Koninklijke Philips NV (PHG) 2023 Q2 法說會逐字稿

Welcome to the Royal Philips Second Quarter and Semiannual 2023 Results Conference Call on Monday, July 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 a replay will be available on the Investor Relations website of Royal Philips.

歡迎參加 2023 年 7 月 24 日星期一舉行的皇家飛利浦 2023 年第二季度和半年度業績電話會議。電話會議由首席執行官 Roy Jakobs 先生主持；和首席財務官 Abhijit Bhattacharya 先生。 （操作員說明）請注意，本次通話將被錄音，並且將在皇家飛利浦投資者關係網站上提供重播。

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' Second Quarter and Half Year 2023 Results Webcast. I have here with me our CEO, Roy Jakobs, and our CFO, Abhijit Bhattacharya. The second quarter and half year 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 this webcast will be made available on the website as well.

大家好。歡迎收看飛利浦 2023 年第二季度和半年業績網絡廣播。和我在一起的還有我們的首席執行官羅伊·雅各布斯 (Roy Jakobs) 和首席財務官阿比吉特·巴塔查亞 (Abhijit Bhattacharya)。今天上午，我們的投資者關係網站上發布了第二季度和半年的新聞稿和幻燈片以及有關偉康召回的常見問題和幻燈片。該網絡廣播的重播和完整文字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 results as well as the progress on the actions we are 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，我們將討論我們的結果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.

說到這裡，我想把任務交給羅伊。

Thank you, Leandro. Good morning, everyone, and welcome. It's good to be with you. I want to start with the -- with the key highlights for this quarter. First, we delivered an improved operational performance with 9% comparable sales growth and improvements in profitability and operating cash flow. The improvements were across the company with all business segments and all regions contributing. These positive results are results from our ongoing actions to strengthen our execution. Secondly, we are making progress in executing our plan and on our 3 priorities: enhancing patient safety and quality, strengthening our supply chain reliability, which supported our performance in Q4 last year and the first half of this year and establishing a simplified, more agile operating model, supporting our productivity.

謝謝你，萊安德羅。大家早上好，歡迎光臨。和你在一起真好。我想從本季度的主要亮點開始。首先，我們的運營業績有所改善，可比銷售額增長了 9%，盈利能力和運營現金流也有所改善。這些改進遍及整個公司，所有業務部門和所有地區都做出了貢獻。這些積極成果是我們持續採取行動加強執行力的結果。其次，我們在執行我們的計劃和 3 個優先事項方面取得了進展：提高患者安全和質量、加強我們的供應鏈可靠性（這支持了我們去年第四季度和今年上半年的業績）以及建立一個簡化、更敏捷的流程運營模式，支持我們的生產力。

Thirdly, resolving the Respironics recall for patients remains our highest priority. The vast majority of the sleep therapy devices are now within the hands of patients and care providers and the complete testing and analysis for sleep devices affected by the recall showed positive and reassuring results for patients.

第三，解決偉康患者召回問題仍然是我們的首要任務。絕大多數睡眠治療設備現在都在患者和護理人員手中，對受召回影響的睡眠設備進行的完整測試和分析顯示出積極且令人放心的結果。

Looking ahead, based on our strong performance in the first half of the year, our order book and the ongoing actions to improve execution, we have raised the outlook for the full year 2023. Whilst acknowledging that uncertainties remain, we now expect mid-single-digit comparable sales growth and adjusted EBITDA margin at the upper end of the high single-digit range.

展望未來，基於我們上半年的強勁表現、我們的訂單以及持續改善執行的行動，我們上調了 2023 年全年的展望。雖然我們承認不確定性仍然存在，但我們現在預計中期單- 位數的可比銷售增長和調整後的 EBITDA 利潤率處於高個位數範圍的上限。

Now on to the key financial highlights in the quarter. We had a strong comparable 9% sales growth. Diagnosis & Treatment grew 12%, Connected Care grew 6%, and I'm encouraged by the return to growth in Personal Health. Our adjusted EBITDA margin was 10.1%, a strong improvement of 490 basis points compared to Q2 2022. Operating cash saw an inflow of EUR 135 million, a step-up of EUR 440 million versus last year. Our order book increased 3% year-on-year, even after strong order book to sales conversion of the last 3 quarters. I'm confident that this order book will continue to support sales growth in the coming quarters.

現在來看看本季度的主要財務亮點。我們的銷售額實現了 9% 的強勁增長。診斷和治療增長了 12%，互聯護理增長了 6%，個人健康業務的恢復增長令我深受鼓舞。我們調整後的 EBITDA 利潤率為 10.1%，與 2022 年第二季度相比大幅提高 490 個基點。運營現金流入 1.35 億歐元，比去年增加 4.4 億歐元。即使在過去三個季度訂單與銷售額的轉化強勁之後，我們的訂單仍同比增長 3%。我相信該訂單將繼續支持未來幾個季度的銷售增長。

On the back of the high order intake in Q2 2022 and Q1 2023, comparable order intake declined 8% in the quarter. Excluding Russia, this would have been 4%. This confirms our earlier view that orders would be lumpy as we work hard to deliver order intake growth in the second half of the year. This is founded upon strong fundamentals of the markets in which we operate as they remain strong, and I'm very confident that our innovation portfolio is well positioned to help hospitals worldwide address their staffing shortages, enhance productivity and improve patient and staff experience. The order funnel remains healthy, and we see signs of improvement in cost inflation and staff shortages in hospitals compared to 2022. But we also continue to expect hospitals and health care systems in the U.S. and other mature geographies to exhibit cautious buying behavior in the short term, given the global macroeconomic conditions.

在 2022 年第二季度和 2023 年第一季度的訂單量較高的背景下，本季度的可比訂單量下降了 8%。如果不包括俄羅斯，這一數字將為 4%。這證實了我們之前的觀點，即隨著我們努力在下半年實現訂單量增長，訂單將會出現波動。這是建立在我們運營所在市場的強勁基礎之上的，因為它們仍然保持強勁，我非常有信心我們的創新產品組合能夠很好地幫助世界各地的醫院解決人員短缺問題，提高生產力並改善患者和員工的體驗。訂單渠道保持健康，與 2022 年相比，我們看到成本通脹和醫院人員短缺有所改善的跡象。但我們也繼續預計美國和其他成熟地區的醫院和醫療保健系統在短期內將表現出謹慎的購買行為考慮到全球宏觀經濟條件。

During the second quarter, we achieved some key customer and innovation milestones. We signed a multiyear agreement with University of California Irvine Health to provide enterprise monitoring as a service, including informatic solutions to standardize, centralize and scale monitoring across the health system. 5 top hospitals in Shanghai with more than 10,000 beds installed Spectral CT 7500. We also expanded our leading image-guided therapy portfolio with the launch of Zenition 10, cost-effective mobile imaging system to guide high-volume routine surgery as well as complex orthopedic and trauma procedures.

在第二季度，我們實現了一些關鍵的客戶和創新里程碑。我們與加州大學歐文分校健康中心簽署了一項多年協議，提供企業監測即服務，包括在整個衛生系統中標準化、集中化和規模化監測的信息解決方案。上海 5 家擁有超過 10,000 個床位的頂級醫院安裝了 Spectral CT 7500。我們還推出了經濟高效的移動成像系統 Zenition 10，擴大了我們領先的圖像引導治療產品組合，可指導大批量的常規手術以及復雜的骨科手術和創傷手術。

We introduced a cloud-based Philips HealthSuite Imaging PACS on Amazon Web Services, designed to enhance image access speed, reliability and data orchestration for clinicians across the imaging workflow. And in Personal Health, we launched a premium 7 Series Shaver in China in partnership with JD.com, which debuted as the #1 shaver on this online channel.

我們在 Amazon Web Services 上推出了基於雲的飛利浦 HealthSuite 成像 PACS，旨在提高臨床醫生在整個成像工作流程中的圖像訪問速度、可靠性和數據編排。在個人健康領域，我們與京東合作在中國推出了一款優質 7 系列剃須刀，該剃須刀一經推出就成為該在線渠道排名第一的剃須刀。

With that, I would like to give the floor to Abhijit to take us through Q2 in more detail, after which I will come back on the progress on our execution priorities. Abhijit, please?

