為如果你也從主要評級機構的行為來看，我們仍然或比投資等級高幾個檔次。沒有必要進一步加強它。我們的現金產生在今年開局良好，我們對今年的現金產生充滿信心。然後，一旦針對經濟損失的集體訴訟達成和解，我們也預計這將被我們可能獲得的保險金所抵消。因此，我們目前看不到任何其他進一步加強資產負債表的行動。

The next question comes from Delphine Le Louet from Societe Generale.

下一個問題來自法國興業銀行的 Delphine Le Louet。

I was willing to go back on the Chinese dynamic as well as the North America dynamic. Can you give us a bit more granularity in this market and especially regarding PH to better understand what are the segments that are going fine. We had a lot of oral care last year. Can we have a comment on this one for PH and Chinese more locally about the trends and the take-up that you've seen plus North America business, please?

我願意回到中國的動態以及北美的動態。你能不能給我們更多關於這個市場的細節，尤其是關於 PH 的信息，以便更好地了解哪些細分市場進展順利。去年我們做了很多口腔護理。我們能否就您所看到的趨勢和接受度以及北美業務對 PH 和中國本地人發表評論？

Yes. Let me -- thank you, Delphine. Let me start. On China, I think we have seen China contributing strongly towards this quarter especially on the professional health systems side. We still see the consumer side subdued. We expect that actually to strengthen from Q2 onwards. That's also actually in line with the expectations that we had earlier.

是的。讓我——謝謝你，Delphine。讓我開始吧。關於中國，我認為我們已經看到中國在本季度做出了巨大貢獻，尤其是在專業衛生系統方面。我們仍然看到消費者方面表現疲軟。我們預計這實際上會從第二季度開始加強。這實際上也符合我們之前的預期。

So our outlook as we kind of started the year with is actually coming through. And I would also say that we expect China to continue to have a strong contribution into this year. So we're happy to see China coming back. Firstly, especially in health systems. But I think towards the coming quarters, we will see it also strengthening on the consumer side.

因此，我們今年年初的展望實際上正在實現。我還要說的是，我們預計中國將在今年繼續做出巨大貢獻。所以我們很高興看到中國回來。首先，尤其是在衛生系統中。但我認為在未來幾個季度，我們將看到它在消費者方面也會加強。

On the North American side, we have seen that also on the consumer side, we have seen subdued demand. We also expected that to be honest. So also earlier, we voiced it given the high inflationary environment, we just see that the volume is not coming through that there was earlier in the market. We're still holding strong in market share. So we don't believe that we are losing any traction with consumers that we have less attractive innovations. Actually, we get confirmation that they still are very much in the market for innovations, but it's just less demand.

在北美方面，我們看到在消費者方面，我們也看到需求低迷。我們也希望這是誠實的。因此，同樣早些時候，鑑於高通脹環境，我們也表示，我們只是看到市場早期的交易量沒有出現。我們仍然保持著強勁的市場份額。因此，我們認為我們不會因為我們的創新吸引力降低而失去對消費者的吸引力。實際上，我們得到確認，他們仍然非常喜歡創新市場，但只是需求減少了。

Pricing is coming through on the consumer side. So actually, that helps us to kind of uphold, but there is impact. And as you also saw in the quarter, therefore, Personal Health is feeling those challenges. On the health systems side, in North America, we see that D&T was coming through strong. So that actually is a good development. We also see that actually in the mix. Certain choices are being made with customers where actually they are now seem to be really getting back into both the IGT as well as in the imaging spaces with some pent-up demand that we saw coming from COVID. And as our supply chain strengthens, we are able to convert and actually go out to that in a better way. So that's, I think, the color I can give. Abhijit, I don't know if you want to add...

消費者方面正在定價。所以實際上，這有助於我們堅持，但有影響。因此，正如您在本季度所看到的那樣，Personal Health 正面臨這些挑戰。在衛生系統方面，在北美，我們看到 D&T 表現強勁。所以這實際上是一個很好的發展。我們實際上也看到了這一點。某些選擇正在與客戶一起做出，實際上他們現在似乎真的回到了 IGT 以及成像空間，我們看到來自 COVID 的一些被壓抑的需求。隨著我們供應鏈的加強，我們能夠以更好的方式進行轉換並真正做到這一點。所以，我認為，這就是我可以給出的顏色。 Abhijit，我不知道你是否要添加...

Yes. I think the very important also add that in China, as we see our local for local manufacturing going up, we then open ourselves also to get better order intake. So I think that is one. Delphine, to your question on Personal Health dynamics in North America, it's important to understand that in the first 2 quarters of last year, we had high teens growth in Personal Health in North America. As you know, the post-COVID demand was coming back. So there the comparables are tough. The market is not buoyant simply because of the factors that Roy mentioned on inflation, et cetera, but therefore, on the comparison, there is a decline.

