Koninklijke Philips NV (PHG) 2020 Q4 法說會逐字稿

Welcome to the Royal Philips Fourth Quarter and Full Year 2020 Results Conference Call on Monday, January 25, 2021.

歡迎參加 2021 年 1 月 25 日星期一舉行的皇家飛利浦 2020 年第四季度和全年業績電話會議。

During the call hosted by Mr. Frans van Houten, CEO; and Mr. Abhijit Bhattacharya, all participants will be in a listen-only mode. (Operator Instructions) Please note that this call will be recorded and replay will be made available on the Investor Relations website of Royal Philips.

在首席執行官 Frans van Houten 先生主持的電話會議上；和 Abhijit Bhattacharya 先生，所有參與者都將處於只聽模式。 （操作員說明）請注意，此通話將被錄音，並且將在皇家飛利浦的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.

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

Good morning, ladies and gentlemen. Welcome to Philips Fourth Quarter and Full Year 2020 Results Conference Call. I'm here with our CEO, Frans van Houten; and our CFO, Abhijit Bhattacharya.

早上好，女士們，先生們。歡迎參加飛利浦 2020 年第四季度和全年業績電話會議。我和我們的首席執行官 Frans van Houten 一起來的；以及我們的首席財務官 Abhijit Bhattacharya。

On today's call, Frans will take you through our strategic and financial highlights for the period. Abhijit will then provide more detail on the financial performance, and after that, we will take your questions.

在今天的電話會議上，Frans 將帶您了解我們在此期間的戰略和財務亮點。 Abhijit 隨後將提供有關財務業績的更多詳細信息，之後我們將回答您的問題。

Our press release and the related information slide deck were published at 7:00 a.m. CET this morning. Both are available on our Investor Relations website. A full transcript of this conference call will also be made available today on the website.

我們的新聞稿和相關信息幻燈片於歐洲中部時間今天上午 7:00 發布。兩者都可以在我們的投資者關係網站上找到。今天還將在網站上提供本次電話會議的完整記錄。

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

正如新聞稿中提到的，調整後的 EBITA 被定義為運營收入，不包括收購的無形資產的攤銷、商譽和其他無形資產的減值、重組費用、收購相關成本和其他重要項目。銷售和訂單的可比增長根據貨幣和投資組合變化進行了調整。最後，前瞻性預測不包括家用電器業務。

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

有了這個，我想交給弗蘭斯。

Yes, thanks, Leandro. Hi, everybody. Good morning to you. I hope that you and your families are keeping safe and well.

是的，謝謝，萊安德羅。大家好。早上好。我希望您和您的家人都平安無事。

It's clear that COVID-19 pandemic is far from over, and my thoughts go out to the caregivers and patients as we battle the virus all together. In this environment, we, at Philips, are proud of our role to support care providers and patients. I'm pleased with how we have performed under these challenging circumstances as our teams remain focused on delivering against what we call the triple duty of care: meeting critical customer needs, safeguarding the health and safety of our employees and ensuring business continuity. The work we are doing to support health care providers, medical staff, patients and consumers as our top priority. In close collaboration with our suppliers and partners, we have ramped up the production volumes of products and solutions to help diagnose, treat, monitor and manage COVID-19 patients throughout 2020. We have also rapidly responded to the increased demand for telehealth solutions like tele-ICU, teleradiology, telepathology, teledentistry services, which aid virtual working among care professionals as well as move care into the community. Very important, we have continued to deepen our engagement and relationships with customers through consultative partnerships, strategic partnerships, leading to a higher degree of recurring revenues, superior service and stronger customer loyalty.