說到這裡，我想請阿比吉特（Abhijit）發言，讓我們更詳細地了解第二季度，之後我將回顧我們執行優先事項的進展情況。阿比吉特，可以嗎？

Thanks, Roy. Good morning, everyone. Let's begin by looking at the segment highlights from the quarter. In Diagnosis & Treatment, comparable sales increased by 12%, driven by strong double-digit growth in ultrasound and image-guided therapy and mid-single-digit growth in Diagnostic Imaging. Adjusted EBITDA margin was 10.6%, an increase of 380 basis points over last year, mainly driven by operational leverage, a favorable mix and productivity measures. The profitability sequentially was impacted by mix and cost phasing.

謝謝，羅伊。大家，早安。讓我們首先看一下本季度的細分市場亮點。在診斷和治療領域，受超聲和圖像引導治療兩位數強勁增長以及診斷成像中個位數增長的推動，可比銷售額增長了 12%。調整後 EBITDA 利潤率為 10.6%，比去年增加 380 個基點，主要受到運營槓桿、有利的組合和生產力措施的推動。盈利能力依次受到組合和成本階段的影響。

In the first half of the year, our adjusted EBITDA margin was 11.8% for Diagnosis & Treatment, an increase of 460 basis points compared to the same period last year. This, together with our productivity, pricing actions and order books gives us confidence for the coming quarters. Connected Care comparable sales increased by 6%, driven by double-digit growth in monitoring, partly offset by Sleep & Respiratory Care. Adjusted EBITDA margin was 7.5%, an increase of 570 basis points driven by productivity measures and a significant improvement in the profitability of monitoring. Personal Health returned to growth with 3% comparable sales increase, which is encouraging. Consumer demand remains subdued globally as we expected, but there is evidence of gradually improving sellout trends. Adjusted EBITDA margin was 13.4%, an increase of 100 basis points driven by pricing and productivity measures.

上半年，診斷與治療業務調整後 EBITDA 利潤率為 11.8%，較去年同期增長 460 個基點。這一點，加上我們的生產力、定價行動和訂單簿，讓我們對未來幾個季度充滿信心。在監測業務兩位數增長的推動下，Connected Care 可比銷售額增長了 6%，但部分被睡眠和呼吸護理業務所抵消。調整後的 EBITDA 利潤率為 7.5%，在生產力指標和監控盈利能力顯著改善的推動下增長了 570 個基點。 Personal Health 恢復增長，可比銷售額增長 3%，令人鼓舞。正如我們預期的那樣，全球消費者需求仍然低迷，但有證據表明銷售趨勢正在逐漸改善。調整後 EBITDA 利潤率為 13.4%，在定價和生產力指標的推動下增長了 100 個基點。

Adjusted EBITDA margin for the group increased by 490 basis points to 10.1%. The wage and component price inflation came in at 260 basis points. However, this was more than offset by 150 basis points from operating leverage and by our productivity and pricing actions, which contributed a further 580 basis points. Additionally, the Q2 adjusted EBITDA included a positive impact from phasing of royalty income in line with the guidance we provided for the segment Other for the quarter. We continue to improve our cash flow with a significant year-on-year improvement. This has delivered an improvement of the leverage from 3.6% to 3.1 -- sorry, from 3.6x to 3.1x adjusted EBITDA in the first 6 months of the year.

該集團調整後 EBITDA 利潤率增長 490 個基點，達到 10.1%。工資和零部件價格上漲 260 個基點。然而，這被運營槓桿和我們的生產力和定價行動 150 個基點所抵消，後者進一步貢獻了 580 個基點。此外，第二季度調整後的 EBITDA 包括分階段特許權使用費收入的積極影響，這與我們為本季度其他部門提供的指導一致。我們繼續改善現金流，同比顯著改善。這使得槓桿率從 3.6% 提高到 3.1——抱歉，今年前 6 個月調整後 EBITDA 從 3.6 倍提高到 3.1 倍。

Our productivity initiatives are on track and delivered savings of EUR 237 million in quarter. Operating model productivity savings amounted to EUR 112 million, procurement savings were EUR 57 million and other productivity programs delivered EUR 68 million of savings. Adjusting items in the quarter included EUR 161 million of charges mainly related to accelerated execution of the workforce reduction plan with 6,600 role reductions to date out of the planned reductions of 7,000 roles for the year and 10,000 roles until 2025.

我們的生產力計劃進展順利，本季度節省了 2.37 億歐元。運營模式生產力節省額達 1.12 億歐元，採購節省額為 5700 萬歐元，其他生產力計劃節省了 6800 萬歐元。本季度的調整項目包括 1.61 億歐元的費用，主要與加速執行裁員計劃有關，今年計劃削減 7,000 個職位，到 2025 年計劃削減 10,000 個職位，迄今為止已削減 6,600 個職位。

Moving to our order book, which ended the second quarter, 3% higher compared to last year. It's worth noting that this is significantly higher compared to the period before the global supply chain constraints even after the strong order book to sales conversion over the last 3 quarters. Orders and order book are an important leading indicator for around 40% of our revenue. The remaining 60% comes from recurring revenues such as services and consumables from book-to-bill business and from Personal Health. As you can see at the bottom of the page, the absolute levels of order intake remained healthy, but we see a steep increase in sales level year-to-date due to enhanced order book to sales conversion following supply chain and execution improvements.

轉向我們第二季度末的訂單簿，與去年相比增加了 3%。值得注意的是，即使在過去三個季度訂單與銷售的轉換強勁之後，與全球供應鏈受到限制之前的時期相比，這一數字仍顯著較高。訂單和訂單簿是占我們收入約 40% 的重要領先指標。剩下的 60% 來自經常性收入，例如來自訂單到賬單業務和個人健康的服務和消耗品。正如您在頁面底部看到的那樣，訂單量的絕對水平仍然保持健康，但由於供應鍊和執行改進後訂單到銷售的轉化率提高，我們看到今年迄今為止的銷售水平急劇上升。

In Diagnosis & Treatment comparable order intake declined 8% or minus 2%, excluding Russia. This follows the double-digit comparable order intake growth in Q1 2023 and a high order intake in Q2 of 2021 and 2022. Overall, order intake in Diagnosis & Treatment was mid-single-digit up, excluding Russia, following a mid-single-digit order intake growth in the first half of 2022. The Russia impact is due to longer lead times because of additional export control procedures in place since this quarter. Order intake declined 7% in Connected Care in the second quarter due to the tough comps in hospital patient monitoring after the expansion and renewal of the installed base during the period 2020 to 2022.

在診斷與治療領域，可比訂單量下降了 8% 或負 2%（不包括俄羅斯）。在此之前，2023 年第一季度的可比訂單量出現了兩位數的增長，以及 2021 年和 2022 年第二季度的高訂單量。總體而言，診斷與治療領域的訂單量出現中個位數增長（不包括俄羅斯），繼中個位數增長之後。 2022 年上半年訂單量將出現數字增長。俄羅斯的影響是由於自本季度以來實施的額外出口管製程序導致交貨時間延長。由於 2020 年至 2022 年期間擴大和更新安裝基礎後，醫院患者監測的競爭形勢嚴峻，Connected Care 第二季度的訂單量下降了 7%。

For context, Connected Care orders continue to run at levels double-digit higher than pre-COVID, driven by fundamental demand shift in adoption of our patient care management solutions and expanding market shares. As Roy mentioned, we have raised the outlook for the full year 2023. While acknowledging that uncertainties remain, we now expect mid-single-digit comparable sales growth and an adjusted EBITDA margin at the upper end of the high single-digit range. We expect to carry the positive momentum into the second half of the year while facing tougher comparison base in the fourth quarter.

就背景而言，在採用我們的患者護理管理解決方案和擴大市場份額的基本需求轉變的推動下，互聯護理訂單繼續以比新冠疫情前高出兩位數的水平運行。正如 Roy 提到的，我們上調了 2023 年全年的前景。雖然承認不確定性仍然存在，但我們現在預計可比銷售額將實現中個位數增長，調整後的 EBITDA 利潤率將達到高個位數範圍的上限。我們預計下半年將保持積極勢頭，同時第四季度將面臨更嚴峻的比較基礎。

The full year outlook for restructuring, acquisition-related and other charges remain in line with the guidance provided in January despite some shifts between the different cost buckets based on year-to-date results.