是的。我認為非常重要的一點是，在中國，當我們看到本地製造的本地化增長時，我們也會開放自己以獲得更好的訂單量。所以我認為這是一個。 Delphine，對於你關於北美個人健康動態的問題，重要的是要了解在去年的前兩個季度，我們在北美的個人健康方面有很高的青少年增長。如您所知，後 COVID 需求正在回歸。因此，可比性很強。市場並不僅僅因為羅伊提到的通貨膨脹等因素而活躍，但因此，相比之下，出現了下降。

And on China, we are glad we came back to growth in first quarter and with the high -- or good sellout that we see gives us confidence on continuing the growth trajectory going forward in China, especially for Personal Health.

在中國，我們很高興我們在第一季度恢復了增長，並且我們看到的高銷售或良好的銷售讓我們有信心繼續在中國繼續增長軌跡，特別是在個人健康方面。

Okay. Can we have a quantification of the Chinese uptake in growth? How big was that for the whole?

好的。我們可以量化中國對增長的吸收嗎？整體有多大？

In growth of what?

在增長什麼？

The contribution to growth in revenue.

對收入增長的貢獻。

For Philips? Or for...

對於飛利浦？或者為了...

Yes.

是的。

We had I think double...

我們有我認為雙重...

If you can go for PH share specifically would be fine.

如果你可以專門去 PH 份額就可以了。

For PH, I mentioned first quarter was low single digit. And then in the coming quarters, we will keep moving upwards. So because we see the sellout being good. That means, of course, the distribution network will start restocking and therefore, we expect that the growth will further accelerate during the year.

對於 PH，我提到第一季度是低個位數。然後在接下來的幾個季度，我們將繼續向上移動。所以因為我們看到賣光很好。當然，這意味著分銷網絡將開始補貨，因此我們預計年內增長將進一步加快。

And for Philips, do we have any idea about the contribution of the whole of China in the growth?

對於飛利浦，我們是否了解整個中國對增長的貢獻？

Yes. So I think we had good double-digit growth in the first quarter. It's about 15% of sales. So there you can make your estimate. .

是的。所以我認為我們在第一季度實現了良好的兩位數增長。大約佔銷售額的 15%。所以你可以在那裡做出估計。 .

The next question comes from the line of Robert Davies from Morgan Stanley.

下一個問題來自摩根士丹利的羅伯特戴維斯。

My first one was just if you could give us a little bit more color on the order dynamics within the Diagnostics & Treatment business. Obviously, we're seeing very strong sales growth just to be curious, given the current discussion around hospital CapEx, et cetera, which I know you've provided in previous, I guess, slightly more cautious comments than some of your peers. I'd just be kind of curious to get your thoughts of what's going on there from an order perspective.

我的第一個問題是，如果你能給我們更多關於診斷和治療業務中訂單動態的顏色。顯然，我們看到非常強勁的銷售增長只是出於好奇，考慮到目前圍繞醫院資本支出等的討論，我知道你在之前提供的評論比你的一些同行稍微謹慎一些。我只是有點好奇，想從訂單的角度了解您對那裡發生的事情的看法。

Yes. Thank you, Robert. And just to provide more color also building on what we said earlier, of course, in the D&T space, as Abhijit outlined, we have the IGT and the imaging businesses. We see IGT in particular, really starting extremely strong, and we expect that also to continue.

是的。謝謝你，羅伯特。當然，正如 Abhijit 概述的那樣，在我們之前所說的基礎上提供更多顏色，當然，在 D&T 領域，我們擁有 IGT 和成像業務。我們特別看到 IGT，真的開始非常強勁，我們希望這種情況也能繼續下去。

In imaging, it's a more diverse picture. We highlighted earlier that on MR, we still have more supply challenges. So we see that also being worked. So we are improving on supply, but still we are not there. And therefore, we also see some effect on the orders from that, whilst CT actually had a very strong start in the year. So the spectral CT as also was outlined by Abhijit is really making headway into the market. It's getting a lot of traction based on its improved imaging quality, but also the ease of use and using it in the workflow. So that's kind of, I would say, a bit of a mixed picture that we see across D&T. But overall, a very strong performance across the board.

在成像方面，這是一個更加多樣化的畫面。我們之前強調，在 MR 上，我們仍然面臨更多的供應挑戰。所以我們看到這也在起作用。所以我們正在改善供應，但我們仍然沒有做到。因此，我們也看到了訂單的一些影響，而 CT 實際上在今年有一個非常強勁的開端。因此，Abhijit 概述的光譜 CT 確實在市場上取得了進展。基於其改進的成像質量以及易用性和在工作流程中使用它，它獲得了很大的吸引力。因此，我想說，我們在 D&T 中看到的情況有點複雜。但總體而言，全線表現非常強勁。

And then just the other one I wanted to follow up is on your comments you made earlier on the phasing of growth as you go through the year. I guess given your backlog or your sort of order book coverage, I think, has sort of gone up again. What's the prospects for accelerating growth even more than you've seen in this quarter? Or have you kind of max out in this quarter, is this the sort of fastest you can get step out of the door? Just trying to get a sense of how constrained Philips still is from just on the delivery side of things?

