Koninklijke Philips NV (PHG) 2023 Q4 法說會逐字稿

Welcome to the Royal Philips Fourth Quarter and Full Year 2023 Results Conference Call on Monday, January 29, 2024, 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 2024 年 1 月 29 日星期一皇家飛利浦 2023 年第四季和全年業績電話會議，電話會議由執行長 Roy Jakobs 先生主持；和財務長 Abhijit Bhattacharya 先生。 （操作員說明）請注意，本次通話將會被錄音，並可在皇家飛利浦投資者關係網站上查看重播。

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' Fourth Quarter and Full Year 2023 Results Webcast. I'm here today with our CEO, Roy Jakobs; and our CFO, Abhijit Bhattacharya.

大家好。歡迎收看飛利浦 2023 年第四季和全年業績網路廣播。今天我和我們的執行長 Roy Jakobs 一起來到這裡。以及我們的財務長 Abhijit Bhattacharya。

The press release, investor decks and the frequently asked questions on the Respironics field action were published on our Investor Relations website this morning. The replay and full transcript of this webcast will be made available on the website after the call.

今天上午，我們的投資者關係網站上發布了有關偉康現場行動的新聞稿、投資者資料和常見問題。此網路廣播的重播和完整文字記錄將在電話會議後在網站上提供。

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 website. In today's call, we will discuss our results as well as the progress on the actions we're taking across different areas to drive performance improvement.

在開始之前，我想提請您注意螢幕上的安全港聲明。您也可以在我們網站上發布的簡報中找到該聲明。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。

I would like to hand over to Roy.

我想把任務交給羅伊。

Good morning. Welcome. Great to be with you today. I want to start with the key highlights of this morning's release. We delivered a year of strong sales growth, improved profitability and very strong cash flow. The improved operational performance is a result of the solid execution of our plan to create value with sustainable impact. We are making progress on all our three priorities: enhancing patient safety and quality; strengthening supply chain reliability; and simplifying our operating model, supporting significant productivity and margins.

早安.歡迎。今天很高興和你在一起。我想從今天早上發布的主要亮點開始。這一年我們的銷售成長強勁，獲利能力提高，現金流也非常強勁。營運績效的改善是我們堅定執行創造具有永續影響的價值的計畫的結果。我們正在三個優先事項上取得進展：提高病人安全和品質；加強供應鏈可靠性；簡化我們的營運模式，支援顯著的生產力和利潤。

Patient safety and quality remain our highest priority across the company. We agree with the FDA on the terms of a consent decree focused on Philips Respironics in the U.S., which provides clarity and a road map for us to demonstrate compliance and restore the business. We are confident in delivering the previously stated plan for 2023 to 2025, which now takes the constant decree into account and remains unchanged, although recognizing uncertainties remain in a volatile geopolitical environment. Based upon our ongoing actions to enhance execution, we expect further performance improvement in 2024.

病人安全和品質仍然是我們整個公司的首要任務。我們與 FDA 同意針對美國飛利浦偉康的同意令條款，該同意令為我們展示合規性和恢復業務提供了明確性和路線圖。我們有信心實現先前提出的 2023 年至 2025 年計劃，儘管認識到不穩定的地緣政治環境中仍然存在不確定性，但該計劃現在已考慮到不變的法令並保持不變。基於我們持續採取的增強執行力的行動，我們預計 2024 年業績將進一步提高。

On to the key financial highlights. Comparable sales growth was 7% in the full year, excluding the impact of provisions charged to sales, mainly in connection with the Respironics consent decree, which we will explain later in the call. Sales growth was 11% in D&T, 5% in Connected Care and 3% in Personal Health. Group comparable sales growth, including the impact of the provisions mainly in connection with the Respironics consent decree, was 6% for the full year. The adjusted EBITA margin was 10.5% in the full year, excluding the impact of the provisions mainly in connection with the Respironics consent decree. This is a strong improvement of 310 basis points versus 2022. Adjusted EBITA margin, including the impact of those provisions, was 10.6%. Free cash flow saw a strong inflow of EUR 1.6 billion in 2023, and we significantly strengthened our balance sheet in the year.

接下來是主要的財務亮點。全年可比銷售額成長為 7%，不包括銷售撥備的影響，主要與偉康同意令有關，我們將在稍後的電話會議中對此進行解釋。 D&T 部門的銷售額成長了 11%，互聯護理部門的銷售額成長了 5%，個人健康部門的銷售額成長了 3%。集團全年可比銷售額成長率（包括主要與偉康同意令相關的規定的影響）為 6%。全年調整後的 EBITA 利潤率為 10.5%，不包括主要與偉康同意令有關的規定的影響。與 2022 年相比，大幅提高了 310 個基點。調整後的 EBITA 利潤率（包括這些撥備的影響）為 10.6%。 2023 年自由現金流強勁流入 16 億歐元，我們在這一年顯著強化了資產負債表。

Restructuring and other charges were high in 2023. This was a result of our focus on resolving the consequence of the Respironics recall, the consent decree and the important interventions we are making in the company as part of our plan to create value with sustainable impact.

2023 年的重組和其他費用很高。這是我們專注於解決偉康召回後果、同意令以及我們正在對公司採取的重要幹預措施的結果，這是我們創造具有可持續影響的價值計劃的一部分。

Order intake was lower in 2023 due to the exceptionally high comparison base in the last 2 to 3 years, lower China and Russia and lower order to delivery lead times. We saw sequential improvement in Q4 as anticipated, and we remain focused on implementing the necessary actions to reduce lead times and leverage our enhanced operating model and our AI-driven innovations to improve order intake. It's important to note that our order book, which accounts for 40% of group sales, is 15% higher than when the global supply chain crisis started. And we will continue to support revenues with that order book as planned for 2024.

由於過去 2 至 3 年的比較基數異常高、中國和俄羅斯較低以及訂單到交貨週期較短，2023 年的訂單量較低。我們看到第四季度的連續改善符合預期，我們仍然專注於實施必要的行動，以縮短交貨時間，並利用我們增強的營運模式和人工智慧驅動的創新來提高訂單量。值得注意的是，我們的訂單量佔集團銷售額的 40%，比全球供應鏈危機爆發時增加了 15%。我們將繼續按計劃在 2024 年透過該訂單來支持收入。

This morning, we announced that Philips agrees with the FDA on the terms of a consent decree, which is now being finalized and will be submitted to the relevant U.S. court for approval. The decree is mainly focused on Philips Respironics in the U.S. and will provide a roll-up of defined actions, milestones and deliverables to demonstrate compliance with regulatory requirements and to restore the business.

今天早上，我們宣布飛利浦與 FDA 就同意令的條款達成一致，該同意令目前正在敲定，並將提交給美國相關法院批准。該法令主要針對美國的飛利浦偉康公司，並將提供一系列明確的行動、里程碑和可交付成果，以證明其符合監管要求並恢復業務。

In the U.S., Philips Respironics will continue to service Sleep & Respiratory Care devices already with health care providers and patients and supply accessories, patient interfaces, consumables and replacement parts. Philips Respironics will not sell new CPAP or BiPAP sleep therapy devices or other respiratory care devices in the U.S. until meeting the relevant requirements of the consent decree.

在美國，飛利浦偉康將繼續為醫療保健提供者和患者提供睡眠和呼吸護理設備服務，並提供配件、患者介面、消耗品和更換零件。在滿足同意令的相關要求之前，飛利浦偉康不會在美國銷售新的 CPAP 或 BiPAP 睡眠治療設備或其他呼吸照護設備。

Outside of the U.S., Philips Respironics will continue to provide new sleep and respiratory care devices, accessories, patient interfaces, consumables, replacement parts and services subject to certain requirements. Further details will become available once the consent decree has been finalized and submitted to the relevant U.S. core for approval, and we're not able to provide more information on the consent decree at this time.

在美國以外的地區，飛利浦偉康將繼續提供新的睡眠和呼吸護理設備、配件、病患介面、消耗品、更換零件和服務，但須符合某些要求。一旦同意令最終確定並提交給美國相關核心部門批准，我們將提供更多詳細信息，但目前我們無法提供有關同意令的更多信息。

Looking ahead, we remain confident in our plan and in the financial outlook. The previously stated 2023 to '25 group financial outlook of mid-single-digit sales growth, low teens adjusted EBITA and EUR 1.4 billion to EUR 1.6 billion free cash flow in 2025 now takes the consent decree fully into account and the plan remains unchanged. This outlook excludes the impact of ongoing litigation and investigation by the U.S. DOJ related to the Respironics field action.

展望未來，我們對我們的計劃和財務前景仍然充滿信心。先前提出的2023 年至25 年集團財務前景為中個位數銷售成長、調整後的EBITA 為低雙位數以及2025 年自由現金流為14 億歐元至16 億歐元，現在已充分考慮到同意令，該計劃保持不變。這一前景不包括美國司法部正在進行的與偉康現場行動相關的訴訟和調查的影響。

In 2024, we expect to deliver further performance improvement with 3% to 5% comparable sales growth, building on a strong 2023 comparison base and an adjusted EBITA margin of 11% to 11.5%. We expect free cash flow of between EUR 0.8 billion to EUR 1 billion. This excludes the expected remaining cash-out related to the previously announced resolution of the economic loss class action in the U.S.

2024 年，我們預計在 2023 年強勁的比較基礎和 11% 至 11.5% 的調整後 EBITA 利潤率的基礎上，業績將進一步改善，可比銷售額增長 3% 至 5%。我們預計自由現金流在 8 億歐元至 10 億歐元之間。這不包括與先前宣布的美國經濟損失集體訴訟解決方案相關的預期剩餘現金支出。

While we continue to see hospitals and health care systems exhibit some cautious buying behavior, we expect this to develop positively in the course of 2024, driven by improving hospital financials and more procedures. In China, the government imposed anticorruption measures continue to impact short-term decision-making by hospitals, but this is not expected to impact fundamental demand. Our order funnel remains very active in the country, and we expect order growth to resume in China in the second half of 2024, following a very difficult comparison base in the first half of this year. Overall, based on the gradually improving market environment and our ongoing actions to improve order intake, we expect to see positive order intake growth in the full year 2024.

雖然我們繼續看到醫院和醫療保健系統表現出一些謹慎的購買行為，但我們預計，在醫院財務狀況改善和更多程序的推動下，這種情況將在 2024 年積極發展。在中國，政府實施的反腐敗措施繼續影響醫院的短期決策，但預計不會影響基本需求。我們的訂單管道在中國仍然非常活躍，繼今年上半年的比較基礎非常困難之後，我們預計中國的訂單成長將在 2024 年下半年恢復。總體而言，基於市場環境的逐步改善以及我們持續採取的提高訂單量的行動，我們預計2024年全年訂單量將出現正增長。

Let me now provide you with some of the recent customer and innovation milestones during the quarter. We signed an 8-year $115 million agreement with NYU Langone Health in the U.S. to provide patient monitoring, AI-enabled diagnostic imaging, digital pathology and enterprise informatics solutions to its latest hospital. Our program to expand access to maternal health through AI-powered ultrasound aims to address the shortage of health care workers by putting a diagnostic tool, previously reserved for expert technicians in the hands of midwives. This program also received funding of $60 million from the Bill & Melinda Gates Foundation.