儘管根據年初至今的結果，不同成本類別之間存在一些變化，但重組、收購相關和其他費用的全年前景仍與 1 月份提供的指導保持一致。

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

說到這裡，我想把它交還給羅伊。

Thanks, Abhijit. I would like to continue on the topic of the Respironics recall, which has been and remains our highest priority. To date, around 99% of the new replacement devices and repair kits have been produced. Over 4.5 million of the produced sleep devices are now in the hands of patients and home care providers, while the remediation of the affected ventilators is ongoing. Regarding the test and research program, Respironics has published complete testing and analysis for DreamStation One, DreamStation Go and System One sleep therapy devices in Q2, which showed positive and reassuring results for patients. We continue to work through the testing for ventilators.

謝謝，阿比吉特。我想繼續討論偉康召回的話題，這一直是並且仍然是我們的首要任務。迄今為止，約 99% 的新更換設備和維修套件已生產完畢。目前，超過 450 萬台生產的睡眠設備已交到患者和家庭護理人員手中，而受影響的呼吸機的修復工作正在進行中。關於測試和研究計劃，偉康已在第二季度發布了對 DreamStation One、DreamStation Go 和 System One 睡眠治療設備的完整測試和分析，結果顯示出積極且令患者放心的結果。我們繼續對呼吸機進行測試。

As previously discussed, the litigation investigation by the U.S. DOJ related to the Respironics field action as well as the discussions on the proposed consent decree are ongoing. We are also in continued dialogue with regulators across our key markets on how to service new patients going forward. I'm confident that our focused growth strategy for scalable innovation will further strengthen our businesses and results going forward. I would like to highlight some of the progress we have made in the quarter on our execution priorities.

如前所述，美國司法部對偉康現場行動的訴訟調查以及擬議同意令的討論正在進行中。我們還在與主要市場的監管機構就如何繼續為新患者提供服務進行持續對話。我相信，我們針對可擴展創新的重點增長戰略將進一步加強我們的業務和業績。我想強調一下我們本季度在執行重點方面取得的一些進展。

First, on patient safety and quality. Our new Patient Safety Advisory Board went live in the quarter, driving deeper engagement with patients, health care professionals and industry exports. We continue to add significant capabilities and talents across the businesses. For example, we appointed strong regulatory affairs and quality leaders to the newly formed Enterprise Informatics business. Patient safety quality reviews are fully embedded in the new performance management cadence, and we remain 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. .

首先，關於患者安全和質量。我們新的患者安全諮詢委員會於本季度投入使用，推動了與患者、醫療保健專業人員和行業出口的更深入接觸。我們繼續在各個業務領域增加重要的能力和人才。例如，我們為新成立的企業信息學業務任命了強有力的監管事務和質量負責人。患者安全質量審查已完全融入新的績效管理節奏中，今年我們仍有望在多個質量管理體系中交付 45 項生產，而去年底減少了 30%。 。

With respect to supply chain, as of the second quarter, we have moved to customer-centric end-to-end teams closely aligned to the different businesses we operate.

在供應鏈方面，截至第二季度，我們已經轉向以客戶為中心的端到端團隊，與我們運營的不同業務緊密結合。

We continue to make progress to reduce materials and component risks although challenges remain. For example, we have accelerated the redesigns of components by completing 160 printed circuit boards compared to 56 as of the end of Q4 and we are on track to meet our target to derisk all our high-risk components by year-end. As you have seen in the results we have presented today, I'm pleased to see that the actions we have taken continue to positively impact our sales as well as our service levels.

儘管挑戰依然存在，但我們在降低材料和零部件風險方面不斷取得進展。例如，我們通過完成 160 塊印刷電路板加快了組件的重新設計，而第四季度末為 56 塊，並且我們有望實現到年底消除所有高風險組件風險的目標。正如您在我們今天公佈的結果中看到的那樣，我很高興看到我們採取的行動繼續對我們的銷售和服務水平產生積極影響。

Finally, we are simplifying our operating model by putting prime accountability into the businesses supported by strong regions and lean functions. This also included the difficult but necessary reduction of our workforce by 10,000 roles globally by 2025. To date, we have reduced 6,600 roles, as mentioned by Abhijit. I want to express my gratitude to all my fellows colleagues for their dedication and commitment to deliver results as we create a more focused and agile organization. We are also strengthening our teams with new health tech talent adding seasoned leaders with deep domain expertise across businesses, regions and functions. Year-to-date, close to 300 talents with health-tech background joined our organization.

最後，我們通過將主要責任置於強大區域和精益職能支持的業務中來簡化我們的運營模式。這還包括到 2025 年，我們在全球範圍內艱難但必要地削減 10,000 名員工。正如 Abhijit 提到的，迄今為止，我們已減少了 6,600 名員工。我要向所有同事表示感謝，感謝他們在我們創建一個更加專注和敏捷的組織過程中所做出的奉獻和承諾。我們還通過新的健康技術人才來加強我們的團隊，並增加在業務、地區和職能方面擁有深厚領域專業知識的經驗豐富的領導者。今年迄今，已有近300名具有健康科技背景的人才加入我們的組織。

Let me close out by repeating the key messages of the quarter.

最後，讓我重複一下本季度的關鍵信息。

We delivered strong operational performance in Q2 with 9% comparable sales growth and improvements in profitability and operating cash flow. We are making progress in executing our plan and on our 3 priorities: enhance patient safety and quality, strengthen our supply chain reliability and establish a simplified, more agile operating model. Resolving the Respironics recall for patients remains our highest priority. And looking ahead, based on our strong performance in the first half of the year, our order book and the ongoing actions to improve execution, we have raised outlook for the full year 2023, acknowledging that uncertainties remain.

我們在第二季度實現了強勁的運營業績，可比銷售額增長了 9%，盈利能力和運營現金流也有所改善。我們在執行計劃和 3 個優先事項方面正在取得進展：提高患者安全和質量、增強供應鏈可靠性以及建立簡化、更敏捷的運營模式。解決患者的偉康召回問題仍然是我們的首要任務。展望未來，基於我們上半年的強勁表現、訂單簿以及持續採取的改善執行行動，我們上調了 2023 年全年展望，同時承認不確定性仍然存在。

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

我要感謝您參加此次電話會議，我們現在將回答您的問題。

Thank you, sir. (Operator Instructions) We will now go to your first question, and it comes from the line of Hassan Al-Wakeel.

謝謝你，先生。 （操作員說明）我們現在來回答您的第一個問題，它來自 Hassan Al-Wakeel。

I have 3, please. Firstly, on the guidance upgrade, can we read anything into your consent decree assumptions that you've embedded into guidance? And whether they've changed at all over the last 2 to 3 months, is the delay driving any meaningful guidance benefit? And is it fair to assume that your central case is not a Respironics wide injunction? Secondly, and also on guidance, your new guidance implies a step down in growth in the second half and no real improvement in margins sequentially despite productivity and pricing benefits as well as higher absolute revenues in the second half. So what's driving your caution here? And then finally, could you talk about your return to market in CPAP outside of the U.S. and whether you're in discussions with regulators and what the process is here, do you expect to return to other markets in the second half of this year?

我有3個，拜託。首先，關於指南升級，我們可以將您嵌入指南的同意令假設中的任何內容解讀嗎？它們在過去 2 到 3 個月內是否發生了變化，延遲是否會帶來任何有意義的指導收益？假設您的中心案例不是偉康廣泛的禁令是否公平？其次，在指導方面，您的新指導意味著下半年的增長將放緩，並且儘管下半年生產率和定價優勢以及絕對收入更高，但利潤率並沒有真正改善。那麼是什麼讓您如此謹慎呢？最後，您能談談您重返美國以外的 CPAP 市場嗎？您是否正在與監管機構進行討論以及這裡的流程是什麼？您預計在今年下半年重返其他市場嗎？

Thank you, Hassan. Let me start with taking your first question. So in terms of the guidance, and whether there's anything to read into the CD. So actually, we have not adjusted any CD assumptions as we are still in discussion on the CD and as we don't want to expect that on any outcome, we also have not touched any of the underlying CD assumptions. What we have looked at is the underlying improvement of our business. And as you have seen, based upon a strong Q1, strong Q2, and also the fact that the actions we are taking are yielding their results in terms of getting more supply to convert our order book that is strong as well as driving productivity that has been the reason why we kind of have upped the raise for the full year and of the guidance.