然後，我想跟進的另一個問題是您早些時候就您在這一年中的增長分階段發表的評論。我想考慮到你的積壓或你的訂單簿覆蓋率，我認為，已經有點上升了。加速增長的前景如何，甚至比您在本季度看到的還要快？還是您在本季度達到了極限，這是您可以走出大門的最快速度嗎？只是想了解飛利浦在交付方面仍然受到多大的限制？

Yes, I think it's fair to say that this gives confidence that also actually the supply strengthening will continue. So I think you will see an overflow of this in Q2. So we were a bit more cautious in the outlook earlier, where Abhijit also mentioned that kind of we guided towards a slower start and second half will be stronger. I think now as we were able to get better supply, and also we have the outlook on a continued stronger supply, I think you see that more evenly across the year.

是的，我認為可以公平地說，這給人以信心，實際上供應增強將繼續下去。所以我認為你會在第二季度看到這種情況的溢出。因此，我們早些時候對前景更加謹慎，Abhijit 還提到我們引導開局較慢，下半年會更強勁。我認為現在我們能夠獲得更好的供應，而且我們有持續強勁供應的前景，我認為你會在全年看到更均勻的情況。

And this is something that, of course, depends on us, better supply gives us the ability to install, at the same time, we also need to work closely with our customers to get it installed and to get it planned for. And as I shared earlier, of course, the climate is still pressured in the hospital environment, not only from a CapEx environment but also just in terms of the people that they have and to kind of operate the system. And it also means that there needs to be very careful planning with them to kind of work through the orders that we can convert.

當然，這取決於我們，更好的供應使我們能夠安裝，與此同時，我們還需要與客戶密切合作以安裝併計劃。正如我之前分享的那樣，當然，醫院環境中的氣候仍然面臨壓力，不僅來自資本支出環境，還包括他們擁有的人員和操作系統。這也意味著需要與他們進行非常仔細的計劃，以便通過我們可以轉換的訂單來開展工作。

Maybe just one final one. Just in terms of the profitability of the Connected Care business for this year, what are your sort of latest stall process are? Are you still sort of assuming breakeven (inaudible) single digit? Or given that it sort of started already, I think it was up 2.4 in the first quarter. Is there potential for that to get better as sort of sales accelerates over the year?

也許只是最後一個。就今年Connected Care業務的盈利能力而言，您最新的攤位流程是什麼？您是否仍然假設收支平衡（聽不清）個位數？或者考慮到它已經開始了，我認為它在第一季度上漲了 2.4。隨著一年中某種銷售的加速，這種情況是否有可能變得更好？

Yes. Look, typically, our Q1 profitability is our lowest. So typically, we will see Connected Care profitability increase during the year. The good news is that earlier where we were struggling with getting parts for patient monitoring, which is why we were impacted in profitability. That is now in a much better situation. So we start improving.

是的。通常情況下，我們第一季度的盈利能力是最低的。因此，通常情況下，我們會看到 Connected Care 的盈利能力在這一年中有所增長。好消息是，早些時候我們在努力獲得用於患者監測的部件，這就是我們的盈利能力受到影響的原因。現在情況好多了。所以我們開始改進。

Also in Sleep & Respiratory Care as we keep putting in the cost actions, you will see that we have guided to breakeven for the year. So during the course of the year, that will increase. So yes, overall, you will see Connected Care profitability improving throughout the year, quarter by quarter.

同樣在睡眠和呼吸護理方面，隨著我們不斷投入成本行動，您會看到我們已指導今年實現收支平衡。因此，在這一年中，這將會增加。所以，是的，總體而言，您會看到 Connected Care 的盈利能力全年逐季提高。

That's great.

那太棒了。

The next question comes from the line of Graham Doyle, UBS.

下一個問題來自瑞銀集團的 Graham Doyle。

Just one around sort of the consent decree and sort of recall and FDA. I just -- we haven't had your take necessarily with regards to what the FDA put out 10 days ago around the nature of sort of the language around the website and the recall. So it'd be good to get your sense as to sort of what's happened there in terms of the disconnect between yourself and the FDA? And then I don't know if we should be looking at this as relevant for the ongoing consent decree? Or is it just something that's kind of cropped up alongside as? And then one thing we haven't talked about, obviously be quite interesting is just around your take on the order book as we go through this year. Obviously, your point at which we would like to the order book improve and grow and therefore indicate growth for '24, '25 on revenues. So just if I could get a sense as to when you guys have earmarked or are looking to see that sort of inflect.