現在讓我向您介紹本季最近的一些客戶和創新里程碑。我們與美國紐約大學朗格健康中心簽署了一項為期 8 年、價值 1.15 億美元的協議，為其最新的醫院提供病患監測、人工智慧診斷影像、數位病理學和企業資訊解決方案。我們透過人工智慧超音波擴大孕產婦保健機會的計畫旨在透過將以前為專業技術人員保留的診斷工具交給助產士來解決醫護人員短缺的問題。該計畫也獲得了比爾及梅琳達蓋茲基金會 6000 萬美元的資助。

Our innovations are focused on empowering clinicians with artificial intelligence for deeper clinical insights, improved workflow and productivity. For example, we recently launched Philips HealthSuite Imaging, a cloud-based next-generation of Philips Vue PACS that offers AI-enabled workflow orchestration, high-speed remote access for diagnostic reading and integrated reporting. In Personal Health, we launched premium S9000 shavers with breakthrough close shave technology in U.S., Western Europe and China.

我們的創新重點是利用人工智慧為臨床醫生提供更深入的臨床見解、改善工作流程和生產力。例如，我們最近推出了飛利浦 HealthSuite Imaging，這是一款基於雲端的下一代飛利浦 Vue PACS，提供支援人工智慧的工作流程編排、用於診斷讀取和整合報告的高速遠端存取。在個人健康領域，我們在美國、西歐和中國推出了具有突破性貼面刮鬍技術的優質 S9000 刮鬍刀。

In 2023, we were again recognized with a prestigious A score for climate action leadership by global environment nonprofit carbon disclosure project and as one of the top health technology companies in the Dow Jones Sustainability Indices list.

2023 年，我們再次被全球環境非營利碳揭露計畫評為氣候行動領導力 A 分，並成為道瓊斯永續發展指數排行榜上的頂級健康科技公司之一。

I will now hand it over to Abhijit to take us through the financials in more detail, after which I will come back on our execution priorities.

我現在將把它交給阿比吉特，讓我們更詳細地了解財務狀況，然後我將回到我們的執行優先事項。

Thanks, Roy. Good morning, everyone, and thank you for joining us on the call. Let me start by providing you some clarification on the charges we took in the fourth quarter connected with the consent decree and explaining its accounting consequences as well.

謝謝，羅伊。大家早安，感謝您加入我們的電話會議。首先，我首先向您澄清我們在第四季度收取的與同意令相關的費用，並解釋其會計後果。

In the fourth quarter, we recognized EUR 363 million in charges connected to the consent decree. This includes provisions charged to sales for field action activities, mainly related to the ongoing remediation of ventilators and provisions charged to costs for the remediation activities, inventory write-downs and onerous contract provisions. Technically, this had a negative impact of around 100 basis points on the comparable sales growth for the full year and 350 basis points for the fourth quarter. It also resulted in a positive impact of 10 basis points on adjusted EBITA margin for the full year and 40 basis points for the fourth quarter as the same absolute adjusted EBITA was divided by a lower sales figure.

第四季度，我們確認了與同意令相關的 3.63 億歐元費用。這包括為現場行動活動計入銷售費用的撥備，主要與正在進行的呼吸機修復相關，以及計入修復活動成本、庫存減記和繁重合約撥備的撥備。從技術上講，這對全年可比較銷售成長產生了約 100 個基點的負面影響，對第四季度產生了 350 個基點的負面影響。它也對全年調整後EBITA 利潤率產生了10 個基點的正面影響，對第四季度調整後EBITA 利潤率產生了40 個基點的正面影響，因為相同的絕對調整後EBITA 除以較低的銷售額數字。

I understand there can be some confusion about our operational performance due to these impacts, and I've noticed some headlines mentioning a miss compared to our outlook. I want to make clear that we came at the top end of our upgraded comparable sales growth outlook of 6% to 7% and at the midpoint of the upgraded adjusted EBITA margin outlook of 10% to 11% provided in October. And free cash flow was significantly above our outlook. I hope the above aforementioned explanation helps to clarify.

我知道由於這些影響，我們的營運績效可能會出現一些混亂，而且我注意到一些頭條新聞提到與我們的前景相比存在偏差。我想澄清的是，我們處於 10 月提供的升級後的可比銷售成長前景 6% 至 7% 的上限，以及升級後的調整後 EBITA 利潤率前景 10% 至 11% 的中點。自由現金流明顯高於我們的預期。我希望上述解釋有助於澄清。

For comparison purposes during this call, I will refer to figures excluding the impact of these provisions as it will help to compare operational performance against the outlook provided earlier last year. In this morning's press release as well as the slide deck, you will find the reconciliation between the metrics, including and excluding the impact of these charges.

為了在本次電話會議中進行比較，我將參考排除這些條款影響的數據，因為這將有助於將營運績效與去年稍早提供的前景進行比較。在今天早上的新聞稿和幻燈片中，您會發現指標之間的調節，包括和排除這些費用的影響。

Let me now move on to our performance by segment. In Diagnosis & Treatment, comparable sales increased 11% in the full year, driven by double-digit growth in Image-Guided Therapy and Ultrasound. In the fourth quarter, comparable sales growth was a solid 5% on the back of tough comps in the previous year. Full year adjusted EBITA margin for Diagnosis & Treatment was 11.6%, an increase of 210 basis points compared to 2022, driven by higher sales, pricing and productivity measures partly offset by cost inflation. In Q4, the adjusted EBITA margin was 10.4%, impacted by an unfavorable mix and phasing of production as we reduced inventory as well as the phasing of costs. This follows the strong adjusted EBITA margin in the first half that was driven by strong Ultrasound and Image-Guided Therapy sales.

現在讓我談談我們按細分市場的表現。在診斷與治療領域，受影像導引治療和超音波領域兩位數成長的推動，全年可比銷售額成長了 11%。在去年的艱難競爭的背景下，第四季的可比銷售額成長了 5%。診斷和治療業務的全年調整後 EBITA 利潤率為 11.6%，與 2022 年相比增加了 210 個基點，這是由於銷售、定價和生產力指標的提高（部分被成本通膨所抵消）所推動的。第四季度，調整後的 EBITA 利潤率為 10.4%，受到不利的組合和分階段生產的影響，因為我們減少了庫存以及分階段成本。在此之前，由於超音波和影像導引治療銷售強勁，上半年調整後的 EBITA 利潤率強勁。

Connected Care comparable sales increased 5% in the year, driven by double-digit growth in monitoring. Q4 comparable sales were flat as high single-digit growth in Enterprise Informatics, was offset by negative sales growth in monitoring on the back of around 20% growth in the fourth quarter of last year.

在監控領域兩位數成長的推動下，今年 Connected Care 可比銷售額成長了 5%。第四季可比銷售額持平，因為企業資訊學業務實現了高單位數成長，但被監控領域去年第四季約 20% 的成長帶來的負成長所抵消。

Sleep & Respiratory Care sales grew low single digit in the quarter, driven by growth in sleep systems and patient interface, partly offset by lower ventilator sales. Additionally, a few days ago, we communicated to customers our decision to discontinue the manufacture and sale of certain product lines in the U.S., primarily within Respiratory Care.

在睡眠系統和患者介面成長的推動下，本季睡眠和呼吸照護銷售額成長了低個位數，但部分被呼吸器銷售額下降所抵消。此外，幾天前，我們向客戶傳達了我們決定停止在美國生產和銷售某些產品線（主要是呼吸護理領域）的決定。

Full year adjusted EBITA margin for Connected Care improved 480 basis points to 6.9%, mainly driven by higher sales and productivity measures. In Q4, the adjusted EBITA margin improved 170 basis points to 13.3%, driven by a strong performance in monitoring and improvement in Sleep & Respiratory Care.

Connected Care 全年調整後 EBITA 利潤率提高了 480 個基點，達到 6.9%，這主要是由於銷售和生產力指標的提高。第四季度，在睡眠和呼吸護理監測和改善方面的強勁表現的推動下，調整後的 EBITA 利潤率提高了 170 個基點，達到 13.3%。

Personal Health delivered a 3% comparable sales increase in the full year and a strong 7% in the fourth quarter, driven by strength in the Personal Care business. Geographically, growth in Q4 was driven by China, Western Europe and other growth geographies. Overall, customer -- consumer sentiment remains subdued, but is expected to improve in the course of 2024. Full year adjusted EBITA margin for Personal Health improved by 180 basis points to 16.6%, mainly driven by higher sales, pricing and productivity measures. In Q4, the adjusted EBITA margin improved 290 basis points to 19.9%.

在個人護理業務實力的推動下，個人健康全年可比銷售額成長 3%，第四季強勁成長 7%。從地理上看，第四季的成長是由中國、西歐和其他成長地區推動的。總體而言，客戶信心仍然低迷，但預計在2024 年將有所改善。全年調整後的個人健康EBITA 利潤率提高了180 個基點，達到16.6%，這主要是由於銷售、定價和生產力指標的提高。第四季度，調整後的 EBITA 利潤率提高了 290 個基點，達到 19.9%。

We have been very disciplined in cost management, and our productivity initiatives delivered savings of EUR 956 million in the year, of which the operating model savings were EUR 496 million, procurement savings were EUR 219 million and other productivity programs delivered EUR 241 million. Productivity savings in the fourth quarter amounted to EUR 271 million. The adjusted EBITA margin for the group increased by 310 basis points to 10.5% in the year. Wage and component price inflation was more than offset by operational leverage and by our productivity program and pricing actions. In the quarter, the adjusted EBITA margin for the group increased 50 basis points to 12.5%.

我們在成本管理方面一直非常嚴格，我們的生產力計劃今年節省了 9.56 億歐元，其中營運模式節省了 4.96 億歐元，採購節省了 2.19 億歐元，其他生產力計劃節省了 2.41 億歐元。第四季的生產力節省達 2.71 億歐元。年內，集團調整後的 EBITA 利潤率增加了 310 個基點，達到 10.5%。工資和零件價格的上漲被營運槓桿以及我們的生產力計劃和定價行動所抵消。本季度，該集團調整後的 EBITA 利潤率增加了 50 個基點，達到 12.5%。

We delivered significant cash flow improvement with a free cash inflow of EUR 1.1 billion in the fourth quarter and EUR 1.6 billion for the full year. This included a cash outflow of around EUR 150 million related to the resolution of the economic loss class action in the U.S. in Q4. Excluding this, the operational free cash flow was very strong with EUR 1.75 billion in 2023. The strong free cash flow was driven by higher earnings and improved working capital. We saw a further sequential reduction of inventory in the fourth quarter, and accounts receivables were significantly lower due to a strong performance in collections and favorable sales phasing throughout the year. This resulted in an improvement in our leverage from 3x to 2x on a net debt to adjusted EBITA basis compared to the start of the year.