謝謝你，哈桑。讓我首先回答你的第一個問題。所以就指導而言，以及 CD 中是否有任何內容需要閱讀。因此，實際上，我們沒有調整任何 CD 假設，因為我們仍在討論 CD，並且我們不想期望任何結果，因此我們也沒有觸及任何基本 CD 假設。我們看到的是我們業務的根本改善。正如您所看到的，基於強勁的第一季度和第二季度，以及我們正在採取的行動正在產生結果，即獲得更多供應來轉換我們強勁的訂單簿，並提高生產力，這就是我們提高全年加薪和指導的原因。

We have also said that uncertainties remain. That's something that we have been saying from the beginning of the year. We are still living in a quite kind of dynamic macroeconomic environment. So that's something that we keep on the back of our minds, so that we kind of also are ready to kind of address any of those dynamics that could happen also in the second half. But we, of course, remain fully focused to carry the group momentum through into the second half but also do have some tougher comps that will kick in, especially in Q4 as that's at the moment that we turned back into growth last year. And that we have, of course, been able to pull through in Q1 and Q2.

我們也說過，不確定性仍然存在。這是我們從今年年初就一直在說的事情。我們仍然生活在一個充滿活力的宏觀經濟環境中。因此，我們一直牢記這一點，因此我們也準備好應對下半年可能發生的任何動態。但當然，我們仍然完全專注於將集團勢頭延續到下半年，但也確實會有一些更艱難的競爭，特別是在第四季度，因為正是在我們去年恢復增長的那一刻。當然，我們已經能夠在第一季度和第二季度渡過難關。

And that's, in essence, combining, I would say, added the answers in your first and second question. Then we turn to market out of U.S. So we are indeed in discussion with regulators as we are also now completing especially on the sleep side, the recall in many markets. We have made great progress there, and that then also leads to the subsequent discussions on how and when to turn to growth. So that's something that we will see probably materialize further into second half, and we'll keep you updated at the moment that we have any further news there.

我想說，這本質上是結合了第一個問題和第二個問題的答案。然後我們轉向美國以外的市場。因此，我們確實正在與監管機構進行討論，因為我們現在也正在完成許多市場的召回，特別是在睡眠方面。我們在這方面取得了巨大進展，這也引發了隨後關於如何以及何時轉向增長的討論。因此，我們可能會在下半年看到這一情況進一步實現，一旦有任何進一步消息，我們將及時向您通報最新情況。

That's helpful. Roy, I guess if I can just follow up on the CD. I mean you state that you're in advanced discussions and you have received drafts even in the recent months. Have your discussions with the FDA changed at all? And is it fair to assume that your central case, which you embed within guidance is not a Respironics wide injunction?

這很有幫助。羅伊，我想我是否可以在 CD 上跟進。我的意思是你說你正在進行深入討論，甚至在最近幾個月你就收到了草稿。您與 FDA 的討論有任何改變嗎？假設您嵌入指導中的中心案例不是偉康廣泛的禁令，是否公平？

Hassan, as we said earlier, we do not speculate on the outcome of the CD as many variations are possible. I can continue to stress that we are in active dialogue with the FDA that remains ongoing. There's also no specific reason kind of -- for kind of further time line on that. We want to get it, of course, resolve as soon as possible as does the FDA with the patient interest in mind. But it also is fair to say that these are important and detailed discussions that are happening, and that's why kind of we continue to progress on those.

哈桑，正如我們之前所說，我們不會推測裁談會的結果，因為可能有很多變化。我可以繼續強調，我們正在與 FDA 進行積極對話，該對話仍在持續中。也沒有具體的原因——需要進一步的時間表。當然，我們希望盡快解決這個問題，就像 FDA 一樣，考慮到患者的利益。但公平地說，這些都是正在發生的重要而詳細的討論，這就是我們在這些方面繼續取得進展的原因。

Perfect. And sorry, a final one, just to follow up on the margin commentary. Just given the strength in Q2 and the impact from workforce reduction, how far are we through that in terms of the realization of benefits? What should we expect for the remainder of the year?

完美的。抱歉，最後一個，只是為了跟進邊際評論。考慮到第二季度的強勁勢頭以及裁員的影響，我們在實現效益方面還差到什麼程度？今年剩下的時間我們應該期待什麼？

Hassan, this is Abhijit. We've been moving at a pretty good pace in terms of our reduction of headcount. So we just said that we've done about 6,600 of the 7,000 planned for the year. So that should give us a benefit going into the second half. The original plan was roughly -- we had 3,000 last year, plan was 4,000 this year, evenly split through the quarter. So we are slightly ahead and are confident of making that plan. So I think that's where I would leave it.

哈桑，這是阿比吉特。在裁員方面，我們一直在以相當快的速度前進。所以我們剛才說我們已經完成了今年計劃的 7,000 項中的大約 6,600 項。所以這應該會給我們下半場帶來好處。最初的計劃大致是——去年我們有 3,000 個，今年計劃是 4,000 個，在整個季度平均分配。所以我們稍微領先一點，並且有信心製定這個計劃。所以我想這就是我要離開的地方。

We will now go to our next question. And your next question comes from the line of Veronika Dubajova from Citi.

現在我們將討論下一個問題。您的下一個問題來自花旗集團的 Veronika Dubajova。

I have 2, please. The first one is just going back to the guidance. I mean if I just look at the mid-single-digit growth guidance that you've given for the year against the delivery in the first half, it does imply pretty significant deceleration in growth sort of flat to low single-digit range. Just want to understand, is there anything that you're seeing at the moment that makes that a likely outcome? Are you just embedding a degree of conservatism. And if you can maybe talk through, I don't know, I know July is barely started, but just maybe comment on what you're seeing in the quarter to date against that guide, that would be helpful.

我有2個，拜託。第一個只是回到指導。我的意思是，如果我只看一下你們針對上半年交付給出的今年中個位數增長指引，它確實意味著增長相當顯著的減速，在持平到低個位數範圍內。只是想了解一下，您目前所看到的情況是否有可能導致這種結果？你只是嵌入了一定程度的保守主義嗎？如果你能談談，我不知道，我知道七月才剛剛開始，但也許只是根據該指南評論一下你在本季度迄今為止所看到的情況，那會很有幫助。

And then my second question is on the order book momentum. And clearly, pretty significant deceleration here versus what you delivered the prior quarter. I appreciate there are some difficult comparisons in there. But -- just maybe curious to get your thoughts here. I mean, if I look across your performance and your peers' performance, we are clearly seeing some slowdown in order growth this year.

我的第二個問題是關於訂單勢頭。顯然，與上一季度交付的數據相比，這裡出現了相當大的減速。我很欣賞其中有一些困難的比較。但是——也許只是好奇想知道你的想法。我的意思是，如果我看看你們的表現和同行的表現，我們顯然會看到今年的訂單增長有所放緩。

Just kind of put it into context for us because at the outset of the year. I think everyone was pretty excited about China, that's growing pretty healthily from what we understand. So is this a problem in the U.S.? Is this a problem in Europe? Is it the problem somewhere else? Kind of what gives you the confidence that this can improve as you move into the back half of the year and that it can support that sort of mid-single-digit growth in the D&T and Connected Care businesses that most of us expect for 2024? I know there's a lot of moving parts there, but if you can just give us a little bit of that, that would be helpful.

只是在今年年初為我們介紹一下它。我認為每個人都對中國感到非常興奮，據我們了解，中國的發展非常健康。那麼這在美國是一個問題嗎？這是歐洲的問題嗎？是其他地方的問題嗎？是什麼讓您有信心相信，隨著進入今年下半年，這種情況會有所改善，並且可以支持 D&T 和互聯護理業務在 2024 年實現我們大多數人預期的中個位數增長？我知道那裡有很多活動部件，但如果您能給我們提供一些，那就會很有幫助。

Veronika, let me take the first part of the question. I think if you look to take a step back, we had planned for actually a back-end loaded year. We ultimately saw that the supply chain improvements came in earlier. And therefore, we have had a strong start to the year. As you've seen in the second quarter, our growth was a bit flattered also because of our royalty income so if you take that into account and look at the second half, we see good momentum going into the third quarter, but also you should remember that the fourth quarter, we are battling tougher comps. If you remember, last year in the fourth quarter, Health Systems businesses grew mid-single digit. So of course, therefore, the growth will be, let's say, the year-on-year growth in the fourth quarter would not be as strong as it has been for the first 2 quarters this year.