只是一種同意令和召回以及 FDA 的一種方式。我只是 - 對於 FDA 10 天前圍繞網站和召回的語言性質發布的內容，我們還沒有得到你的肯定。因此，就您與 FDA 之間的脫節而言，了解那裡發生的事情會很好嗎？然後我不知道我們是否應該將其視為與正在進行的同意令相關？或者它只是突然出現的東西？然後我們還沒有談過一件事，顯然很有趣的是，在我們今年經歷的時候，你對訂單簿的看法。顯然，我們希望訂單簿得到改善和增長，因此表明 '24、'25 收入增長。因此，只要我能了解你們何時指定或希望看到這種變化。

Graham, so maybe on the first, in terms of the FDA mentioned or asked to further clarify, I think what happened there is that we published on our website, the amount of units that we produced. And as we are all focused and in particular, of course, the FDA to know how many are with patients, they asked us to clarify how many were with patients. And at the moment that they published it, we had on the website, for example, that we kind of were at a production level of 2.5 million, which was the end of January number but it was not clear enough on how many patients did receive in the U.S. already their devices, which we, in the meanwhile, updated on the website, so we are clear on saying that actually, by now, we have produced 2.8 million of devices for the U.S., of which 2.2 million are in the hands of the patients, and we are working through the remainder to get them in the hands of the patients in this quarter.

格雷厄姆，所以也許首先，就 FDA 提到或要求進一步澄清而言，我認為發生的事情是我們在我們的網站上公佈了我們生產的單位數量。由於我們都非常關注，特別是 FDA 想知道有多少是和病人在一起的，他們要求我們澄清有多少是和病人在一起的。在他們發布它的那一刻，我們在網站上，例如，我們的生產水平是 250 萬，這是 1 月底的數字，但還不清楚有多少患者接受了治療在美國已經有他們的設備，同時我們在網站上更新了，所以我們很清楚地說，實際上，到目前為止，我們已經為美國生產了 280 萬台設備，其中 220 萬台在手患者，我們正在努力解決剩餘問題，以便在本季度將它們交到患者手中。

So 95% of the total recall units have been produced. Out of that 95%, 4 million are with patients. So we're making good headway there and depends per country, what the percentages are. But what the call out was of the FDA is be very explicit on how many are with patients. And that's we clarified in dialogue with them as well on the website now and we updated that.

因此，已生產總召回單位的 95%。在這 95% 中，有 400 萬人與患者在一起。所以我們在這方面取得了很好的進展，具體取決於每個國家/地區的百分比。但 FDA 的呼籲是非常明確地說明有多少是與患者在一起的。這就是我們現在在與他們的對話中以及在網站上澄清的內容，我們對其進行了更新。

Yes, I think, Graham, on the order book, it's also important to know that not everything of our sales is in the order book. So there is 40% of our sales, which is on recurring revenue, there is PH, which is not in the order book. And as I think Roy mentioned very importantly, it also depends on customers when they are ready to take stuff and their sites are ready, et cetera.

是的，我認為，格雷厄姆，在訂單簿上，了解並非我們銷售的所有產品都在訂單簿中也很重要。所以我們有 40% 的銷售額是經常性收入，還有 PH，它不在訂單簿中。正如我認為 Roy 提到的非常重要的那樣，這還取決於客戶何時準備好拿東西以及他們的網站是否準備就緒，等等。

So the good news is that the order book is strong. Good news is that supplies are improving. And as we can work our way through that during the year, we will come back with how the year is progressing. I think we mentioned that there are 3 uncertainties, whether it be macroeconomic and there, we have seen what happened with the banks in Q1 or the inflationary pressures that are there, we have the geopolitical moves, which we are -- which creates a lot of uncertainty and, of course, the CD, which creates uncertainty. So once we -- till we have more certainty on some of these, we are we currently hold to say that we have increased confidence.

所以好消息是訂單簿很強勁。好消息是供應正在改善。當我們在這一年中努力解決這個問題時，我們將回顧這一年的進展情況。我想我們提到有 3 個不確定性，無論是宏觀經濟，我們已經看到第一季度銀行發生的事情或那裡的通脹壓力，我們有地緣政治舉措，我們現在 - 這造成了很多不確定性，當然還有 CD，它會產生不確定性。因此，一旦我們 - 直到我們對其中一些有更多的確定性，我們目前堅持說我們已經增加了信心。

Great. Just 1 quick follow-up on the factors that led you guys to have a sort of confidence that we will get a Q2 consent decree finalization. And have those factors changed? You said a little less comp or is it just a case of time has passed, and so there's just less time to the end of Q2. So naturally, you've got to be a little more cautious.

偉大的。只需快速跟進導致你們對我們將獲得第二季度同意令定稿的信心的因素。這些因素改變了嗎？你說的少了一點，或者只是時間過去了，所以到第二季度末的時間就少了。所以自然地，你必須更加謹慎。

Yes, I think, it's more of the latter.