很明顯，COVID-19 大流行遠未結束，在我們共同抗擊病毒的過程中，我的心與護理人員和患者同在。在這種環境下，我們飛利浦為我們在支持護理提供者和患者方面發揮的作用感到自豪。我對我們在這些充滿挑戰的情況下的表現感到滿意，因為我們的團隊仍然專注於履行我們所謂的三重責任：滿足關鍵的客戶需求、保障員工的健康和安全以及確保業務連續性。我們為支持醫療保健提供者、醫務人員、患者和消費者所做的工作是我們的首要任務。通過與我們的供應商和合作夥伴密切合作，我們提高了產品和解決方案的產量，以幫助在整個 2020 年診斷、治療、監測和管理 COVID-19 患者。我們還迅速響應了對遠程醫療解決方案（如遠程醫療）日益增長的需求-ICU、遠程放射學、遠程病理學、遠程牙科服務，有助於護理專業人員之間的虛擬工作以及將護理轉移到社區。非常重要的是，我們通過諮詢合作夥伴關係、戰略合作夥伴關係繼續加深與客戶的接觸和關係，從而帶來更高程度的經常性收入、優質服務和更強的客戶忠誠度。

As a result of these efforts, I am pleased that we have recorded comparable sales growth of 7% in Q4. Connected Care grew a very strong 24% driven by the demand for patient monitors and respiratory care. Our Diagnosis & Treatment businesses delivered encouraging sequential improvement and returned to growth with a 1% comparable sales increase. Sales for Personal Health grew a solid 5%.

由於這些努力，我很高興我們在第四季度實現了 7% 的可比銷售額增長。受患者監護儀和呼吸護理需求的推動，Connected Care 增長了 24%。我們的診斷和治療業務實現了令人鼓舞的連續改善，並以 1% 的可比銷售額增長恢復增長。個人健康業務銷售額穩步增長 5%。

Comparable equipment order intake grew 7% in Q4 with double-digit growth in Connected Care and 3% growth in Diagnosis & Treatment. This was driven by strong demand for our patient monitors, hospital ventilators, radiology informatics, computed tomography, x-ray and ultrasound systems.

第四季度可比設備訂單量增長 7%，其中 Connected Care 增長兩位數，診斷與治療增長 3%。這是由於對我們的患者監護儀、醫院呼吸機、放射學信息學、計算機斷層掃描、X 射線和超聲系統的強勁需求推動的。

Customer response to our innovative products and solutions remains very positive, resulting in market share gains and strong year-end order book in both Connected Care and Diagnosis & Treatment.

客戶對我們的創新產品和解決方案的反應仍然非常積極，從而在 Connected Care 和 Diagnosis & Treatment 領域獲得了市場份額增長和強勁的年終訂單。

Adjusted EBITA margin was 19% in the fourth quarter, which is 110 basis points higher than in 2019, and free cash flow increased to over EUR 1 billion.

第四季度調整後的 EBITA 利潤率為 19%，比 2019 年高出 110 個基點，自由現金流增至超過 10 億歐元。

As a result of our strong performance in the second half of the year, for the full year 2020, we delivered 3% comparable sales growth and an adjusted EBITA margin of 13.2%. Order intake grew a further 9% in 2020. Moreover, we achieved a free cash flow of almost EUR 1.9 billion in the year, ahead of our target of EUR 1.5 billion.

由於我們下半年的強勁表現，在 2020 年全年，我們實現了 3% 的可比銷售額增長和 13.2% 的調整後 EBITA 利潤率。 2020 年訂單量進一步增長 9%。此外，我們在這一年實現了近 19 億歐元的自由現金流，超過了我們 15 億歐元的目標。

Looking ahead, we continue to see uncertainty related to the impact of COVID-19 across the world. For 2021, as guided at CMD, we plan to deliver overall low single-digit sales growth driven by solid growth in Diagnosis & Treatment and Personal Health, but partly offset by lower Connected Care sales as demand in these businesses will normalize from the spike in COVID-19-generated demand in 2020. We also aim to deliver an adjusted EBITA margin improvement of 60 to 80 basis points in 2021.

展望未來，我們繼續看到與 COVID-19 在世界範圍內的影響相關的不確定性。到 2021 年，按照 CMD 的指導，我們計劃在診斷和治療以及個人健康領域的穩健增長的推動下實現整體低個位數的銷售增長，但部分被 Connected Care 銷售額的下降所抵消，因為這些業務的需求將從2020 年 COVID-19 產生的需求。我們還計劃在 2021 年將調整後的 EBITA 利潤率提高 60 至 80 個基點。

Now I would like to provide some color on some of our initiatives to respond to customer needs and support health care professionals and consumers. In the quarter, we expanded our range of patient-centric solutions for the home with the launch of the BiPAP 840 noninvasive ventilator. With this introduction, we extend our respiratory care solutions with a new ventilation therapy feature to treat COPD patients with expiratory flow limitation, or EFL. Our unique ExpiraFlow technology detects EFL more accurately and automatically optimizes ventilation to the individual needs of the patient. This enables more effective treatment of patients at home and ultimately avoids hospital readmissions.