維羅妮卡，讓我回答問題的第一部分。我想如果你退後一步，我們實際上已經計劃了後端負載的一年。我們最終看到供應鏈的改進來得更早。因此，我們今年有一個良好的開局。正如您在第二季度所看到的，由於我們的特許權使用費收入，我們的增長有點受寵若驚，因此，如果您考慮到這一點並看看下半年，我們會看到第三季度的良好勢頭，但您也應該請記住，第四季度，我們正在與更艱難的比賽作鬥爭。如果您還記得，去年第四季度，醫療系統業務實現了中個位數增長。當然，因此，可以說，第四季度的同比增長不會像今年前兩個季度那樣強勁。

So that's the color I can give you how we expect growth to play out for the remainder of the year. It's not that there is a specific issue or something that we want to signal at all. We need to just get through quarter-by-quarter the supply chain improvements have happened, but it's not over. So we are still working these through. And as we get through every quarter, hopefully, we are able to deliver in line with the commitment. Coming to the second question, maybe I hand it over to Roy.

這就是我可以向您提供的顏色，我們預計今年剩餘時間內的增長情況如何。這並不是說有什麼具體問題或我們想要傳達的信號。我們需要按季度完成供應鏈的改進，但這還沒有結束。所以我們仍在努力解決這些問題。當我們度過每個季度時，希望我們能夠兌現承諾。說到第二個問題，也許我把它交給羅伊。

Yes. I think Veronika, thank you for the question. And on the order book, indeed. I think important a few parts to take together. First of all, as we highlighted, we have still been growing versus last year. So it's really important to recognize the strength of the order book that we have. And actually, we are still challenged to burn it down faster. So actually, that is one area that we also want to work through, and that's where this remaining focus on getting more supply to be able to deliver more of the products actually will help us to deliver also better to customers and then also take more orders into our order book.

是的。我想維羅妮卡，謝謝你的提問。確實，在訂單簿上。我認為將幾個部分放在一起很重要。首先，正如我們強調的那樣，與去年相比，我們仍然在增長。因此，認識到我們擁有的訂單簿的實力非常重要。事實上，我們仍然面臨著更快地燒毀它的挑戰。所以實際上，這是我們也想解決的一個領域，這就是我們繼續關注獲得更多供應以交付更多產品的地方，這實際上將幫助我們更好地向客戶交付，然後也接受更多訂單進入我們的訂單簿。

Secondly, there is indeed a certain lumpiness. I started the year with saying that this is not a business as usual here. Now I've been talking to many customers. I've been a few weeks ago, I went to China. China actually is coming back very strong, as you have seen. That started already in Q1. It continued in Q2. We actually see it continuing in Q3 and Q4. So we can expect, I think, a double-digit contribution out of China for this year, and that's great to see China coming back. We also saw now in Q2 that Personal Health came back into growth. That's also important momentum that we will continue into third and fourth quarter. But I also went to the U.S., and actually, I was there even last week, I've been talking to customers also there. And I must say that I've been encouraged by some of the signs that I'm seeing when talking to customers that there is some stabilization coming in and focus on challenges. .

其次，確實存在一定的凹凸感。我在新年伊始就說過，這裡的情況與往常不同。現在我已經和很多客戶交談過。幾週前我去了中國。正如你所看到的，中國實際上正在強勢回歸。這已經從第一季度開始了。第二季度繼續如此。我們實際上看到它在第三季度和第四季度繼續。因此，我認為，我們可以預期今年中國將做出兩位數的貢獻，很高興看到中國的回歸。我們現在還看到第二季度個人健康恢復增長。這也是我們將在第三和第四季度繼續保持的重要動力。但我也去了美國，事實上，我上週就在那裡，我也一直在和那裡的客戶交談。我必須說，在與客戶交談時看到的一些跡象令我感到鼓舞，這些跡象表明經濟正在趨於穩定，並關注挑戰。 。

So whilst they are still challenged on it, actually, they seem to be finding resolutions. We're also helping them with that, with our technology and innovations. That's what we're also talking about. And also they're combating the inflation, I think, more effectively. So that's what I would also take into the second half where actually, I would expect that the order intake would see growth coming back into play, and that will then not only be growth of the absolute order book but also in order intake. And we will work hard for that across the globe. And that may be the last piece. I think what I was also happy about is that kind of you saw that our contribution into the growth delivery in this quarter came from all businesses and all regions which also means that there is no specific kind of part that is laying back or kind of is behind.

因此，雖然他們仍然面臨挑戰，但實際上，他們似乎正在尋找解決方案。我們也通過我們的技術和創新來幫助他們。這也是我們正在討論的。我認為，他們還更有效地對抗通貨膨脹。因此，這也是我在下半年所考慮的，實際上，我預計訂單量將恢復增長，這不僅是絕對訂單量的增長，而且訂單量也將增長。我們將在全球範圍內為此努力。這可能是最後一塊。我想我也很高興的是，你們看到我們對本季度增長交付的貢獻來自所有業務和所有地區，這也意味著沒有特定類型的部分被擱置或被擱置。在後面。

So Personal Health was the one that we're still not as strong as we hoped for in the first kind of half. We knew it. We expected that. So now we hope to continue the growth momentum across all segments into the second half. So there is no, I would say, specific reason for caution or for kind of concern. But we remain at the same time, realistic that this is not a business as usual year and that our customers and also the world is working through the current inflation, the interest and the challenges that they are in the labor market.

因此，個人健康方面我們在上半場仍然沒有我們希望的那麼強。我們知道。我們預料到了。因此，現在我們希望下半年能夠繼續保持所有細分市場的增長勢頭。因此，我想說，沒有具體理由需要謹慎或擔憂。但與此同時，我們仍然現實地認識到，今年的情況與往常不同，我們的客戶和世界正在努力應對當前的通貨膨脹、勞動力市場的興趣和挑戰。

And can I just ask a quick follow-on or just on the consent decree. I think before you had talked about you had hoped to get it resolved and settled in the first half of the year. I might have missed -- I didn't see a comment on the updated time line in the press release this morning. Do you have any thoughts on when we might see a resolution there?

我可以快速詢問後續情況還是僅詢問同意令。我想在你講之前，你是希望在上半年能夠解決和解決這個問題的。我可能錯過了——我沒有在今天早上的新聞稿中看到對更新時間線的評論。您對我們什麼時候可以看到解決方案有什麼想法嗎？

No. I've not. So that's also why we did not put a time line in. So -- and I also don't want to further speculate on it. I think it's important to stress that also there, there's no specific reason that I would call out or any specific concern that this is indicating something. I think it only indicates that this has been worked through very diligently and at the same time, as I said earlier, there's a lot happening across the plate of both the FDA, but also on our side. So I think in both parties, we are putting all efforts into it to bring this to the best possible conclusion. Now the moment we will get any update on timing or conclusion, of course, we will come forward with it. But it's hard to put a specific time line on it. Also, when I said earlier in the year, I would hope for first half, indeed, that was my hope, but I also said it's not in our control. Yes, there's a lot to be worked through, and that's kind of what -- yes, we have seen materializing now.

不，我沒有。所以這也是我們沒有設定時間表的原因。所以——我也不想進一步推測它。我認為有必要強調的是，我沒有任何具體的理由要指出這一點，也沒有任何具體的擔憂表明這表明了什麼。我認為這僅表明我們已經非常努力地完成了這項工作，同時，正如我之前所說，FDA 和我們這邊都發生了很多事情。所以我認為雙方都在盡一切努力，以求得出最好的結果。現在，一旦我們得到有關時間或結論的任何更新，我們當然會提出來。但很難給出具體的時間表。另外，當我今年早些時候說過，我會希望上半年，確實，這是我的希望，但我也說過，這不是我們能控制的。是的，還有很多工作需要解決，這就是——是的，我們現在已經看到了實現。

We will now move to our next question, and the question comes from the line of Richard Felton from Goldman Sachs.

我們現在轉向下一個問題，這個問題來自高盛的理查德·費爾頓。

My first one is on Connected Care. So strong performance on the margin, which drove the beat at group level in Q2. But could you provide a little bit more color on the margin drivers within the division, please, specifically interested to know the impact from monitoring versus Sleep & Respiratory Care. And then were there any one-offs which drove strong performance in the quarter for monitoring? That's my first one. And then my follow-up also on Connected Care. Look, it looks like Sleep & Respiratory Care still had a fairly material revenue decline in Q2. Given the system sales, I think, were already 0 last year, could you provide a little bit of color on where those incremental declines are coming from, please?