是的，我認為，更多的是後者。

I think it's the latter, Graham, right? We are working through it. As I said, I think we all want and aim to get to clarity around this. So -- but at the same time, we also said before, this is a diligent process and that we are working through. There are no further changes in particular to that.

我認為是後者，格雷厄姆，對吧？我們正在努力解決它。正如我所說，我認為我們都希望並致力於弄清楚這一點。所以 - 但與此同時，我們之前也說過，這是一個勤奮的過程，我們正在努力完成。沒有特別的進一步變化。

The next question comes from the line of Falko Friedrichs, Deutsche Bank.

下一個問題來自德意志銀行的 Falko Friedrichs。

My first question is on the D&T business and specifically on the organic sales growth in the first quarter. Could you quantify the volume and the price component for us? Then secondly, on litigation, can you provide a bit of a road map for us in terms of the medical monitoring class action? And then the personal injury claims, just in terms of what we can expect here and going forward in terms of the time lines? And then thirdly, there were a couple of questions on that, but maybe you can summarize your thoughts on this hospital CapEx environment in the U.S. given that you sound a bit more cautious going into the year, printed very good Q1 results now. So what is your latest thinking regarding the outlook for the remainder of this year?

我的第一個問題是關於 D&T 業務，特別是第一季度的有機銷售增長。你能為我們量化數量和價格成分嗎？其次，關於訴訟，您能否為我們提供一些關於醫療監測集體訴訟的路線圖？然後是人身傷害索賠，就我們在這裡可以期待的和未來的時間線而言？第三，有幾個問題，但也許你可以總結一下你對美國醫院資本支出環境的看法，因為你在今年聽起來更加謹慎，現在第一季度的結果非常好。那麼，您對今年剩餘時間的前景有何最新看法？

Falko, let me take the first one and then, Roy, maybe the next 2. So on Diagnosis & Treatment, it's simple. I think the first quarter growth is primarily volume. Pricing is kind of negligible. As we said, pricing will flow more in the second half of the year. So you should see that primarily as volume growth.

Falko，讓我先看第一個，然後，Roy，也許再看下 2 個。關於診斷和治療，這很簡單。我認為第一季度的增長主要是數量。定價有點微不足道。正如我們所說，定價將在今年下半年流動更多。因此，您應該主要將其視為銷量增長。

And on the litigation, so as we said earlier, so from a time line and road map perspective, we said that economic loss would be the first in resolving potential litigation claims. We also mentioned earlier, that would be 2023. So we're happy actually that we see this now coming to fruition. We also mentioned earlier, and that actually has not changed that clarity around personal injury and medical monitoring most likely will only be there from 2024 onwards.

關於訴訟，正如我們之前所說，從時間線和路線圖的角度來看，我們說經濟損失將是解決潛在訴訟索賠的首要問題。我們之前也提到過，那將是 2023 年。所以我們很高興我們看到這現在正在實現。我們之前也提到過，這實際上並沒有改變關於人身傷害和醫療監測的清晰度很可能只會從 2024 年開始出現。

So these processes are in much earlier stages than the economic loss, there's even the current discussion if there's a threshold value that actually goes into the case. So we are not changing any view on the time line for those. And then on the hospital CapEx in North America, I would have 2 comments there. One is I would say that I keep the same caution that North American market is still a market in which our customers have to deal with a lot. They still have staff shortages. There is still a high inflationary environment in terms of the cost that they need to operate with, still a lot of losses are being made. At the same time, we also see that they're making more clear choices. And therefore, the portfolio comes into play, where you saw that D&T because of less pickup during COVID and less ability to actually address those patients and also the technology there is now, I think, in a catch-up mode where, on the other hand, you saw some of the depression in monitoring, where actually you see that after 2 very strong years, they also look at kind of the current state of affairs for that business.

因此，這些過程比經濟損失處於更早的階段，甚至目前正在討論是否存在實際進入案例的閾值。因此，我們不會改變對這些時間線的任何看法。然後關於北美的醫院資本支出，我會在那裡發表 2 條評論。一是我會說我保持同樣的謹慎，即北美市場仍然是我們的客戶必須處理很多事情的市場。他們仍然人手短缺。就他們需要運營的成本而言，仍然存在高通脹環境，仍然存在大量損失。同時，我們也看到他們正在做出更加明確的選擇。因此，投資組合開始發揮作用，在那裡你看到了 D&T，因為在 COVID 期間接診較少，實際治療這些患者的能力較弱，而且我認為現在的技術處於追趕模式，另一方面另一方面，你看到了監控方面的一些蕭條，實際上你看到了在 2 年非常強勁的情況下，他們也看到了該業務的現狀。

And whilst we expect that will continue, we also see there are certain new models that come into play because our strong positions in North America also give us a lot of confidence that actually in the market, we are taking the share that's out there for us, and actually, we have a very engaged dialogues. And I was at these 2 informatics, big events like HIMSS and ViVE. And here, you can just see how we all rally around how can we help these hospitals with workflow solutions. And there, our unique Enterprise Informatics kind of positioning where we have both on the imaging side as well as on the monitoring side, unique propositions and leading propositions for interoperability and for remote care, that actually really gives a great strength and confidence.