我們的現金流顯著改善，第四季自由現金流入達 11 億歐元，全年自由現金流入達 16 億歐元。其中包括與第四季度美國經濟損失集體訴訟的解決相關的約 1.5 億歐元的現金流出。排除這一點，營運自由現金流非常強勁，2023 年為 17.5 億歐元。強勁的自由現金流是由收益增加和營運資本改善所推動的。我們看到第四季庫存進一步連續減少，由於全年收款表現強勁且有利的銷售階段，應收帳款顯著下降。與年初相比，這導致我們的槓桿率從淨債務與調整後 EBITA 的 3 倍提高到 2 倍。

On capital allocation, we canceled more than 15 million shares in the fourth quarter of 2023 from the share buyback program started in 2021, which resulted in a total reduction of 1.5% of the outstanding shares in the quarter. We will submit a proposal to maintain the dividend at EUR 0.85 per share to be distributed in shares as part of our measures to further shore up our liquidity position.

在資本配置方面，我們在 2023 年第四季從 2021 年開始的股票回購計畫中註銷了超過 1,500 萬股，導致該季度流通股總數減少了 1.5%。我們將提交一項提案，將股息維持在每股 0.85 歐元，以股票形式分配，作為我們進一步支撐流動性頭寸的措施的一部分。

Moving to our order book. As mentioned by Roy, it is significantly higher than the period before the global supply chain constraints, and we expect it to continue to support the sales growth in the coming quarters. It is important to note that orders and order book account for around 40% of our revenue. The remaining 60% comes mainly from recurring revenue streams, such as services and consumables and from the book and bill businesses and from Personal Health.

轉到我們的訂單簿。正如Roy所提到的，它明顯高於全球供應鏈限制之前的時期，我們預計它將繼續支持未來幾季的銷售成長。值得注意的是，訂單和訂單簿約占我們收入的 40%。剩下的 60% 主要來自經常性收入流，例如服務和消費品、書籍和帳單業務以及個人健康。

As you can see on the slide, absolute levels of order intake remain healthy, but we see a steep increase in sales level in 2023 due to the enhanced order book to sales conversion following the supply chain and execution improvements. Based on the strong order book, improving order intake and the ongoing actions to enhance execution, we expect to deliver further performance improvement in 2024 with a 3% to 5% comparable sales growth and an adjusted EBITA margin between 11% and 11.5%, recognizing that uncertainties remain. We expect to see this growth of 3% to 5% and adjusted EBITA margin improvement across all our businesses. We anticipate order intake and sales growth to be slightly back-end loaded in 2024 due to the tougher comparison base in the first half of the year, resulting mainly from the strong China performance both on orders and sales, favorable Diagnosis & Treatment product mix and high royalty income in the first half of 2023. We also see consumer spending increasing gradually through the year.

正如您在幻燈片中看到的那樣，訂單量的絕對水準保持健康，但由於供應鏈和執行改進後訂單到銷售的轉換率提高，我們預計 2023 年銷售水準將急劇上升。基於強勁的訂單、增加的訂單量以及持續採取的增強執行的行動，我們預計2024 年業績將進一步改善，可比銷售額增長3% 至5%，調整後的EBITA 利潤率在11% 至11.5% 之間，體認到不確定性依然存在。我們預計我們所有業務的成長將達到 3% 至 5%，調整後的 EBITA 利潤率將有所改善。我們預計 2024 年的訂單量和銷售成長將略微落後於上半年的比較基礎，這主要是由於中國訂單和銷售表現強勁、有利的診斷和治療產品組合以及2023 年上半年的特許權使用費收入很高。我們也看到消費者支出全年逐漸增加。

Operationally, we aim to deliver a free cash inflow between EUR 800 million to EUR 1 billion this year with higher earnings, partly offset by higher working capital due to growth and consent decree costs. This excludes the expected remaining cash-out related to the previous announced resolution of the economic loss class action in the U.S. as well as ongoing litigation and the investigation by the U.S. Department of Justice related to the Respironics field action.

在營運方面，我們的目標是今年實現 8 億至 10 億歐元的自由現金流入，收益增加，但部分被增長和同意令成本導致的營運資本增加所抵消。這不包括與先前宣布的美國經濟損失集體訴訟解決方案相關的預期剩餘現金支出，以及美國司法部與偉康現場訴訟相關的正在進行的訴訟和調查。

Restructuring charges are expected to be 100 basis points in 2024, driven by overall workforce reduction program as well as the sleep and -- reductions in the Sleep & Respiratory Care business. Acquisition-related costs are expected to be around 30 basis points. Other costs are expected to be around 200 basis points and include 100 basis points of charges connected to the consent decree remediation activities and disgorgement payments and 100 basis points Respironics field action running costs and other quality-related charges.

在整體勞動力裁員計畫以及睡眠和呼吸照護業務減少的推動下，到 2024 年，重組費用預計將達到 100 個基點。收購相關成本預計約 30 個基點。其他成本預計約為 200 個基點，包括 100 個基點的與同意令補救活動和沒收款項相關的費用以及 100 個基點的偉康現場行動運行成本和其他與品質相關的費用。

Financial income and expenses are expected to be a net cost of around EUR 290 million in 2024. The effective tax rate is expected to be within our midterm range of 24% to 26%. We expect sales of EUR 550 million to EUR 580 million in segment Other in 2024 with a loss of about EUR 50 million at the adjusted EBITA level, which is EUR 20 million better than in 2023 and EUR 100 million at an EBITA level, which is EUR 80 million better than in 2023.

2024 年財務收入和支出預計淨成本約為 2.9 億歐元。有效稅率預計在 24% 至 26% 的中期範圍內。我們預計2024 年其他部門的銷售額將達到5.5 億至5.8 億歐元，以調整後的EBITA 水準計算，虧損約5,000 萬歐元，比2023 年好2,000 萬歐元，以EBITA 水準計算，虧損1 億歐元，即比 2023 年增加 8,000 萬歐元。

With that, let me hand it back to Roy.

接下來，讓我把它交還給羅伊。

Thanks, Abhijit. I would like to continue with some of the progress we have made on our execution priorities and focused areas for the year ahead.

謝謝，阿比吉特。我想繼續我們在未來一年的執行重點和重點領域方面取得的一些進展。

First, we're taking the learnings of the Respironics field action to raise patient safety and quality to the highest standards across Philips. A year ago, I allocated patient safety and quality to the Executive Committee by creating a new leadership position to drive this priority across the company. We drove significant simplification of the way how we work by further reducing the number of quality management systems, which is already 50% down since the inception of the program against our target of reducing them by 65%. We added significant capabilities and talent across the businesses and continue to invest in our systems, capabilities and in training and education. We also improved our capital closures by strengthening processes, capabilities and governance around it.

首先，我們正在吸取偉康現場行動的經驗教訓，將病人安全和品質提高到飛利浦的最高標準。一年前，我將病人安全和品質分配給執行委員會，設立了一個新的領導職位來推動整個公司的這個優先事項。我們透過進一步減少品質管理系統的數量，顯著簡化了我們的工作方式，自該計劃啟動以來，質量管理系統的數量已經減少了 50%，而我們的目標是減少 65%。我們在各個業務領域增加了重要的能力和人才，並繼續投資我們的系統、能力以及培訓和教育。我們也透過加強流程、能力和治理來改善資本關閉。

Looking ahead, we will remain focused on driving the cultural shift to deliver the highest quality innovations and put safety and quality at the center of everything we do with a greater level of accountability within the businesses.

展望未來，我們將繼續專注於推動文化轉變，以提供最高品質的創新，並將安全和品質置於我們所做的一切的中心，並在企業內部加強問責制。

With respect to the supply chain, in 2023, we reshaped our setup and moved to customer-centric end-to-end teams aligned to our businesses. We significantly reduced materials and component risks, resulting in a 20% increase in service levels, reduced lead times and improved sales conversion rates. For example, we redesigned more than 75% of the planned PCBs and derisked all high-risk components identified at the end of 2022. We will continue leveraging and regionalizing our end-to-end supply chain and further reduce lead times in 2024, enhancing reliability and service levels.

在供應鏈方面，2023年，我們重塑了我們的設置，轉向以客戶為中心、與我們的業務保持一致的端到端團隊。我們大幅降低了材料和零件風險，從而使服務水準提高了 20%、縮短了交貨時間並提高了銷售轉換率。例如，我們重新設計了超過75% 的計劃PCB，並消除了2022 年底發現的所有高風險組件的風險。我們將繼續利用和區域化我們的端到端供應鏈，並在2024 年進一步縮短交貨時間，增強可靠性和服務水準。

Finally, our new operating model with prime accountability in the businesses has been live for 9 months now, and we have fully completed the realignment of the workforce roles and reporting lines. This enabled more effective ways of working across the company, resulting in significant productivity improvements. It also included the difficult but necessary reduction of over 8,000 roles to date out of a planned reduction of 10,000 roles by 2025 versus a plan of 7,000 roles in 2023. At the same time, we started a cultural journey to drive impact with care and attracted over 900 talents with HealthTech background this past year.

最後，我們以業務為主體的新營運模式已經實施了 9 個月，我們已經完全完成了員工角色和報告關係的重新調整。這使得整個公司的工作方式更加有效，從而顯著提高了生產力。它還包括截至2025 年計劃減少10,000 個職位，而計劃在2023 年減少7,000 個職位，目前已困難但必要地減少8,000 多個職位。同時，我們開始了一場文化之旅，以關懷推動影響力，並吸引了去年超過900名具有健康科技背景的人才。

As you have seen in the results we presented today, I am pleased to see that the actions we have taken continue to positively impact our performance. We are very focused on our priorities and on executing with excellence to keep improving when needed to deliver our AI field innovations to our consumers and customers. We remain confident that our focused growth strategy for scalable innovation will further strengthen our business and results going forward. And we see huge potential to make a difference, helping more health care providers help more patients in an efficient and sustainable way, and making it easier for more people to take care of their health and well-being.

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業績產生積極影響。我們非常專注於我們的優先事項，並致力於卓越執行，以便在需要時不斷改進，為我們的消費者和客戶提供人工智慧領域的創新。我們仍然相信，我們針對可擴展創新的重點成長策略將進一步加強我們的業務和績效。我們看到了改變現狀的巨大潛力，可以幫助更多的醫療保健提供者以有效和可持續的方式幫助更多的患者，並使更多的人更容易照顧自己的健康和福祉。

Let me close out by repeating the key messages of today's announcement. We delivered a strong year of improved operational performance as a result of the solid execution of our plan to create value with sustainable impact. We are making progress on all three priorities: enhancing patient safety and quality, strengthening supply chain reliability and simplifying our operating model. Patient safety and quality remains our highest priority across the company, and the consent decree provides clarity and a road map for us to demonstrate compliance and restore the business.

最後，讓我重複今天宣布的關鍵訊息。由於我們堅定地執行創造具有可持續影響力的價值的計劃，我們實現了營運績效改善的強勁一年。我們在所有三個優先事項上都取得了進展：提高病患安全和品質、加強供應鏈可靠性以及簡化我們的營運模式。病患安全和品質仍然是我們整個公司的重中之重，同意令為我們證明合規性和恢復業務提供了明確性和路線圖。

Looking ahead, we are fully on track with the plan for '23 to '25, although recognizing uncertainties remain. The progress we are making reinforces our confidence to deliver further performance improvement in 2024.