我的第一個是關於 Connected Care。如此強勁的利潤率表現，推動了第二季度集團層面的表現。但是，您能否就該部門內的利潤驅動因素提供更多信息，特別有興趣了解監測與睡眠和呼吸護理的影響。那麼，是否有任何一次性事件推動了本季度監控的強勁表現？這是我的第一個。然後我的後續行動也是關於互聯護理。看起來，睡眠和呼吸護理在第二季度的收入仍然出現了相當大的下降。我認為，考慮到去年的系統銷量已經為 0，您能否提供一些關於這些增量下降來自何處的信息？

Yes. So Richard, this is Abhijit. On Connected Care, as we mentioned also in the commentary upfront, is coming mainly from monitoring. We have had a -- it's a very profitable business and monitoring, as you would remember, last year was really hit by the component situation, I think we have had a 20-plus percent growth in the second quarter and then when you get operating leverage, of course, you get a big impact. Besides that, in Sleep & Respiratory Care, also, we had started in Q1 taking cost actions. So therefore, there, the profitability starts to improve. So I think overall, it's pretty much organic. So there are no real one-offs.

是的。理查德，這是阿比吉特。正如我們在前面的評論中提到的，互聯護理主要來自監控。我們有一個——這是一項非常有利可圖的業務和監控，正如你所記得的那樣，去年確實受到了組件情況的打擊，我認為我們在第二季度實現了 20% 以上的增長，然後當你開始運營時當然，槓桿作用會產生很大的影響。除此之外，在睡眠和呼吸護理方面，我們也從第一季度開始採取成本行動。因此，盈利能力開始改善。所以我認為總的來說，它是非常有機的。所以不存在真正的一次性事件。

Maybe I can take the second one on the SRC side. So if you look to the SRC mix, actually, you see that the ventilation side was where we saw the decline. We're also still working through the remediation on that. So actually, that is Connected. But at the same time, if I look to masks, actually, we have seen masks coming back stronger, and that was a positive development in the quarter. So it's a mix issue where the ventilation is actually driving the decline, while mask is offsetting some of that. whilst we, of course, have the ongoing effect of the Sleep remediation in the sleep devices part of the business.

也許我可以在SRC這邊拿第二個。因此，如果您觀察 SRC 組合，實際上，您會發現通風側是我們看到下降的地方。我們仍在努力對此進行補救。實際上，這就是連接。但與此同時，如果我關注口罩，實際上，我們已經看到口罩恢復強勁，這是本季度的積極進展。因此，這是一個混合問題，通風實際上推動了下降，而口罩則抵消了部分下降。當然，我們的睡眠設備業務部分的睡眠修復具有持續的影響。

We will now go to our next question. And your next question comes from the line of David Adlington from JPMorgan.

現在我們將討論下一個問題。你的下一個問題來自摩根大通的大衛·阿德林頓。

Firstly, just on orders. You said you faced a tough comp, but I think it was only 1% last year and the year before that was down 15%. So I just wonder if you have some further call to use either by notable weakness either by product category or by region? Secondly, just on your one-off charges, it looks like you've shifted 100 basis points from restructuring to other quality-related charges in Connected Care. I just wondered what the reason for that change was, please?

首先，只是訂單。你說你面臨著艱難的競爭，但我認為去年只有 1%，前年下降了 15%。所以我只是想知道您是否還需要根據產品類別或地區的明顯弱點進行進一步的呼籲？其次，僅就您的一次性費用而言，您似乎已將 100 個基點從重組轉移到 Connected Care 中的其他與質量相關的費用。我只是想知道這個改變的原因是什麼？

David, maybe let me answer the first question. I mentioned that there were tough comps on 2021 and 2022. So we had actually a 36% increase in comparable order intake in Diagnosis & Treatment in Q2 '21. And we followed that by another 2% increase last year. So I think that's where the tough comps come because it's already on a high order intake number. And you see that also in the IR deck, we have shown that on Page 14. The second thing is, of course, we mentioned earlier that it's lumpy, right? So Q1, we had strong growth. We had a double-digit growth in Q1 and therefore, this lumpiness will continue, and that's why we say also that we have confidence in order intake growth in the second half of the year because the funnel remains strong. The one-off charges -- sorry, I missed the second part of the question. One of charges is for what? Could you just repeat that, David, your second part of your question?

大衛，也許讓我回答第一個問題。我提到 2021 年和 2022 年的競爭非常激烈。因此，我們在 21 年第二季度的診斷和治療方面的可比訂單攝入量實際上增加了 36%。去年我們又增加了 2%。所以我認為這就是艱難的競爭的根源，因為它的訂單數量已經很高了。您也可以在 IR 幻燈片中看到這一點，我們已在第 14 頁上展示了這一點。當然，第二件事是，我們之前提到過它是塊狀的，對吧？所以第一季度，我們有強勁的增長。我們在第一季度實現了兩位數的增長，因此，這種波動將持續下去，這就是為什麼我們也說我們對下半年的訂單增長充滿信心，因為漏斗仍然強勁。一次性收費——抱歉，我錯過了問題的第二部分。其中一項費用是為了什麼？大衛，你能重複一下你問題的第二部分嗎？

Yes. Your guidance on the one-off charges, 100 basis points seems to have shifted from restructuring. That's gone down by 100 basis points, but your quality-related charges with respect to Connected Care has gone up by 100 bps. So I just wondered if we should read anything into that.

是的。你們對一次性費用 100 個基點的指導似乎已經從重組中轉變了。這下降了 100 個基點，但與 Connected Care 相關的質量相關費用卻上升了 100 個基點。所以我只是想知道我們是否應該對此進行一些解讀。

Yes. No, not really. It's basically, as we have been going through the restructuring, we have found that there has been also some attrition. So that cost has gone down. And in the second half of the year, we are continuing with the remediation of the 483 that we had. So that is leading to some cost as well as legal costs related to Sleep & Respiratory. So again, Overall, the guidance remains the same, but it's just a shift in line.

是的。不，不是真的。基本上，在我們進行重組的過程中，我們發現也存在一些人員流失。所以這個成本已經下降了。今年下半年，我們將繼續對 483 個問題進行修復。因此，這會導致一些與睡眠和呼吸相關的成本以及法律成本。所以，總體而言，指導方針保持不變，但只是路線上的轉變。

Okay. And maybe just a key follow-up just into the foreign exchange impact where you're expecting that to be at current rates for the rest of the year.

好的。也許只是外匯影​​響的一個關鍵後續行動，您預計今年剩餘時間的匯率將保持在當前水平。

Yes. Look, typically, the way we manage our ForEx, it fluctuates between plus to minus 10 to 20 bps in a year. So it should be within that range. It's not something big that we expect. .

是的。一般來說，我們管理外彙的方式，一年內會在正負 10 到 20 個基點之間波動。所以應該在這個範圍之內。這不是什麼我們所期待的大事。 。

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

您的下一個問題來自摩根士丹利的羅伯特·戴維斯。

My first one was just around the cash guide. I noticed there was no change in the free cash flow guidance for the year, even though you had some notable improvement year-on-year and I think in the working capital metrics January to June and also the CapEx is running lower. So just be kind of interested why you didn't revise the free cash flow guidance even though the EBIT -- the sales and margin guidance have been updated. That was my first question.

我的第一個就在現金指南周圍。我注意到今年的自由現金流指引沒有變化，儘管同比有一些顯著的改善，而且我認為一月至六月的營運資本指標以及資本支出也在下降。因此，請好奇為什麼即使息稅前利潤（銷售和利潤指導）已更新，您也沒有修改自由現金流指導。這是我的第一個問題。

My second question is just on trajectory of margins, I guess, in Personal Health. I'd just be curious what your thought process there going into the back half year. I noticed you were obviously back into positive growth territory, but the margins haven't really kind of kicked through. Is there a sort of level we should think about where margins could kick in? And I know there's quite a seasonal heavy 4Q trajectory there? I just wondered if there's anything to think about heading into the back half of this year that might change that?

我想我的第二個問題只是關於個人健康領域的利潤軌跡。我只是好奇你下半年的想法是什麼。我注意到你們顯然又回到了正增長領域，但利潤率還沒有真正發揮出來。我們是否應該考慮利潤率可以達到何種水平？我知道第四季度有相當重的季節性軌跡嗎？我只是想知道今年下半年是否有什麼可以改變這種情況的事情？

And then the last one was just within the D&T business. Obviously, you had a few questions already around order trajectory, just be curious in terms of modality of product within that business, if you're seeing anything to particularly call out as strong or weak in the quarter.