雖然我們預計這種情況會持續下去，但我們也看到某些新模式開始發揮作用，因為我們在北美的強勢地位也讓我們充滿信心，實際上在市場上，我們正在為我們佔據市場份額，實際上，我們進行了非常積極的對話。我參加了這兩個信息學，像 HIMSS 和 ViVE 這樣的大事件。在這裡，您可以看到我們如何團結起來，幫助這些醫院提供工作流程解決方案。在那裡，我們獨特的企業信息學定位，我們在成像方面和監控方面都有獨特的主張和互操作性和遠程護理的領先主張，這實際上確實提供了巨大的力量和信心。

We also announced the deal with Northwell, which is, of course, a very well-renowned institute in the U.S. And we have many more that we have been engaging with, including some of the customers that came to the Netherlands to rally around long-term partnerships. So whilst on the overall environment, we remain cautious, we are very active with the North American customer base and our portfolio and therefore, also remain confident in future outlook and positioning for us in North America.

我們還宣布了與 Northwell 的交易，Northwell 當然是美國一家非常知名的研究所。我們還有更多的合作夥伴，包括一些長期來到荷蘭集會的客戶——長期合作夥伴關係。因此，雖然在整體環境上，我們仍然保持謹慎，但我們對北美客戶群和我們的產品組合非常活躍，因此，我們對未來的前景和我們在北美的定位也充滿信心。

The next question comes from the line of Sezgi Bice Oezener from HSBC.

下一個問題來自匯豐銀行的 Sezgi Bice Oezener。

I also have a few, please. First one, a technical one. Can you describe the difference between the regular recall provisions as well as the remediation provisions that you set aside? And second of all, could you specify how much the cash inflow from the real estate sale was and whether that has any impact on the panel as well. And my last one, please. On the remaining 5% of ventilators, you said you're still working on a solution. Can you give an idea on how the solution differs from the others on that front?

我也有一些，請。第一個，技術性的。你能描述一下常規召回條款和你擱置的補救條款之間的區別嗎？其次，您能否具體說明房地產銷售的現金流入量是多少，以及這是否對小組也有任何影響。還有我的最後一個，請。對於剩下的 5% 的呼吸機，您說您仍在研究解決方案。您能否說明該解決方案在這方面與其他解決方案有何不同？

Yes. I'm not clear about the question on the difference between the recall provision and the remediation, but maybe let me try to explain it and if it's not clear, then please let me know Sezgi but there are 2 actions. One is the whole action around the remediation. So that is the repair and replace program, right? So we had these sleep apnea machines and ventilators, which were -- which needed to be repaired or replaced. That was the provision that we took for the last couple of years. This class -- the economic litigation provision, the economic loss litigation provision is specifically related to cases that were filed, the class action case that was filed against us, and this is an amount which we think is our best estimate at how much we will have to settle. So that's the difference between the 2 types of provision. One is our cost to repair and remediate, the other is what we will have to pay to plaintiffs.

是的。我不清楚關於召回條款和補救措施之間區別的問題，但也許讓我試著解釋一下，如果不清楚，請告訴我 Sezgi，但有 2 個操作。一是圍繞整治整治行動。那就是維修和更換程序，對嗎？所以我們有這些睡眠呼吸暫停機和呼吸機，它們需要修理或更換。這是我們過去幾年採取的規定。此類 - 經濟訴訟準備金，經濟損失訴訟準備金具體與已提起的案件有關，針對我們提起的集體訴訟案件，這是我們認為我們將要支付多少的最佳估計數額必須解決。這就是兩種條款之間的區別。一個是我們的維修和補救成本，另一個是我們必須支付給原告的費用。

Then real estate, it's not a significant amount, but it was one of the contributors, but it's not a very big amount. We are not going to give specific amounts on a transaction. But it was not so significant. And then maybe on the ventilation one, I pass it to Roy.

然後是房地產，這不是一個很大的數額，但它是貢獻者之一，但它不是一個很大的數額。我們不會給出交易的具體金額。但這並沒有那麼重要。然後也許在通風設備上，我將其傳遞給羅伊。

Yes. So on the -- so what we mean with solution, of course, we have different ventilator types that we are working towards a solution type by type. You might have seen that we had a setback in the Trilogy 100/200. We're kind of resolving that and coming forward with a new solution, the same for the A series. So that's kind of what we mean with kind of working through the appropriate solution for the ventilators.