現在，我想為我們響應客戶需求和支持醫療保健專業人員和消費者的一些舉措提供一些色彩。本季度，我們推出了 BiPAP 840 無創呼吸機，擴大了以患者為中心的家庭解決方案範圍。通過此次介紹，我們通過新的通氣治療功能擴展了我們的呼吸護理解決方案，以治療患有呼氣流量受限 (EFL) 的 COPD 患者。我們獨特的 ExpiraFlow 技術可以更準確地檢測 EFL，並根據患者的個人需求自動優化通氣。這樣可以在家中更有效地治療患者，並最終避免再次入院。

Highlighting our strength in enterprise imaging informatics solutions, we created a single cloud-assessable system for all 12 hospitals of the region of Southern Denmark for storing, retrieving and viewing radiology and nuclear medicine images and data. The unified imaging informatics ecosystem, which Philips -- which comprises Philips' Vendor-Neutral Archive and Universal Viewer, aims to improve collaboration and enhance patient care for a population of over 1.2 million people.

為了突出我們在企業成像信息學解決方案方面的優勢，我們為丹麥南部地區的所有 12 家醫院創建了一個單一的雲可評估系統，用於存儲、檢索和查看放射學和核醫學圖像和數據。飛利浦的統一影像信息學生態系統——包括飛利浦的供應商中立存檔和通用查看器，旨在改善協作並加強對超過 120 萬人口的患者護理。

At the RSNA annual meeting in December, we also launched an industry's first vendor-neutral multimodality and AI-supported Radiology Operations Command Center to enable real-time remote collaboration between radiologists, technologists and imaging operation teams across multiple sites. This with the aim to increase radiology productivity, minimize issues with image quality and expand access to MR- and CT-based diagnosis.

在 12 月的 RSNA 年會上，我們還推出了業界首個供應商中立的多模式和 AI 支持的放射操作指揮中心，以實現跨多個站點的放射科醫生、技術人員和成像操作團隊之間的實時遠程協作。這樣做的目的是提高放射學生產力，最大限度地減少圖像質量問題，並擴大基於 MR 和 CT 的診斷的範圍。

We also expanded our Image-Guided Therapy portfolio through the launch of major extensions to our industry-leading Azurion platform as well as new diagnostic and therapeutic devices.

我們還通過推出對我們行業領先的 Azurion 平台的重大擴展以及新的診斷和治療設備，擴展了我們的圖像引導治療產品組合。

As we are excited that later today -- we are also excited that later today, the 5-year ILLUMENATE EU RCT and pivotal study results of the Philips Stellarex drug-coated balloon will be presented. Stellarex, with its low dose and unique drug-coating composition, is an important treatment choice for health care providers treating patients with peripheral arterial disease and we have a lot of confidence in its potential. That's enhanced by the study that I just referred to.

我們很高興今天晚些時候——我們也很高興今天晚些時候，飛利浦 Stellarex 藥物塗層氣球的 5 年 ILLUMENATE EU RCT 和關鍵研究結果將公佈。 Stellarex 具有低劑量和獨特的藥物塗層成分，是治療外周動脈疾病患者的醫療保健提供者的重要治療選擇，我們對其潛力充滿信心。我剛才提到的研究加強了這一點。

Very important, we continued to drive market share in our core businesses through deeper, more comprehensive customer partnerships to enhance patient care and improve care provider productivity. During the fourth quarter, we signed 25 new long-term strategic partnerships with hospitals in the U.S., Europe and Asia with the aim of helping them achieve their clinical and operational goals. For example, we signed a 5-year technology and innovation partnership with the Rennes University Hospital, one of the top hospitals in France with 4 sites and more than 1,800 beds. Philips will deliver integrated solutions to support Precision Diagnosis, Image-Guided Therapies and patient monitoring and management. The partnership also includes consultancy services, informatics solutions and visualization and analysis tools to drive quality and efficiency improvements and enhanced diagnostic confidence.