展望未來，儘管我們認識到不確定性仍然存在，但我們完全步入 23 至 25 年計劃的正軌。我們所取得的進展增強了我們在 2024 年實現進一步績效改進的信心。

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。

(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 three, please, if we can take them in turn. Firstly, can you talk about the portfolio pruning in Connected Care and why you've chosen to exit some of these businesses in the U.S.? Was this directed by the FDA? And what is the combined revenue from these devices? And how should we think about 2024 revenue growth in Connected Care on a clean basis?

我有三個，請我們輪流拿。首先，您能談談 Connected Care 的投資組合修剪以及為什麼您選擇退出美國的部分業務嗎？這是 FDA 指示的嗎？這些設備的總收入是多少？我們該如何看待 2024 年 Connected Care 的營收成長？

Thank you, Hassan. Let me take that question. So we have been starting to prune our portfolio on an ongoing basis. And we did that across the portfolio of Philips, which we have seen in various products, but also businesses. We also did that in Sleep & Respiratory Care. What is important to understand is that actually these prunings actually are aimed to accelerate our performance. And so far, as you have seen also in 2023, that is actually what they do.

謝謝你，哈桑。讓我來回答這個問題。因此，我們已經開始持續調整我們的投資組合。我們在飛利浦的整個產品組合中都做到了這一點，我們在各種產品和業務中都看到了這一點。我們在睡眠和呼吸護理方面也做到了這一點。重要的是要理解，這些修剪實際上是為了提高我們的性能。到目前為止，正如您在 2023 年所看到的那樣，這實際上就是他們所做的。

So also for the Sleep & Respiratory Care business and also what you've seen in terms of the pruning that we take there, it's aiming at the same objective. We see that Sleep & Respiratory Care bottomed in terms of the EUR 1 billion of revenues. And with the clarity that we have now with the consent decree and the road map to get to compliance and to restore the business, actually, we are able to build from there. And actually, that is also why we were happy to announce that, actually, we could now confirm that we remain on our plan, including any consent decree implication for 2023 to 2025.

因此，對於睡眠和呼吸護理業務以及您所看到的我們在那裡進行的修剪，它的目標是相同的。我們看到睡眠與呼吸照護部門的收入已觸底，為 10 億歐元。現在，我們已經明確了同意令和實現合規並恢復業務的路線圖，實際上，我們能夠從那裡開始建造。事實上，這也是為什麼我們很高興地宣布，實際上，我們現在可以確認我們仍將繼續執行我們的計劃，包括 2023 年至 2025 年任何同意令的影響。

And I think, as you remember, when we started last year with the plan and we said that we have a 3-year trajectory, there were questions around what consent decree could still mean. Now we can take that unclarity off the table, and we remain very committed. And based upon the first year where we actually over delivered, first, the first-year plan, because I mean also remember where we started, we said low single-digit growth where we did 7% growth. We said we would do high single-digit EBITA. We did 10.5% EBITA, and we committed to EUR 700 million to EUR 900 million of cash. We did EUR 1.6 billion cash. That actually was excluding insides of the consent decree. Now we continue including the consent decree, and we remain fully committed to the plan as we have.

我認為，正如你所記得的，當我們去年開始製定該計劃時，我們說我們有一個三年的軌跡，對於同意令仍然意味著什麼存在疑問。現在我們可以消除這種不確定性，並且我們仍然非常堅定。基於我們實際上超額交付的第一年，首先是第一年計劃，因為我的意思是還記得我們從哪裡開始，我們說低個位數增長，我們實現了 7% 的增長。我們說過我們會實現高個位數的 EBITA。我們的 EBITA 為 10.5%，並承諾提供 7 億至 9 億歐元現金。我們動用了 16 億歐元現金。這實際上排除了同意令的內部內容。現在我們繼續包括同意令，並且我們仍然完全致力於現有的計劃。

And sorry, just the combined revenue from these devices and the expectation for Connected growth -- Care growth in '24.

抱歉，只是這些設備的總收入和對互聯成長的預期——24 年護理成長。

So it's really immaterial, that's also why we would not disclose. We remain very committed to the 3% to 5% growth for 2024, and that includes any impact of any pruning that we did in 2023. And that was not only in SRC, we also did it in D&T. We also get some pruning in Personal Health. So actually, we have been pruning across the portfolios. But actually, what we do is to focus our efforts on the innovations that we can scale faster and better, right, so that we have less fragmented portfolio. And the portfolio that we have does make a better impact and also that helps us to drive better margins because we said also, if you kind of consolidate your portfolio more, you will be able to get more leverage and that will support your margin trajectory as well.

所以這真的不重要，這也是我們不會透露的原因。我們仍然非常致力於 2024 年 3% 到 5% 的成長，這包括我們在 2023 年所做的任何修剪的影響。這不僅是在 SRC 中，我們也在 D&T 中做到了。我們還在個人健康方面進行了一些修剪。所以實際上，我們一直在對投資組合進行修剪。但實際上，我們所做的是將精力集中在可以更快、更好擴展的創新上，這樣我們的產品組合就不會那麼分散。我們擁有的投資組合確實會產生更好的影響，也有助於我們提高利潤率，因為我們也說過，如果你更多地整合你的投資組合，你將能夠獲得更多的槓桿，這將支持你的利潤軌跡出色地。

Perfect. And then secondly, so another on the consent decree. Could you help us understand the time line of your return to market in the U.S. given you talk about a multiyear process and the duration of profit disgorgement and whether you see any risks to selling OUS?

完美的。其次，還有另一份同意令。鑑於您談到了一個多年的過程和利潤返還的持續時間，以及您是否認為出售 OUS 存在任何風險，您能否幫助我們了解您重返美國市場的時間表？

So on the first piece, so we have -- and will not be provided to kind of give a time line on that. I think we are committed to work through the consent decree as soon as possible. We're also taking all measures needed. We have a team lined up to do that. We will comfort with the details of the consent decree once it's court approved, so then you will also have further insight in what it means.

因此，在第一部分中，我們已經並且不會提供具體的時間表。我認為我們致力於盡快通過同意令。我們也正在採取一切必要的措施。我們有一個團隊正在準備做這件事。一旦法院批准同意令，我們將對其細節進行安慰，以便您也將對其含義有更深入的了解。

But I would say the following. Regardless of when we come back, we will deliver on our plan. So actually, we have been taking charge of the rest of Philips, the -- you know that kind of we have EUR 18 billion of revenue, EUR 1 billion is SRC. But actually, we will drive all of Philips to deliver on our commitment. And actually, that, therefore, also gives us the opportunity to work through this and comply as we need to do. And there's no dependence on that trajectory for delivery of Philips.

但我想說以下幾點。不管我們什麼時候回來，我們都會完成我們的計劃。所以實際上，我們一直在負責飛利浦的其餘部分，你知道我們有 180 億歐元的收入，其中 10 億歐元是 SRC。但實際上，我們將推動飛利浦全體員工兌現我們的承諾。實際上，這也讓我們有機會解決這個問題並遵守我們需要做的事情。飛利浦的交付並不依賴這一軌跡。

Outside of U.S., as you have seen already in 2023, we started to resume and come back into the market. Actually, that will continue because we got the regulatory approvals. We already started to sell new CPAP and BiPAP devices. And we were continuing already earlier to service the market with the consumables, the patient interface. And we saw actually in the patient interface also some good performance. So actually, we will continue that track.

在美國之外，正如您在 2023 年已經看到的那樣，我們開始恢復並重返市場。事實上，這種情況將會持續下去，因為我們獲得了監管部門的批准。我們已經開始銷售新的 CPAP 和 BiPAP 設備。我們很早就開始繼續為市場提供耗材、病患介面服務。我們實際上在患者介面中看到了一些良好的性能。所以實際上，我們將繼續這條路線。

But what for me is the most important piece is if you look to the totality of Philips in 2023, we have been growing every single segment, D&T, Connected Care, Personal Health. We have been pulling growth out of every geography, China, Europe and Americas, and we will continue to drive that total performance in 2024, and especially also based upon the strong cash performance that we showed in Q4 and for the full year. That, of course, gives also a very strong base to move further in kind of investing the business, but also be prepared for anything that comes.

但對我來說，最重要的是，如果你看看 2023 年飛利浦​​的整體情況，我們一直在發展每一個細分市場，D&T、互聯護理、個人健康。我們一直在推動中國、歐洲和美洲等各個地區的成長，我們將繼續推動 2024 年的整體業績，特別是基於我們在第四季度和全年表現出的強勁現金業績。當然，這也為進一步投資業務奠定了堅實的基礎，但也要為可能發生的任何事情做好準備。

And the margin improvement of 310 bps in 2023, we, of course, need to continue. We said also we have a target now of 11% to 11.5%, and that's also underpinned by further growth momentum, but also the productivity measures that you saw. We took almost EUR 1 billion of productivity that we realized in 2023. Now we take another 1,000 roles out in 2024, and we continue to work also on wider productivity because we see also some market easing on, for example, the procurement side that will help us to also drive further productivity to support the margin step-up.

到 2023 年，我們的利潤率將提高 310 個基點，我們當然需要繼續下去。我們還表示，我們現在的目標是 11% 至 11.5%，這也受到進一步成長勢頭以及您看到的生產力指標的支撐。我們在2023 年實現了近10 億歐元的生產力。現在，我們在2024 年又削減了1,000 個職位，我們也將繼續致力於更廣泛的生產力，因為我們也看到一些市場寬鬆，例如，採購方面將有助於我們進一步提高生產力，以支持利潤率的提高。

Very helpful. And then finally, on guidance. Can you help us understand the breakdown and the rationale for 3% to 5% growth given the provision had an additional 1 percentage point drag in 2023? Is there anything driving caution here? Or are you trying to retain your more conservative approach to guidance? And then on the margins, how should we think about the 50 to 100 basis point margin levers by business segment?

很有幫助。最後，關於指導。鑑於該撥備在 2023 年額外拖累了 1 個百分點，您能否幫助我們了解具體情況以及 3% 至 5% 增長的理由？這裡有什麼需要謹慎的嗎？或者您是否試圖保留更保守的指導方針？那麼在利潤方面，我們應該如何看待按業務部門劃分的 50 至 100 個基點的利潤槓桿？

This is Abhijit. No -- yes, while there is a bit of benefit because of the provision that went against sales this year, but we also over delivered. So we came at the top end of our guidance for 2023. So if you net the two, it's a few tens of basis points. And given the wide range of 3% to 5%, I think there was no need to further change that range. That's one.

這是阿比吉特。不——是的，雖然由於今年的銷售不利規定而帶來了一些好處，但我們也超額交付了。因此，我們達到了 2023 年指導的上限。因此，如果將兩者相加，那就是幾十個基點。而且考慮到3%到5%的寬廣範圍，我認為沒有必要進一步改變這個範圍。這是一個。

I think on the profit improvement, you will see that across businesses like you've seen that this year. So we will continue to drive margins up in Diagnosis & Treatment, of course, Connected Care as well, but also Personal Health. And yes, I think we'll leave it at that.

我認為，就利潤的改善而言，您會像今年一樣在各個企業中看到這一點。因此，我們將繼續提高診斷和治療領域的利潤率，當然還有互聯護理，以及個人健康。是的，我想我們就到此為止吧。

The next question comes from the line of David Adlington from JPMorgan.