是的。所以在 - 所以我們對解決方案的意思，當然，我們有不同的呼吸機類型，我們正在努力按類型製定解決方案。您可能已經看到我們在 Trilogy 100/200 中遇到了挫折。我們正在解決這個問題，並提出一個新的解決方案，與 A 系列相同。這就是我們為呼吸機制定適當解決方案的意思。

The next question comes from the line of Wim Gille, ABN AMRO ODDO.

下一個問題來自 ABN AMRO ODDO 的 Wim Gille。

Yes. Wim Gille from ABN ODDO. I get 2 in facts. First, if I look at the outlook, and I know the question has been asked multiple times. But if you look at the outlook that you have for the year with high single-digit margins. And then if I look at the margin that you had in the first quarter, which is ahead of the average margin that you produced in the last decade in the first quarter. And meanwhile, we see that the positive pricing impact is still to come through. Meanwhile, we see that PH, which is your most profitable division, actually should see an improvement going out through the year. So what is kind of holding you back from stating the margin expectations already today?

是的。來自 ABN ODDO 的 Wim Gille。事實上我得到2。首先，如果我看一下前景，我知道這個問題已經被問過多次了。但是，如果您以高個位數的利潤率看待今年的前景。然後，如果我看一下您在第一季度的利潤率，它領先於您在過去十年中第一季度產生的平均利潤率。與此同時，我們看到積極的定價影響仍有待實現。與此同時，我們看到 PH 是你最賺錢的部門，實際上應該會看到全年有所改善。那麼，是什麼阻礙了您今天就宣布利潤率預期？

And my second question would be on let's say, the works council in the local press here in the Netherlands, they're stating that the works council on the central R&D teams are planning to dispute the layoffs in the -- on the (inaudible). I don't know how to translate that. But can you -- it's a bit of an unusual step. So can you give us a bit more clarity on that one.

我的第二個問題是，荷蘭當地媒體的工作委員會，他們說中央研發團隊的工作委員會正計劃對裁員提出異議——在（聽不清） .我不知道怎麼翻譯。但是你能——這是一個不尋常的步驟。那麼你能否讓我們更清楚地了解這一點。

Yes. Wim, so on the outlook, Yes, I think we have said that we are actually glad with the strong start to the year, but Roy also mentioned a couple of times and so did I that we have uncertainties as well. And till we have more certainty around a few things, we are not going to be changing our guidance every quarter. If there is a particular event that happens, that allows us to get more certainty around the uncertainties we have flagged, we would change our guidance. But without that frequent revision of guidance is something we are not going to do at this stage. So let me leave it at that and then maybe Roy, you take the works council question.

是的。 Wim，關於前景，是的，我想我們已經說過，我們實際上對今年的強勁開局感到高興，但羅伊也多次提到，我也提到了我們也有不確定性。在我們對一些事情有更多的確定性之前，我們不會每個季度都改變我們的指導。如果發生特定事件，使我們能夠更加確定我們標記的不確定性，我們將改變我們的指導。但是，如果不經常修訂指南，我們現階段不會這樣做。所以讓我就此打住，然後也許羅伊，你來回答勞資委員會的問題。

Yes, let me -- so on the works council, so I think it's good to understand. Of course, we are working through various workers' counsel to get all the different parts of the reorganization kind of work through diligently with them because these are impactful changes. One works council, which is in the area of innovation, has put forward to the (inaudible), indeed, a request to validate our request. This should be seen as a procedural right they have. It's also good to know actually, they are not active on that, right? They have put it in. But as we are in productive dialogue, they have not asked the judge to actually explore this yet actively. So this is just preserving their rights, it's part of a process right that they have. But most importantly, we are working together with them strongly to kind of to get to an agreement on it. .

是的，讓我 - 所以在工作委員會上，所以我認為這很好理解。當然，我們正在通過各種工人的建議，努力與他們一起完成重組工作的所有不同部分，因為這些都是有影響力的變化。一個在創新領域的工作委員會確實提出了（聽不清）一項驗證我們請求的請求。這應該被視為他們擁有的一項程序性權利。其實知道也很好，他們在這方面並不積極，對吧？他們已經把它放進去了。但是由於我們正在進行富有成效的對話，他們還沒有要求法官積極地實際探索這個問題。所以這只是維護他們的權利，這是他們擁有的流程權利的一部分。但最重要的是，我們正在與他們密切合作，以期就此達成協議。 .

I also want to stress that, of course, I appreciate that changing the innovation model like we do is a big change for the affected employees, especially if you have been working so hard in corporate research for long, and delivering a lot of good results to Philips over a long period, but we need to get current in our innovation model, and therefore, the step that we're taking to bring it closer to customers to get the clock speed up and therefore, to get more impact from the innovations is the right one that we will further pursue in collaboration, of course, with works councils.