最後一個是在 D&T 業務範圍內。顯然，您已經對訂單軌跡產生了一些疑問，如果您發現本季度有任何特別強或弱的事情，請對該業務內的產品模式感到好奇。

No. So let me -- so it's a good point on cash guidance. Look, we had given a range of EUR 0.7 billion to EUR 0.9 billion, which was, let's say, quite a broad range. We will have improvements in earnings. As you've seen, we have upped the guidance there to the higher end of the range. I expect that it will take a bit longer for us to get our inventories down as much as we would have liked this year because, let's say, to get all the matching inventories and flow through to customers will probably take until middle of next year. So again, we will probably be at the higher end of that guidance, but not at this stage to raise that guidance amount by a small amount. So we are confident of being in the race, we have started well, and we will continue down that track.

不，所以讓我來說一下——這是關於現金指導的一個很好的觀點。看，我們給出的範圍是 7 億歐元到 9 億歐元，可以說，這是一個相當寬泛的範圍。我們的收入將會有所改善。正如您所看到的，我們已將指導上調至範圍的高端。我預計今年我們需要更長的時間才能將庫存降到我們希望的水平，因為，比方說，要獲得所有匹配的庫存並流向客戶可能需要到明年年中。因此，我們可能會處於該指導的較高端，但現階段不會小幅提高該指導金額。所以我們對參加比賽充滿信心，我們已經開始了，我們將繼續沿著這條道路前進。

Regarding margins in PH, we have already got into the -- I think it was 100 basis points already in this quarter. Growth will continue in Q3 and Q4. So you should see also margin improvements coming in Q3 and Q4. So there's nothing that I would signal in terms of -- of course, given where we are in demand, we are going to need to invest in advertising and promotion to kind of stimulate some demand to drive that growth, but not really much different. .

關於菲律賓的利潤率，我認為本季度已經達到 100 個基點。第三季度和第四季度將繼續增長。因此，您還應該看到第三季度和第四季度的利潤率改善。因此，我沒有什麼要暗示的——當然，考慮到我們的需求，我們將需要投資於廣告和促銷，以刺激一些需求來推動增長，但並沒有太大不同。 。

Then your last question was on the order intake and in the modality, there's not really something significant to call out there. I think we -- I think most of the lumpiness we see across the portfolio. So we had, let's say, good order intake across modalities in Q1, and we see, let's say, the minor impact in Q2. And as we work down the backlog in MR which currently is long, we hope to, let's say, start getting more and more order intake there because currently, given the lead times, we are a bit hindered there. But there's not any specific modality, which is let's say, hugely different in terms of the pattern that we see.

那麼你的最後一個問題是關於訂單攝入量和方式，實際上沒有什麼重要的事情需要指出。我認為我們——我認為我們在整個投資組合中看到的大部分都是混亂的。因此，我們在第一季度的各種模式中都獲得了良好的訂單量，而我們在第二季度看到了輕微的影響。當我們解決 MR 目前很長的積壓訂單時，我們希望，比如說，開始在那裡獲得越來越多的訂單，因為目前，考慮到交貨時間，我們在那裡有點受阻。但沒有任何具體的模式，也就是說，與我們看到的模式有很大不同。

We will now go to our next question. And your next question comes from the line of Graham Doyle from UBS.

現在我們將討論下一個問題。你的下一個問題來自瑞銀集團（UBS）的格雷厄姆·多伊爾（Graham Doyle）。

Just one on D&T, one of the consent decree. The margin was obviously down sequentially -- strong but down sequentially in D&T in Q2. I think at the start of the year, we were kind of still talking about relatively normal phasing in that. Typically, each quarter goes by, you generate more revenue, you generate a better margin. How should we think about Q3 and Q4? So when we think about that mix effect you flagged obviously, how do we think about that going through the next couple of quarters? And then just a sort of broader question on the consent decree, which isn't the specifics of timing. It's just we think about the process. It's been going on for a year now. Is it -- you presumably that is a sort of negotiation and there are things that you want that you are trying to push for and vice versa. But is it feasible that we just don't get an agreement on a consent decree on what happens there?

只有一份關於 D&T 的同意令。第二季度 D&T 的利潤率明顯環比下降，強勁但環比下降。我認為在今年年初，我們仍在談論相對正常的分階段。通常，每個季度過去，您都會產生更多收入，產生更好的利潤。我們應該如何看待Q3和Q4？因此，當我們考慮您明顯標記的混合效應時，我們如何看待接下來幾個季度的情況？然後是關於同意令的更廣泛的問題，這不是具體的時間安排。只是我們考慮這個過程。現在已經持續一年了。是嗎——你大概這是一種談判，有些事情是你想要的，你正在努力推動，反之亦然。但是，我們是否可以就那裡發生的事情達成同意令？

Yes. So on D&T, I don't -- like I mentioned in the speech, right? There is a shift of phasing of cost as well as mix between Q1 and Q2. I would not read that too much as structure. Yes, we will have a stronger Q2 second half in terms of margin in Diagnosis & Treatment. So I think if I remember right, in 2020 -- 2019, we were at 12.7%. We make a kind of good recovery towards that. So there will be strong improvement year-on-year. And again, between one quarter and the next, I would not read too much into it. We had also a higher mix, if I recall correctly of ultrasound in Q1 and a slightly stronger mix of DI in Q2 that affects it a bit and a certain phasing of service costs between Q1 and Q2. So I would not read too much into that at this stage. We will continue improving as the year goes by.

是的。所以關於 D&T，我不——就像我在演講中提到的那樣，對嗎？第一季度和第二季度之間的成本階段和組合發生了變化。我不會把它當作結構來讀太多。是的，我們在第二季度下半年的診斷和治療利潤率方面將會更加強勁。所以我想如果我沒記錯的話，2020 年至 2019 年，我們的比例是 12.7%。我們為此做出了良好的恢復。所以同比將會有很大的改善。再說一次，在一個季度和下一個季度之間，我不會對此進行太多解讀。如果我沒記錯的話，我們還有更高的混合，如果我沒記錯的話，第一季度的超聲波和第二季度的 DI 的混合稍強，這對它有一點影響，並且第一季度和第二季度之間的服務成本有一定的階段性。所以現階段我不會對此進行太多解讀。隨著時間的推移，我們將繼續改進。

On the second one, maybe on the CD. So starting with your last part of the question, I think we will get towards constant decree. So that's just -- it is a matter of time. So I don't think it's -- there's no scenario that we will not get there because it was initiated, so it will be concluded. I think if you look at the time line, actually, we are now kind of in a year after it started. But actually, if you look to a comparable own experience we had with the AB, which was a much smaller size and complexity, it also was over a year discussion to get to kind of a consent decree. So I would not read also too much into the fact that we are now passing the 1-year mark. And also if you look to order consent decree discussions with other parties, you will see that these time lines are not kind of out of the normal. This needs to be done diligently. And as we said before, yes, this is a significant one, given that the Sleep & Respiratory recall was a sizable affair. So I think that is what we are working through together, and that's also what we will bring to conclusion at the right time.

第二張，也許在 CD 上。因此，從問題的最後一部分開始，我認為我們將走向持續的法令。所以這只是時間問題。所以我認為，沒有任何情況我們不會實現這一目標，因為它已經啟動，所以它將會結束。我想如果你看一下時間線，實際上，我們現在已經是項目開始一年後了。但實際上，如果你看看我們與 AB 的類似經驗，AB 的規模和復雜性都要小得多，而且也經過了一年多的討論才達成了某種同意令。因此，我不會過多地解讀我們現在已經過了一年大關這一事實。而且，如果您希望與其他方討論同意令，您會發現這些時間線並沒有超出正常範圍。這需要認真去做。正如我們之前所說，是的，鑑於睡眠和呼吸系統召回是一件相當大的事情，這是一件很重要的事情。所以我認為這就是我們正在共同努力解決的問題，這也是我們將在適當的時候得出的結論。

And your question comes from the line of Sezgi Ozener from HSBC.

你的問題來自匯豐銀行的 Sezgi Ozener。

Just 2, please. First of all, on the change that you had the transfer of enterprise informatics from D&T to CC. We can see how the margins of that business was so far. But going forward, can you give some color on the projected outlook of that business in terms of growth and margins? And what kind of markets you're seeing there? And second of all, on free cash flow, it was shortly mentioned, of course, the fact that guidance remained the same despite higher guidance. And also even though the second quarter tends to be a lot stronger from a cash flow perspective was -- was the fact that some of the liabilities are not certainly a factor in that? And do you see any downside risk to that guidance given the first half free cash flow stood much lower?