下一個問題來自摩根大通的大衛‧阿德林頓。

So first question really is just on the consent decree. I know it's a bit difficult. In fact, you're still waiting on the court decision. But maybe if beyond this year, just wondered if the ongoing costs, particularly related to profit disgorgement will still be recognized below the line. I'm just trying to get an idea of how much the headwind we're going to see below the line in terms of the off costs beyond this year.

所以第一個問題其實只是關於同意令。我知道這有點困難。事實上，你還在等待法院的判決。但也許今年之後，只是想知道持續的成本，特別是與利潤返還相關的成本是否仍會在底線以下得到承認。我只是想了解今年之後我們將在折扣成本方面看到多少阻力。

And then secondly, you put towards productivity initiative savings of about EUR 960 million so far this year, but your overall EBITA is only up EUR 600 million. So just wondering if you could put just towards the underlying headwinds, please.

其次，今年到目前為止，您在生產力計劃方面節省了約 9.6 億歐元，但您的整體 EBITA 只增加了 6 億歐元。所以只是想知道您是否可以解決潛在的不利因素。

David, a couple of points. So regarding the guidance, we said the 100 basis points will be below the line this year for the whole remediation, including the profit disgorgement details of how much is for what we will come with only once we have the signed court order.

大衛，有幾點。因此，關於指導意見，我們表示，今年整個補救措施的 100 個基點將低於該線，包括利潤返還細節，即只有在我們簽署法院命令後我們才會得到多少利潤。

To your second part of the question, yes, of course, we delivered, like we said, the EUR 1 billion order of productivity. But of course, there was also inflation in costs and wages, et cetera, et cetera. So the net is what you see back in the P&L. So that's -- you will see that also in our bridge.

對於問題的第二部分，是的，當然，正如我們所說，我們交付了 10 億歐元的生產力訂單。但當然，成本和工資等也出現了通貨膨脹。所以淨額就是你在損益表中看到的。所以，您也會在我們的橋中看到這一點。

Just to follow up on consent decree, should we expect some below-the-line items in '25 and beyond?

只是為了跟進同意令，我們是否應該期待 25 年及以後出現一些線下項目？

Sorry, see what?

抱歉，看看什麼？

On the consent decree, should we expect some one-off items in 2025 and beyond?

關於同意令，我們是否應該期待 2025 年及以後出現一些一次性項目？

Yes. Yes. But we will come to -- we'll provide more clarity later as we get more information. And the other thing may be important to understand is the 100 bps that we talked about and the additional cost, that's all included in the cash outlook for 2024 and 2025. So we are not changing the cash outlook for 2024 or 2025, so this is all included in that.

是的。是的。但當我們獲得更多資訊時，我們會提供更清晰的資訊。另一件可能很重要的事情是我們談到的100 個基點和額外成本，這些都包含在2024 年和2025 年的現金前景中。所以我們不會改變2024 年或2025 年的現金前景，所以這是都包含在其中。

The next question comes from the line of Richard Felton from Goldman Sachs.

下一個問題來自高盛的理查費爾頓。

Two questions from me, please. First one is on D&T margin in Q4. So can you provide maybe a little bit of color around the mix impact in the quarter? I know strong growth in Ultrasound had been a tailwind through the year, which I don't think was the case in Q4. But can you maybe help us quantify that impact, please? Then the other driver that you called out in D&T margin for Q4 was the phasing of production and costs. Can you maybe explain what the phasing actually was related to and quantify the impact? Just trying to get a sense of the underlying margin trajectory for that part of the business.

請問我兩個問題。第一個是第四季的 D&T 利潤。那麼您能否提供一些有關本季混合影響的資訊？我知道超音波的強勁成長是全年的推動力，但我認為第四季的情況並非如此。但您能幫我們量化一下這種影響嗎？然後，您在第四季度 D&T 利潤中提到的另一個驅動因素是生產和成本的分階段。您能否解釋一下分階段實際上與什麼相關並量化影響？只是想了解這部分業務的潛在利潤軌跡。

Then my second question is a little bit more of a medium-term one on Sleep & Respiratory Care margins. Look, now that you have a little bit more visibility on the consent decree, and, I see more detail on what remediation activities are going to look like, what level of profitability do you think is achievable for that part of business in the medium term?

我的第二個問題是關於睡眠和呼吸照護利潤的中期問題。聽著，現在您對同意令有了更多的了解，而且，我看到了有關補救活動將會是什麼樣子的更多細節，您認為這部分業務在中期可以實現什麼水平的盈利能力？

Richard, let me take the first one on the Q4 impact on Diagnostic Imaging. So a couple of things. One is the mix is not just on Ultrasound, but it was a combined mix of a few things. So we had not only the mix of lower Ultrasound because last year, we had, let's say, the backlog that we cleared, but also the geographic mix. So we sold more this year outside the U.S. and China. So that was another impact. And then also the mix between equipment and services was also slightly adverse compared to the year ago because we sold -- we had good sales in MR, et cetera, so there's equipment sales, which comes at a slightly lower margin. So that was the mix impact.

理查德，讓我先談談第四季對診斷影像的影響。有幾件事。一是混合不只是超音波，而是一些東西的組合。因此，我們不僅擁有低超音波檢查的組合，因為去年我們清除了積壓的訂單，而且還擁有地理組合。因此，我們今年在美國和中國以外的地區銷售了更多產品。這是另一個影響。然後，設備和服務之間的組合與去年同期相比也略有不利，因為我們在 MR 等領域有良好的銷售，因此設備銷售的利潤率略低。這就是混合影響。

Now regarding the phasing of production that was -- we have also brought down inventory big time. So as you do that, you taper off production so that we start next year with a healthy inventory, but not too high and that results in a slightly lower coverage of our factory costs. So that impacted the margin in the fourth quarter.

現在，關於分階段生產，我們也大幅降低了庫存。因此，當您這樣做時，您會逐漸減少生產，以便我們在明年開始時擁有健康的庫存，但不會太高，這會導致我們的工廠成本覆蓋率略低。這影響了第四季的利潤率。

And then there was some phasing of costs between -- through the year. And more significantly, in 2022, the annual incentive payments were very low because -- or nonexistent because of the poor performance That, of course, comes as a cost this year. So that's the difference between the 2 years. So those are the 3 big buckets that impacted the margin in the fourth quarter.

然後，在這一年之間，成本會分階段進行。更重要的是，在 2022 年，年度獎金非常低，因為——或者因為表現不佳而根本不存在，當然，這是今年的成本。這就是2年之間的差異。這些是影響第四季利潤率的三大因素。

Your second question on SRC outlook. Look, for sure, we will get back to profitability, but we are not giving separate guidance on every business. I think you should see a significant step-up in the overall Connected Care profitability that we have given in our guidance, and as part of that is also the improvement that we will drive in Sleep & Respiratory Care.

你關於SRC前景的第二個問題。看起來，我們肯定會恢復盈利，但我們不會對每項業務提供單獨的指導。我認為您應該看到我們在指導中給出的整體互聯護理盈利能力的顯著提升，作為其中的一部分，我們還將推動睡眠和呼吸護理方面的改進。

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

下一個問題來自花旗集團的 Veronika Dubajova。

I will keep it to two, please. One would just love to get your take on China and your current expectations as far as your installations in China are concerned and what's embedded in the guidance for D&T, both from a sales and a profitability perspective. Obviously, China is a very important and highly margin accretive market. So I'm just curious how you're thinking about the anticorruption activity and how that plays out in terms of the China revenue impact this year. Your commentary in order has been very clear. I'm really just curious about the P&L and what you've kind of factored it in there. And then I'll have a follow-up after that, if that's okay, but let's get this out of the way first.

請我把它保留在兩個。人們很想了解您對中國的看法，以及您目前對在中國的安裝的期望，以及 D&T 指南中包含的內容，無論是從銷售還是盈利角度。顯然，中國是一個非常重要且利潤率高的市場。所以我只是好奇您如何看待反貪腐活動以及反貪腐活動對今年中國收入的影響如何。您的評論按順序已經非常清楚了。我真的只是對損益表以及你將其納入其中的因素感到好奇。如果可以的話，之後我會進行跟進，但讓我們先解決這個問題。

Sure. Maybe -- thank you, Veronika, for the question on China. I think China has been always an important part of our business, also will remain an important part of our business. I think it's fair to say that we know that China is going through a difficult phase macro economically from a growth perspective, where the growth is lower with around 3% to 5% for the country as they have normally been kind of customized to that has a consumer impact, but it also has an impact in Health Care. And there, in particular on top, we have seen, of course, the anticorruption measures.

當然。也許——謝謝你，Veronika，提出有關中國的問題。我認為中國一直是我們業務的重要組成部分，也將繼續是我們業務的重要組成部分。我認為可以公平地說，我們知道從成長的角度來看，中國正在經歷宏觀經濟的困難階段，該國的成長率較低，約為3% 至5%，因為它們通常是針對這種情況進行定制的。對消費者的影響，但它也對醫療保健產生影響。當然，特別是在上面，我們看到了反腐敗措施。

Now what we know is that on the anticorruption, they're working through a country program to actually go state by state. So what we have seen is that they have partly finished that program or at least they made a lot of progress on that in 2023, but we do expect that to continue into 2024. And therefore, actually, we are seeing that China is back-end loaded for 2024. We see gradual improvement in China. It will continue to contribute to our total plan and also embedded in the guidance of the 3% to 5%.

現在我們知道，在反腐敗方面，他們正在通過一項國家計劃，實際上逐個州進行。因此，我們看到的是，他們已經部分完成了該計劃，或者至少在2023 年取得了很大進展，但我們確實預計這種情況將持續到2024 年。因此，實際上，我們看到中國正在回歸— 2024 年結束加載。我們看到中國逐漸改善。它將繼續為我們的整體計劃做出貢獻，並納入 3% 至 5% 的指導中。

I think what is important from an order perspective, it's only 5% of our global sales, mainly in D&T. And also that on the consumer side, we have seen them coming back to growth, but we expect that to surely but slowly come further up. So China will strengthen throughout the year is our expectation. The government actions are not finished, and they will still need to complete that program.

我認為從訂單角度來看，重要的是它只占我們全球銷售額的 5%，主要是在 D&T。此外，在消費者方面，我們已經看到它們恢復成長，但我們預計這種成長肯定會緩慢地進一步上升。因此我們預計中國全年都會走強。政府的行動尚未完成，他們仍需要完成該計劃。

Okay. That's helpful. And would you expect China for D&T to be flat to grow or to be down for the full year?

好的。這很有幫助。您預計中國的 D&T 將全年持平增長還是下降？

No, it should grow. So we expect...

不，它應該生長。所以我們期望...

It should grow. Okay.

它應該成長。好的。

Yes, yes. Sure. It should grow.

是的是的。當然。它應該成長。

Okay. That's great. And then my second question was -- and I think where you alluded to this in your prepared remarks, some of the geopolitical risks, obviously, thinking about shipping and freight costs. Obviously, you have some very localized manufacturing in the Middle East for the CT business. Just kind of curious how much of your legal room, if I can say that, a very highly technical term, have you embedded around those risks when you've given the 2024 guidance? And I guess what is for you the single most significant area of concern that you have? Maybe Abhijit can chime in also on the freight side of things there.