我還要強調的是，當然，我很欣賞像我們這樣改變創新模式對受影響的員工來說是一個很大的改變，特別是如果你長期在企業研究中努力工作，並取得了很多好的成果很長一段時間以來，飛利浦，但我們需要在我們的創新模式中保持最新，因此，我們正在採取的步驟使其更接近客戶以加快時鐘速度，從而從創新中獲得更多影響是我們將與工作委員會合作進一步追求的正確選擇。

The next question comes from the line of Julien Ouaddour from Bank of America.

下一個問題來自美國銀行的 Julien Ouaddour。

So just one for me. Over the past quarter only, we've seen the number of personal injury claims going from 20,000 to 40,000 as more people joined the Census registry. Just what are your projections in terms of the number of claims going forward? And does the higher number of plaintiffs implies higher potential settlement amounts for you.

所以只給我一個。僅在過去一個季度，隨著越來越多的人加入人口普查登記冊，我們發現人身傷害索賠的數量從 20,000 增加到 40,000。您對未來的索賠數量有何預測？原告人數越多是否意味著您的潛在和解金額越高。

So on -- so just to -- on the personal injury claims, the number has gone up to 40,000. But actually, this is something that -- and just to clarify, so we have 400 claims, and we have 40,000 people that are in the census registry. So they have not yet filed any claim. They hold the right as part of the registry to go into a claim. And actually, that number has only slightly gone up over recent period. So that's something that kind of we of course, are watching, but it's not something that has been a material development that actually has concerned us.

依此類推——僅此而已——關於人身傷害索賠，這個數字已經上升到 40,000。但實際上，這是 - 只是為了澄清，所以我們有 400 項索賠，我們有 40,000 人在人口普查登記處。所以他們還沒有提出任何索賠。作為註冊表的一部分，他們有權提出索賠。實際上，這個數字在最近一段時間內只略有上升。所以這當然是我們正在關注的事情，但這並不是我們真正關心的物質發展。

I think what is important for us, of course, we are working towards finalizing of the testing. As I said, we will come forward with testing hopefully soon in Q2, in particular on the sleep ozone testing that we owe you the results in organizational goal so that we can complete the full sleep testing, and that would also help in these cases. But to confirm that actually this is not a material development, the 40,000 in the census registry, and we have 400 files that are kind of 400 claims that actually are filed in personal injury.

我認為對我們來說重要的是，我們正在努力完成測試。正如我所說，我們有望在第二季度盡快進行測試，特別是睡眠臭氧測試，我們欠您組織目標的結果，以便我們能夠完成完整的睡眠測試，這在這些情況下也會有所幫助。但要確認這實際上不是實質性的發展，人口普查登記處有 40,000 份，我們有 400 份文件，實際上是 400 份人身傷害索賠。

Okay. I had just in mind that you had [20] people like in January. So that's why I thought like the number has doubled over the like the last 3 months.

好的。我只記得你在 1 月份有 [20] 個人。所以這就是為什麼我認為這個數字在過去 3 個月裡翻了一番。

No, no, no. So actually, there's not a significant increase on that number. We already had earlier we were above the 30,000 number. So that's something that was not a significant uptake in this quarter.

不不不。所以實際上，這個數字並沒有顯著增加。我們早些時候已經超過了 30,000 個數字。因此，這在本季度並不是一個重要的話題。

Gentlemen, that was the last question. Please continue.

先生們，這是最後一個問題。請繼續。

Thank you so much for all your questions. As I said this, I think, it has been an encouraging start of the year where we presented to you that we have solid growth, improved profitability and improved cash flow as well as we're making good progress on our execution in which I think the most material news was that we have provided for an economic loss class action, as well as that we're making good headway in getting more supply to underpin the year as well as also making sure that we get the productivity savings as a result of the actions we take on cost side, including reduction of force. And that has led us to kind of be confident in our plan for the remainder of the year. Thank you for your attention and talk to you soon. .

非常感謝你提出的所有問題。正如我所說的那樣，我認為這是今年令人鼓舞的開端，我們向你們展示了我們實現了穩健的增長、盈利能力的提高和現金流的改善，而且我們在執行方面取得了良好的進展，我認為最重要的消息是，我們已經提出了經濟損失集體訴訟，我們在獲得更多供應以支撐這一年方面取得了良好進展，並確保我們因以下原因而節省了生產力我們在成本方面採取的行動，包括減少部隊。這讓我們對今年剩餘時間的計劃充滿信心。感謝您的關注並儘快與您交談。 .

This concludes the Royal Philips' First Quarter 2023 Results Conference Call on Monday, April 24, 2023. Thank you for participating. You may now disconnect.

皇家飛利浦 2023 年第一季度業績電話會議於 2023 年 4 月 24 日星期一結束。感謝您的參與。您現在可以斷開連接。