就2個，拜託。首先，關於企業信息化從D&T轉移到CC的變化。我們可以看到該業務迄今為止的利潤率如何。但展望未來，您能否對該業務在增長和利潤方面的預計前景進行一些說明？您在那裡看到了什麼樣的市場？其次，關於自由現金流，當然，很快就提到了儘管指導較高但指導保持不變的事實。而且，儘管從現金流的角度來看，第二季度往往要強勁得多，但事實上，某些負債不一定是其中的一個因素？鑑於上半年自由現金流大幅下降，您認為該指引是否存在下行風險？

So maybe let me take the first one. Indeed, I think we put Enterprise Informatics to Connect Care. I think the importance was that we really put it as a separate vertical, where we combine the different informatics assets actually to ensure that the capabilities to run that in an end-to-end manner actually yield its effect. And I can say that actually, we do see the impact coming into play. We have mentioned that the growth we expect should be double of what we grow at Philips. And also, we have seen strong growth in that. On order intake, we also said that kind of would be a bit cautious because we really want to fulfill well and the delivery of these installations are important. So we are working hard on adequate delivery and the margins are increasing.

所以也許讓我選擇第一個。事實上，我認為我們將企業信息學應用於 Connect Care。我認為重要的是，我們確實將其作為一個單獨的垂直領域，實際上我們結合了不同的信息學資產，以確保以端到端方式運行該資產的能力實際上產生了效果。我可以說，實際上，我們確實看到了影響正在發揮作用。我們已經提到，我們預期的增長應該是飛利浦增長的兩倍。而且，我們還看到了這方面的強勁增長。在訂單接收方面，我們還表示會有點謹慎，因為我們真的想很好地履行訂單，而這些安裝的交付很重要。因此，我們正在努力確保充足的交貨，並且利潤正在增加。

We have made certain choices for scaling the bigger platforms that we have, and that is healing effect. And also we expect with further growth acceleration that, that will scale further. So actually, we have seen the first impact, which is positive. There's a lot of momentum. As you can understand, there's a lot of demand for workflow improvement. AI is very hot and a big topic to see kind of how we can help the current customers with regenerative and analytical AI in their workflow and to drive patient outcomes are also applying that. And we have multi-vendor solutions that actually can help across imaging, monitoring and also in providing care -- of course care setting. So this is a part that actually is generating a lot of interest and we're having the dialogue with customers as we speak.

我們已經做出了一些選擇來擴展我們擁有的更大的平台，這就是治愈效果。我們還預計，隨著增長進一步加速，規模將進一步擴大。所以實際上，我們已經看到了第一個影響，這是積極的。有很大的動力。如您所知，對工作流程改進的需求很大。人工智能非常熱門，也是一個大話題，我們如何在工作流程中利用再生和分析人工智能來幫助當前客戶，並應用它來推動患者治療結果。我們擁有多供應商解決方案，實際上可以在成像、監測以及提供護理方面提供幫助——當然還有護理環境。因此，這實際上引起了很多興趣，我們正在與客戶進行對話。

Yes. And Sezgi, maybe to understand your question on cash flow, is it that because we have a stronger second half, you are questioning the guidance, whether it should go up? I'm not very clear. Sorry. Could you just ask that again?

是的。 Sezgi，也許要理解你關於現金流的問題，是不是因為我們下半年表現更強，你在質疑指導，是否應該上漲？我不是很清楚。對不起。你能再問一遍嗎？

Actually, the question is more like do you see the risk to the current guidance, which was my update to the downside or upside given that your second half tends to be much stronger, but you had a guidance upgrade in other metrics, but not in free cash flow and the first half guidance -- first half, actual free cash flow is -- it shows significant improvement year-on-year, but compared to guidance, it's on the weaker side.

實際上，問題更像是你是否看到當前指導的風險，這是我對下行或上行的更新，因為你的下半年往往會更強，但你在其他指標上有指導升級，但沒有在自由現金流和上半年指導——上半年，實際自由現金流是——同比顯示出顯著改善，但與指導相比，處於弱勢。

Yes. I would not say that the first half guidance is on the weaker side. If you look typically, like you mentioned, our second half cash flow is much stronger. We are actually pretty happy with where we are with the first half of the year. So I don't see any risk to the guidance. In fact, as I just mentioned, we will probably be at the upper end of the current guidance.

是的。我不會說上半年的指導偏弱。如果你看起來像你提到的那樣，我們下半年的現金流要強勁得多。事實上，我們對今年上半年的情況非常滿意。因此，我認為該指南不存在任何風險。事實上，正如我剛才提到的，我們可能會處於當前指導的上限。

We will now go to our next question. And your next question comes from the line of Falko Friedrichs from Deutsche Bank.

現在我們將討論下一個問題。您的下一個問題來自德意志銀行的 Falko Friedrichs。

I have 2 questions, last please, both on D&T. And the first one on this mid-single-digit growth in Diagnostic Imaging. Can you provide some kind of a split into MRI and CT? And then secondly, what was driving this continued strong growth in your ultrasound business?

最後我有兩個問題，都是關於 D&T 的。這是診斷成像領域第一個出現中個位數增長的案例。您能提供 MRI 和 CT 的某種劃分嗎？其次，是什麼推動了您的超聲業務持續強勁增長？

Yes. Falko, we provide a lot of color now going into every modality and the specific becomes maybe even too much color. But yes, across the board, we have -- we continue to grow. So both MR and CT were actually nicely up. And the growth in Ultrasound comes from the fact that the order book is very, very strong. And last year, we had component issues in Ultrasound in Q3 and Q4. And once that is resolved, we are just going through the order book, so that continues good momentum, and our shares are also trending well. So I think overall -- yes, you see growth across the board and Ultrasound is largely due to the order book that we were carrying. .

是的。 Falko，我們現在為每種形態提供了很多顏色，而具體的顏色甚至可能太多了。但是，是的，從整體上看，我們一直在持續增長。所以 MR 和 CT 實際上都很好。超聲波的增長來自於訂單非常非常強勁。去年，我們在第三季度和第四季度的超聲波領域遇到了組件問題。一旦這個問題得到解決，我們就只需瀏覽訂單簿，這樣就可以繼續保持良好的勢頭，我們的股票也趨勢良好。所以我認為總的來說 - 是的，你看到了全面的增長，超聲波主要歸功於我們的訂單。 。

Thank you. Gentlemen, that was the last question. Please continue.

謝謝。先生們，這是最後一個問題。請繼續。

Thank you all for joining our call. As I said at the beginning, I'm pleased with the progress that we are making as we see that the measures that we have been taking at the beginning of the year are really yielding effect. And as a result, we delivered strong operational performance with 9% comparable sales growth, improvement in profitability, operating cash flow, and that was coming from all businesses and all regions. We also expect to carry that into the second half, the positive momentum based on further progress on the 3 priorities that we're executing against, and that actually led us to raise our guidance for the full year.

感謝大家加入我們的通話。正如我在一開始所說的，我對我們正在取得的進展感到高興，因為我們看到我們年初採取的措施確實產生了效果。結果，我們實現了強勁的運營業績，可比銷售額增長了 9%，盈利能力和運營現金流均有所改善，這來自所有業務和所有地區。我們還希望將這種積極勢頭延續到下半年，這種積極勢頭基於我們正在執行的 3 個優先事項的進一步進展，這實際上導致我們提高了全年指導。

So whilst uncertainties, especially also in our environment remain, we remain confident in our plan, the execution of it and will stay the course to kind of come back quarter-over-quarter showing an improvement part for Philips on the long-term value creation trajectory. So thank you for listening in, looking forward to connect with you and wish you a further great day. .

因此，儘管不確定性仍然存在，尤其是在我們的環境中，但我們對我們的計劃及其執行仍然充滿信心，並將繼續堅持下去，以顯示出飛利浦在長期價值創造方面的改進部分。彈道。感謝您的收聽，期待與您聯繫，並祝您度過美好的一天。 。

Thank you. This concludes the Royal Philips Second Quarter and Semiannual 2023 Results Conference Call on Monday, July 24, 2023. Thank you for participating. You may now disconnect.

謝謝。皇家飛利浦於 2023 年 7 月 24 日星期一舉行的 2023 年第二季度和半年度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。