好的。那太棒了。然後我的第二個問題是——我想你在準備好的發言中提到了這一點，顯然，考慮到運輸和貨運成本，一些地緣政治風險。顯然，CT 業務在中東有一些非常本地化的製造。只是有點好奇，當您給出 2024 年指導時，您有多少法律空間（如果我可以這麼說，這是一個非常技術性的術語）圍繞這些風險？我想您最關心的一個領域是什麼？也許阿比吉特也可以就那裡的貨運方面發表意見。

Yes. I think we alluded to the uncertainty because we just learned that the world around us is -- and remains volatile. I think the guidance that we have been giving, the 3% to 5%, we are very confident in based upon the execution improvements that we have been putting into 2023 because that gave us more agility. Also to adapt to situations like we see today, it gave us productivity to absorb some of potential cost increases.

是的。我認為我們提到了不確定性，因為我們剛剛了解到我們周圍的世界正在並且仍然不穩定。我認為，基於我們在 2023 年投入的執行改進，我們對我們一直給予的 3% 到 5% 的指導非常有信心，因為這給了我們更多的靈活性。此外，為了適應我們今天所看到的情況，它還提高了我們的生產力，以吸收一些潛在的成本增加。

And I would also put into perspective kind of, yes, there is Red Sea, for example, developments. But if we look to the total freight cost that we have, this is kind of immaterial impact that we currently foresee. There might be some kind of delivery times challenges, but actually, that's -- we're also overcoming because we are kind of preempting that, and we're working already full mitigation. So we are vigilant of what would happen to the world so far, kind of we are on top of the developments, both in Middle East.

我也會從某個角度來看，是的，例如紅海的發展。但如果我們考慮一下我們的總貨運成本，我們目前預見到的影響並不重大。可能存在某種交付時間挑戰，但實際上，我們也在克服這項挑戰，因為我們在某種程度上先發制人，我們已經在全力緩解這項挑戰。因此，我們對迄今為止世界將發生的事情保持警惕，我們處於中東事態發展的最前沿。

And I think the bigger concern that I think, and you alluded to it earlier, is that we need a strong global economy and we need all the geographies to contribute. And therefore, China -- getting stronger, I think, is something that, of course, we all welcome. But also rest of world, we see some strengthening in 2024. North America should be a bit stronger than in 2023. And we see also a focus of growth that we go after in Asia, for example, with Indonesia and Japan. And also Saudi, we see some good opportunities.

我認為，我認為更大的擔憂，以及您之前提到的，是我們需要強大的全球經濟，我們需要所有地區才能做出貢獻。因此，我認為，中國的強大當然是我們都歡迎的。但世界其他地區也一樣，我們看到 2024 年會有所加強。北美應該會比 2023 年更強一些。我們也看到亞洲是我們追求的成長重點，例如印尼和日本。還有沙特，我們看到了一些很好的機會。

So we watch the world carefully, I think, by adjusting our operating model. We have become more agile to adapt to situations if they would occur. Currently, we are dealing with any known issues well, and they are taken into the guidance as you have seen.

因此，我認為，我們透過調整我們的營運模式來仔細觀察世界。如果情況發生，我們已經變得更加敏捷地適應。目前，我們正在妥善處理所有已知問題，如您所見，它們已納入指南中。

The next question comes on the line of -- one moment, please, comes from the line of Lisa Clive from Bernstein.

下一個問題來自伯恩斯坦的麗莎·克萊夫，請稍等一下。

Just a question on your order book and the match up of inflation and cost increases. I know fairly early on as inflation picked up, you did manage to put through price increases. And just wondering if you could just remind us roughly what quarter that started and when that started coming through your backlog. And after that initial round of price increases, have you been able to continue moving prices up as inflation has not yet abated?

只是關於您的訂單以及通貨膨脹和成本增加的匹配問題。我很早就知道，隨著通貨膨脹的加劇，你們確實設法實現了價格上漲。只是想知道您是否可以提醒我們大概是從哪個季度開始以及何時開始處理您的積壓工作。在第一輪價格上漲之後，在通貨膨脹尚未減弱的情況下，你們是否能夠繼續提高價格？

Yes. I think what we did was we saw, first, small bit coming into Q3 and then Q4 a little bit more, but I think most of the, let's say, price increases you will see coming in 2024. That is what we had planned. So in PH, we don't see further strengthening of prices. So we are where we are. Our margins are at a good level. We are driving productivity, et cetera, to drive costs down. In selected areas in Health Systems, we continue with the price increases that we've had, but we are also seeing component pricing and other things coming down. So we will manage that as a mix into the pricing strategy for 2024.

是的。我認為我們所做的是我們看到，首先，第三季會有少量成長，然後第四季會出現更多成長，但我認為大部分價格上漲將在 2024 年出現。這就是我們的計劃。因此，在菲律賓，我們認為價格不會進一步走強。所以我們就在現在的位置。我們的利潤率處於良好水平。我們正在提高生產力等，以降低成本。在衛生系統的選定領域，我們繼續提高價格，但我們也看到組件價格和其他價格下降。因此，我們將把它納入 2024 年的定價策略中。

Okay. And then just a question on your Sleep Apnea business. Novo Nordisk will have a readout from an OSA trial for their GLP-1. And clearly, OBC is a major contributor to sleep apnea. Although on the other hand, it's a very under-diagnosed condition. So just thinking about how the world seemingly has changed in the last few months around GLP-1s and the potential for even better drugs, the potential for eventually generics to help lower the price point, does that change your long-term view on the Sleep Apnea business, particularly in light of the fact that you're actually just even going to be out of the market for a year or two as well, at least in the U.S.? Obviously, you're able to sell OUS, but the U.S. has historically been your biggest market.

好的。然後是關於您的睡眠呼吸中止症業務的問題。諾和諾德 (Novo Nordisk) 將獲得其 GLP-1 的 OSA 試驗結果。顯然，OBC 是導致睡眠呼吸中止症的主要原因。但另一方面，這是一種診斷不足的情況。因此，只要想想過去幾個月裡GLP-1 周圍的世界發生了怎樣的變化，以及更好的藥物的潛力，最終仿製藥有助於降低價格點的潛力，這是否會改變您對睡眠的長期看法呼吸暫停業務，特別是考慮到您實際上甚至將退出市場一兩年，至少在美國？顯然，您可以出售 OUS，但美國歷來是您最大的市場。

Yes. Thank you, Lisa. I think we don't see changing structurally the market opportunity. We believe that there is a significant patient base out there, as you say, that's undiagnosed. Yes, I think there will be a medication that will help address some of the causes of CPAP there. We also note that on average, a sleep apnea patient has 5 comorbidities. Obesity is one of those. So this will help, but will not take the root causes away. We also know that CPAP and BiPAP is by far the most effective therapy that is preferred and also in use and in demand. So we are committed to that segment.

是的。謝謝你，麗莎。我認為我們沒有看到市場機會有結構性變化。正如您所說，我們相信有大量的患者尚未確診。是的，我認為會有一種藥物可以幫助解決 CPAP 的一些原因。我們也注意到，平均而言，一名睡眠呼吸中止症患者有 5 種合併症。肥胖就是其中之一。因此，這會有所幫助，但不會消除根本原因。我們也知道，CPAP 和 BiPAP 是迄今為止最有效的治療方法，也是首選、正在使用和需求旺盛的治療方法。因此，我們致力於該領域。

We also see the opportunity strong. We're fully focused on working through now the clarified road map for the U.S. And outside of U.S., of course, we are already coming back into play. So we believe that there is a strong road ahead that we will work through based on the improved clarity that we now have.

我們也看到了巨大的機會。我們現在完全專注於制定美國和美國以外的明確路線圖，當然，我們已經重新開始發揮作用。因此，我們相信，在我們現在所擁有的更清晰的基礎上，我們將有一條堅實的道路可以走完。

(Operator Instructions) We will now go to the next question. And the next question comes from the line of Sezgi Ozener from HSBC.

（操作員說明）我們現在進入下一個問題。下一個問題來自匯豐銀行的 Sezgi Ozener。

Hello, Sezgi, is your line on mute? Due to no response, I will go to the next question.

你好，Sezgi，你的線路處於靜音狀態嗎？由於沒有得到答复，我將進入下一個問題。

And your next question comes from the line of Graham Doyle from UBS.

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 two kind of areas. So firstly, just in terms of the adjustments and sort of the restructuring charge and secondly around the consent decree. In terms of the adjustments, kind of quick housekeeping one, could you maybe elaborate on what the EUR 81 million of D&T remediations related to in Q4 '23?

只是兩種區域。首先，就重組費用的調整和種類而言，其次是圍繞同意令。在調整方面，一種快速的內務管理調整，您能否詳細說明 23 年第 4 季 8,100 萬歐元的 D&T 補救措施與什麼相關？

And then just for 2024, it looks like if you do the sums, roughly 100 basis points of the expected adjustments to EBIT is going to be related to the recall again, which it just seems -- it seems a large number given you also say in the statement that more than 99% of the sleep recall was done. So could you give us a sense on when these adjustments will end, I suppose.

然後就到 2024 年，如果你算一下，息稅前利潤預期調整的大約 100 個基點將再次與召回相關，這似乎是一個很大的數字，因為你也說聲明中表示，99%以上的睡眠回憶都完成了。我想您能否告訴我們這些調整何時結束？

And then separate to that, just on the consent decree, is there anything in your 2025 guide for Sleep & Respiratory sales in the U.S.? And I know you don't want to comment on the specific products that were thrown on Friday. But given the quantum and the previous breakdown of revenue from these products, it seems like a fairly sizable headwind, particularly in the first couple of quarters next year when maybe you don't have the tailwinds coming through in revenue. So how should we be thinking about that H2 weighting that Abhijit just referred to for 2024? Thank you.

除此之外，就同意令而言，你們的 2025 年美國睡眠和呼吸產品銷售指南中有什麼內容嗎？我知道您不想對週五拋出的具體產品發表評論。但考慮到這些產品的數量和之前的收入細目，這似乎是一個相當大的逆風，特別是在明年的前幾季度，那時你可能沒有收入方面的順風。那我們該如何考慮 Abhijit 剛剛提到的 2024 年 H2 權重呢？謝謝。

Yes. Let me take the first one. On the EUR 81 million in charge that we took. So as I said, when we start to plan, patient safety and quality is an important focus area for us, and we will put in new efforts to actually improve quality across the portfolio. That actually is where these charges reside from because we are also taking action across all our businesses. And in this case, it was in the D&T area that we took the quality action. And that is part of the improvement of quality. We also signaled that is part of the plan. We would invest behind that. These are some of these charges that you currently see coming through.

是的。讓我拿第一個。關於我們收取的 8100 萬歐元。正如我所說，當我們開始計劃時，病人安全和品質是我們一個重要的關注領域，我們將付出新的努力來真正提高整個產品組合的品質。這實際上就是這些費用的來源，因為我們也在所有業務中採取行動。在這種情況下，我們正是在 D&T 領域採取了品質行動。這是品質改進的一部分。我們也表示這是計劃的一部分。我們將對此進行投資。這些是您目前看到的一些指控。

Regarding the adjustment of 100 bps, so let me clarify, there are two parts. One is related to the consent decree where we have running costs of the remediation. The second that we mentioned is regarding overall remediation in Respiratory Care, but also for the rest of the company. Now part of that is the legal costs will continue. There is some testing costs that will continue. So yes, we are at 99% on the remediation of sleep. There is a very small portion that is left. We still have to do the ventilators for which we have a provision now. But let's say, the last part of the legal costs and testing and other related costs will continue into next year.

關於100bps的調整，我澄清一下，有兩個部分。其中之一與同意令有關，我們需要承擔補救的運行成本。我們提到的第二個問題是關於呼吸照護的整體補救，也涉及公司的其他部門。現在，其中一部分是法律費用將繼續存在。一些測試成本將持續存在。所以，是的，我們的睡眠修復率達到了 99%。剩下的只是很小的一部分。我們仍然必須生產我們現在有供應的呼吸機。但可以說，最後一部分法律費用和測試及其他相關費用將持續到明年。

Your last question was on, yes, the sizable headwinds. I also saw it in your note, you talked about EUR 400 million of headwinds. I think Roy has clarified the EUR 1 billion is the bottom that we see that was the revenue for 2023, and that is the bottom. So we don't see any further headwinds to that revenue number going forward. And in our outlook, all of this is taken into consideration.

你的最後一個問題是，是的，巨大的阻力。我也在你的筆記中看到，你談到了4億歐元的逆風。我認為羅伊已經澄清了 10 億歐元是我們看到的 2023 年收入的底部，這就是底部。因此，我們認為未來該收入數字不會有任何進一步的阻力。在我們的展望中，所有這些都被考慮在內。

Okay. Super helpful. Maybe just on the -- at that point, the last point on the EUR 1 billion of Sleep & Respiratory. You have given us plenty of disclosure in the past, so we can kind of reasonably estimate what masks is. It gets us to a number of EUR 700 million or something in that region for all of the other non-mask, non-sleep revenue in this division. And if I just go to the U.S. website, pretty much every product has been removed by the BiPAPs, which you're now not selling. So like it just seems like a large number. Even if it's half that number or half of that number, it's still a big number. That's why I'm asking it, is there something that we're missing in terms of sales that's coming from a different part of Sleep & Respiratory that we either overlook or analysts have overlooked? That will be quite helpful to know, and that obviously helps to bridge that 25 gap.

好的。超有幫助。也許就在那時，10 億歐元的睡眠與呼吸計畫的最後一點。您過去已經向我們提供了大量信息，因此我們可以合理地估計口罩是什麼。它使我們在該地區的所有其他非口罩、非睡眠收入中獲得了 7 億歐元左右的收入。如果我造訪美國網站，幾乎所有產品都已被 BiPAP 刪除，而您現在不再銷售這些產品。所以看起來好像是一個很大的數字。即使是這個數字的一半或那個數字的一半，它仍然是一個很大的數字。這就是為什麼我要問，在睡眠與呼吸部門不同部分的銷售方面，我們是否遺漏了一些我們忽視或分析師忽略的東西？了解這一點將非常有幫助，這顯然有助於彌合 25 的差距。

Yes. Maybe Graham, so first, let me start from what Abhijit said, right? So the EUR 1 billion, that's the number that we built back from. When we talk about this is the role to compliance resource business, that's where we start from. What you see, of course, is there are mix shift underneath. We already stopped selling a lot in U.S., right? So actually, we are building there from already a base that actually was out there, right? We continue with patient interface, which was the biggest part, which already was in the forecast, including consumables and accessories.

是的。也許是格雷厄姆，所以首先讓我從阿比吉特所說的開始，對吧？ 10 億歐元就是我們重建的數字。當我們談論這對合規資源業務的作用時，這就是我們的出發點。當然，你看到的是下面有混合移位。我們已經停止在美國大量銷售了，對嗎？所以實際上，我們正​​在那裡建立一個已經存在的基地，對吧？我們繼續開發患者介面，這是最大的部分，已經在預測中，包括消耗品和配件。

Furthermore, as you know, we are building back outside of the U.S., right? So that's something that comes actually on top of what we're doing because that was not in the earlier guidance. So I think, yes, we are -- have published a list of pruning products, but that's not part of kind of lowering guidance. Now, actually, we have taken that into the guidance, and we will be building back from here.

此外，如您所知，我們正在美國境外重建，對吧？所以這實際上是我們正在做的事情的基礎，因為這不在早期的指導中。所以我認為，是的，我們已經發布了修剪產品清單，但這並不是降低指導的一部分。現在，實際上，我們已將其納入指導方針，我們將從這裡開始重建。

So I think that's where we just really want to be clear that there should be no misunderstanding that, a, we have taken all in the guidance. So actually, we delivered 3% to 5%, including the pruning that we did in SRC, but also the pruning that we did in other businesses; b, that we have reached the bottom, and we will build back. So we will make sure we comply as well as that we further restore the business and what we also said kind of that as we will kind of have not included this as part of our guidance and the plan 2023, 2025. We will not go into specific breakdowns per product line of a business because that's what we don't do in any business.

因此，我認為這就是我們真正想要明確的地方，即我們已將所有內容納入指南中，因此不應產生誤解。所以實際上我們交付了3%到5%，包括我們在SRC所做的修剪，也包括我們在其他業務中所做的修剪； b，我們已經觸底，我們將重建。因此，我們將確保遵守規定，並進一步恢復業務以及我們所說的那樣，因為我們不會將其納入我們的指導和 2023 年、2025 年計劃的一部分。我們不會進入業務的每個產品線的具體細分，因為這是我們在任何業務中都不會做的事情。

And it should also not be of your concern as actually reiterated that we have a strong outlook, right, and that we are committed to deliver that 3% to 5% growth, that profit further step up to 11% to 11.5% and the cash, which is a really important focus area. You saw that we are very much focused on that. We had a very strong close on cash, and we will continue that cash discipline moving forward. And that totality of Philips, that actually we see strengthening, and we will, after a strong first year where we overdelivered on our plan significantly versus what we came out with in January, we want to continue that performance trajectory in 2024.

您也不應該擔心這一點，因為實際上我們重申了我們的前景強勁，對吧，我們致力於實現 3% 至 5% 的增長，利潤進一步提高至 11% 至 11.5%，現金也將增加。 ，這是一個非常重要的重點領域。你看到我們非常關注這一點。我們的現金收盤非常強勁，我們將繼續保持現金紀律。事實上，我們看到飛利浦的整體實力正在增強，在經歷了強勁的第一年（與1 月份的計劃相比，我們顯著超額交付了計劃）之後，我們希望在2024 年繼續保持這一業績軌跡。

The cost of repetition, Roy mentioned earlier, pruning parts of our portfolio is something that we have been doing for a while also to focus on our high-growth drivers and to get our innovations out there and put scale behind our winning products. So maybe there is a heightened sense of sensitivity around the pruning in Sleep & Respiratory, but just look at it as part of stuff that we do across the portfolio, across the company.

羅伊之前提到過，重複的成本是我們一段時間以來一直在做的部分產品組合的修剪，也是為了專注於我們的高增長驅動力，讓我們的創新得以實現，並為我們的獲勝產品提供規模支持。因此，也許人們對睡眠與呼吸部門的修剪更加敏感，但只需將其視為我們在整個公司整個投資組合中所做的事情的一部分即可。

No, that's really helpful. I'll follow-up Leandro, just to make sure I haven't misunderstood.

不，這真的很有幫助。我會跟進 Leandro，只是為了確保我沒有誤解。

The next question comes from the line of Sezgi Ozener from HSBC.

下一個問題來自匯豐銀行的 Sezgi Ozener。

I'm so sorry about a few seconds ago. I hope you can hear me now. I will have two questions, please. One of them on the Respiratory Care portfolio. You said you will, I mean, disclose about this continuation of the sales of these products. You had said in the past that in order to deal with the recall, you had quadrupled capacity of CPAP, BiPAP production. I know you've been undergoing a lot of changes restructuring, how much of that capacity has been built away? Or will you -- how much of that will you be able to utilize in OUS sales or in other products?

幾秒鐘前我很抱歉。我希望你現在能聽到我的聲音。我有兩個問題請教。其中之一屬於呼吸照護產品組合。我的意思是，您說過您將揭露這些產品的繼續銷售情況。您過去曾說過，為了應對召回，您將 CPAP、BiPAP 的生產能力提高了四倍。我知道你們經歷了很多變革重組，其中有多少產能已經被削減？或者您會 - 您將能夠將其中的多少用於 OUS 銷售或其他產品？

And if we think about long-term profitability of Connected Care, my impression was that Sleep & Respiratory Care had higher profitability than patient monitoring. How does that impact your long-term margins for these segments?

如果我們考慮互聯護理的長期盈利能力，我的印像是睡眠和呼吸護理的盈利能力比患者監測更高。這對這些細分市場的長期利潤有何影響？

And my second question will be, you're showing much lower inventory levels in all of your segments at the end of year-end. Do you expect further downside? Or are these inventory levels sustainable? Will they -- or should we pencil in some rise going forward?

我的第二個問題是，到年底，你們所有細分市場的庫存水準都低得多。您預計還會進一步下跌嗎？或者這些庫存水準是否可持續？他們會——還是我們應該在未來增加一些費用？

Yes. I think on the capacity, what we have done, the additional capacity that we put in was flex capacity with comakers. So they were kind of not in our own plants, but we did it with comakers. Those have been wound down as we have progressed with the remediation. So that's not something that will remain as overhang.

是的。我認為就產能而言，我們所做的、我們投入的額外產能是聯合製造商的靈活產能。所以它們不是在我們自己的工廠裡，而是我們和聯合製造商一起做的。隨著我們修復工作的進展，這些問題已經逐漸減少。所以這不會成為懸而未決的事情。

In terms of SRC profitability, you said it was never higher than monitoring. Monitoring, of course, is a very highly profitable business. SRC in the past was mid- to high-teens profitability business. It will probably not get back there, but we will improve profitability over the period so that we get into the guided range for Connected Care as we have given for 2025.

就SRC獲利能力而言，您說從來沒有比監控高。當然，監控是一項利潤非常高的業務。 SRC過去的獲利能力處於中高點。它可能不會回到那個水平，但我們將在此期間提高盈利能力，以便我們進入我們為 2025 年給出的 Connected Care 指導範圍。

Regarding the inventory, yes, we have done a big reduction last year. There are still a couple of areas that we would want to reduce this year. So yes, we will have a couple of hundred million reduction this year as well on inventory so that we get our supply chain then working at an optimal level.

關於庫存，是的，我們去年做了很大的削減。今年我們仍然希望減少一些領域。所以，是的，今年我們的庫存也將減少數億美元，以便我們的供應鏈能夠以最佳水準運作。

The next question is a follow-up question and comes from the line of Veronika Dubajova from Citi.

下一個問題是後續問題，來自花旗銀行的 Veronika Dubajova。

I'm going to go back to the topic that I think a bunch of people have asked. Just maybe for clarification, we can close the circle. But I think when you gave the guidance back last year, the mid-term guidance, you had assumed a 10% CAGR for S&RC sales. I just want to confirm whether that still stands. Or should our working assumption be different? And maybe just to confirm that S&RC sales went from EUR 1.3 billion to EUR 1 billion '22 to '23. Just so we have the right starting point, that would be great.

我要回到我認為很多人都問過的話題。也許為了澄清起見，我們可以關閉這個循環。但我認為，當您去年給出中期指導時，您假設 S&RC 銷售的複合年增長率為 10%。我只是想確認這是否仍然有效。或者我們的工作假設應該有所不同？也許只是為了確認 S&RC 銷售額從 22 年到 23 年從 13 億歐元增加到 10 億歐元。只要我們有正確的起點，那就太好了。

Yes. I think the EUR 1 billion sales for 2023 is what we have said now multiple times in this call. So it's confirmed and reconfirmed again, Veronika.

是的。我認為 2023 年銷售額達到 10 億歐元是我們在這次電話會議中多次提到的。所以它被確認並再次確認，維羅妮卡。

Regarding the growth rate for Sleep & Respiratory, we are not giving a separate guidance at this point of time. We have the overall guidance for Connected Care. And within that, we will manage the Sleep & Respiratory monitoring enterprise informatics and all of the businesses to get to the target that we have set for ourselves. And you see there's quite a big step up in profitability from where we are now, and we have high confidence of getting there in the next 2 years.

關於睡眠和呼吸的成長率，我們目前沒有給予單獨的指導。我們有互聯護理的整體指導。其中，我們將管理睡眠和呼吸監測企業資訊學和所有業務，以實現我們為自己設定的目標。你會看到，我們的獲利能力比現在有了很大的進步，我們對在未來兩年內實現這一目標充滿信心。

That's very clear. And the EUR 1 billion, are you able to give us a flavor for U.S. versus OUS in terms of the breakdown of that?

這非常清楚。 10 億歐元，您能為我們介紹美國與 OUS 的具體情況嗎？

So EUR 1 billion is EUR 1 billion, and then we build from there.

所以 10 億歐元就是 10 億歐元，然後我們就從那裡開始建造。

But let me ask you differently. It's fair to assume it's more OUS than U.S. at this stage, correct?

但讓我換個方式問你。可以公平地假設，現階段它比美國更屬於 OUS，對嗎？

Yes. Veronika, I appreciate you asking differently, but let me answer in the same way the EUR 1 billion retains the EUR 1 billion, right? So we don't want to give more because it gets into level of so much detail that it creates more confusion than clarity. So I think if we take this as a starting base, I think your models will be simpler and easier to get through.

是的。 Veronika，我很欣賞你提出不同的問題，但讓我以同樣的方式回答 10 億歐元保留 10 億歐元，對嗎？所以我們不想提供更多，因為它涉及到如此多的細節，以至於會造成更多的混亂而不是清晰度。所以我認為如果我們以此為起點，我認為你的模型會更簡單，也更容易理解。

Understood. I had to try.

明白了。我必須嘗試一下。

So 10 marks for trying, Veronika. Well done.

維羅妮卡，試試看一下，得 10 分。做得好。

We will now go to our last question for today. And the question comes from the line of Julien Dormois from Jefferies.

現在我們將討論今天的最後一個問題。這個問題來自 Jefferies 的 Julien Dormois。

I'm left with three questions, if that's okay, but they should be fairly short. The first one, and sorry if you've provided it, but I was just wondering whether you could provide us with the split on the order book between D&T and CC.

如果可以的話，我剩下三個問題，但它們應該相當短。第一個，很抱歉如果您提供了它，但我只是想知道您是否可以向我們提供 D&T 和 CC 之間訂單簿的劃分。

Second question relates to the Imaging or to the D&T business, sorry. And given the normalization in the backlog in that division, do you see anything that could prevent you from returning to the same sort of margins that you exhibited in full year '19, which was a margin of, let's say, between 12% and 13%? And more specifically into this, if you could give us a sense of where you're Imaging business currently sits. Are we now in the double-digit range for that segment?

第二個問題涉及成像或 D&T 業務，抱歉。考慮到該部門積壓的正常化，您是否看到任何可能阻止您恢復到 19 年全年表現出的相同利潤率的因素，比如說，利潤率在 12% 到 13% 之間%？更具體地說，您能否讓我們了解您的影像業務目前所處的位置。我們現在該細分市場是否處於兩位數範圍內？

And the last question is for the consent decree. I was wondering whether you could give us any sense of when you expect the terms of the consent decree to be formally signed off. Are we talking about a few days, weeks? Or could these be months?

最後一個問題是同意令。我想知道您是否可以告訴我們您預計同意令的條款何時正式簽署。我們談論的是幾天、幾週嗎？或者這可能是幾個月？

Yes. Thank you. Yes. So on the -- maybe on split, in terms of the...

是的。謝謝。是的。所以關於──也許是分裂，就…而言

Yes. On the split between D&T and Connected Care, it's pretty much similar, right? We start Connected Care also in monitoring with actually a very strong order book that gives us confidence for the growth in 2025.

是的。關於 D&T 和 Connected Care 之間的區別，非常相似，對吧？我們也開始監控 Connected Care，實際上有非常強大的訂單，這讓我們對 2025 年的成長充滿信心。

D&T, look, we were -- I think we ended at 11.6%. So we are very close to the 12% to 13%. So with the profit improvement of this year, we will get to the peak ranges of 2019, as you pointed out.

D&T，看，我們——我認為我們最終達到了 11.6%。所以我們非常接近 12% 到 13%。因此，正如您所指出的，隨著今年利潤的改善，我們將在 2019 年達到高峰。

And then on the consent decree, when you expect it to be signed, Roy, maybe you can take that, but we don't have really anything there because that is a court process. So...

然後在同意令上，當你期望簽署它時，羅伊，也許你可以接受，但我們實際上沒有任何東西，因為這是一個法庭程序。所以...

Depending on the FDA and the court. So that is a due process, so we cannot give you a date on that. So that's something that is running. Of course, people will try to expedite to make sure that this gets clarified and closed. But I think there's no data that we could give you here.

取決於 FDA 和法院。所以這是一個正當程序，所以我們無法給你一個日期。這就是正在運行的東西。當然，人們會盡力加快進程，以確保此事得到澄清並結束。但我認為我們無法在這裡向您提供數據。

Just for the sake of clarity on the order intake that was down 3% in the fourth quarter, that number would be pretty similar between D&T and CC. Did I get it right?

為了清楚起見，第四季的訂單量下降了 3%，D&T 和 CC 之間的數字非常相似。我做對了嗎？

Yes.

是的。

Yes. And important to note, Julien, and you probably know that in terms of the order book, it supports 40% of the sales that we have, right? And we have 60%, which is in services, consumables, recurring revenue and Personal Health. And actually, we also saw good growth there. You saw it in the Personal Health growth, but also in the services and software growth. So of course, we all want to improve the number. That's our target. We have the actions in place, but I think it's also important to kind of put it into perspective of total EUR 18 billion and what this supports.

是的。需要注意的是，Julien，您可能知道就訂單而言，它支持了我們 40% 的銷售額，對吧？我們有 60%，用於服務、消耗品、經常性收入和個人健康。事實上，我們在那裡也看到了良好的成長。您不僅在個人健康成長中看到了這一點，而且在服務和軟體成長中也看到了這一點。當然，我們都希望提高這個數字。這就是我們的目標。我們已經採取了行動，但我認為從 180 億歐元總額及其支持的角度來看待它也很重要。

Furthermore, as said, 15% higher order book. So actually, if you look to the ratio of conversion going into 2024, we are still actually higher and above the supply chain and COVID crisis numbers in terms of our underpinning of the sales by the ratio of the order book. So that also gives us the confidence going into the year for the 3% to 5%.

此外，如上所述，訂單量增加了 15%。因此，實際上，如果你看看 2024 年的轉換率，我們實際上仍然高於供應鏈和新冠危機的數字，就我們的訂單比率支撐的銷售而言。因此，這也讓我們對今年 3% 至 5% 的成長充滿信心。

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。

Okay. Thank you all for your questions. I think reiterating, I think the key messages of today. We came out with our full year results, where if you compare to where we started the year and the guidance of the plan, we had a strong beat on sales where we did 7% versus a guidance of low single digit, where we had a profit improvement of 310 bps, which actually was high single-digit target, and we delivered 10.5%, and we had a cash flow target of EUR 700 million to EUR 900 million, where we get to EUR 1.6 billion.

好的。謝謝大家的提問。我想重申一下今天的關鍵訊息。我們公佈了全年業績，如果與我們年初的情況和計劃的指導進行比較，我們的銷售額大幅增長，達到 7%，而指導則為低個位數，我們的銷售增長了 7%。利潤提高了310 個基點，這實際上是個位數的高目標，我們實現了10.5%，我們的現金流量目標為7 億歐元至9 億歐元，最終達到16 億歐元。

That was on the back of strong execution of our plan, where we focus on patient safety and quality, supply chain and the operating model. Now we continue to execute that plan. That also gives us the confidence into 2024, where we said that, actually, we give you a range of 3% to 5% of sales growth as our target, then 11% to 11.5% profit improvement. So we continue our trajectory as well on profit and then a strong cash generation of EUR 800 million to EUR 1 billion.

這是我們計劃強有力執行的結果，我們將重點放在病患安全和品質、供應鏈和營運模式。現在我們繼續執行這個計劃。這也讓我們對 2024 年充滿信心，我們表示，實際上，我們的目標是實現 3% 到 5% 的銷售成長，然後是 11% 到 11.5% 的利潤改善。因此，我們繼續保持利潤成長的軌跡，並產生 8 億至 10 億歐元的強勁現金。

We also provide you with clarity on the consent decree, which I think is a very important milestone that we have all been longing for. And also what the important message there is, on one hand, we have now a road map to comply, tools to restore the business, but most importantly, that actually we stay fully committed to the plan that we have and the financial guidance that we put out there that now includes the full consequences of the consent decree. And actually, therefore, we are kind of now building from that in terms of further delivery of the plan. So we're looking forward to further dialogue around how we progress. We will remain focused on executing our plan and delivering continuous improvement. Thank you so much for dialing in and looking forward to talk to you soon.

我們還向您提供了有關同意令的明確信息，我認為這是我們都渴望的一個非常重要的里程碑。還有重要的訊息，一方面，我們現在有一個遵守的路線圖，恢復業務的工具，但最重要的是，實際上我們完全致力於我們現有的計劃和我們的財務指導現已發布，其中包括同意令的全部後果。因此，實際上，我們現在正在以此為基礎進一步實施該計劃。因此，我們期待就如何取得進展進行進一步對話。我們將繼續專注於執行我們的計劃並持續改進。非常感謝您撥打電話並期待很快與您交談。

This concludes the Royal Philips Fourth Quarter and Full Year 2023 Results Conference Call on Monday, the 29th of January 2024. Thank you for participating. You may now disconnect.

皇家飛利浦於 2024 年 1 月 29 日星期一舉行的 2023 年第四季和全年業績電話會議到此結束。感謝您的參與。您現在可以斷開連線。