非常重要的是，我們通過更深入、更全面的客戶合作夥伴關係繼續推動我們核心業務的市場份額，以加強患者護理並提高護理提供者的生產力。第四季度，我們與美國、歐洲和亞洲的醫院簽署了 25 項新的長期戰略合作夥伴關係，旨在幫助他們實現臨床和運營目標。例如，我們與雷恩大學醫院簽署了為期 5 年的技術和創新合作夥伴關係，雷恩大學醫院是法國頂級醫院之一，擁有 4 個站點和 1,800 多張床位。飛利浦將提供集成解決方案，以支持精確診斷、圖像引導治療以及患者監測和管理。該合作夥伴關係還包括諮詢服務、信息學解決方案以及可視化和分析工具，以推動質量和效率的提高並增強診斷信心。

Moreover, I'm encouraged that our strategy to win with solutions continues to work very well. When we set out to increase focus on solutions in 2015, it represented about 1/4 of the company. We ended 2020 around 37% and expect solutions sales to continue to grow double digit and represent slightly less than half the company by 2025.

此外，令我感到鼓舞的是，我們以解決方案取勝的戰略繼續奏效。當我們在 2015 年著手增加對解決方案的關注時，它約占公司的 1/4。到 2020 年底，我們的銷售額約為 37%，預計到 2025 年，解決方案銷售額將繼續以兩位數增長，略低於公司的一半。

In Personal Health, we continued to invest in innovation and new product introductions to capitalize on recovery opportunities. In the fourth quarter, we broadened our leading male grooming portfolio with an exciting launch of the Philips Shaver Series 1000 in China, a proposition that is customized to specifically address the personal care needs of young Gen Z men.

在個人健康方面，我們繼續投資於創新和新產品的推出，以利用複蘇機會。第四季度，我們在中國激動人心地推出了飛利浦剃須刀系列 1000，擴大了我們領先的男性美容產品組合，該產品專為滿足年輕 Z 世代男性的個人護理需求而定制。

Also exciting, we took important steps in our strategy to become a leading solutions provider with the acquisitions of BioTelemetry, Inc. and Capsule Technologies in Q4.

同樣令人興奮的是，我們在第四季度收購了 BioTelemetry, Inc. 和 Capsule Technologies，從而在成為領先解決方案提供商的戰略中邁出了重要一步。

BioTelemetry has a market-leading cardiac diagnostics and monitoring solution comprised of wearable connected heart monitors, AI-based data analytics and state-of-the-art monitoring and services center. The combination of our own leading patient monitoring position in the hospital with BioTelemetry's leading cardiac diagnostics and monitoring outside of the hospital will result in a global leader in patient care management solutions with much potential for further expansion.

BioTelemetry 擁有市場領先的心臟診斷和監測解決方案，包括可穿戴連接的心臟監測器、基於人工智能的數據分析和最先進的監測和服務中心。我們在醫院內領先的患者監測地位與 BioTelemetry 在醫院外領先的心臟診斷和監測相結合，將成為患者護理管理解決方案的全球領導者，並具有進一步擴展的巨大潛力。

Capsule is a leading provider of medical device integration and data technologies for hospitals and health care organizations. Its Medical Device Information Platform is comprised of device integration, vital signs monitoring and clinical surveillance services. And it connects almost all medical devices to EMRs in the hospitals through a vendor-neutral system that captures streaming clinical data and transforms it into actionable information to enhance patient care management.

Capsule 是為醫院和醫療機構提供醫療設備集成和數據技術的領先供應商。其醫療器械信息平台由設備集成、生命體徵監測和臨床監測服務組成。它通過一個供應商中立的系統將幾乎所有醫療設備連接到醫院的電子病歷，該系統捕獲流式臨床數據並將其轉化為可操作的信息，以加強患者護理管理。

These acquisitions will further broaden, enrich and scale Philips' patient care management solutions. Both acquisitions will be accretive to sales growth and adjusted EBITA margin in 2021. Upon completion of the transactions, which is expected to happen in the first quarter of 2021, BioTelemetry and Capsule employees will become part of our Connected Care business segment.

這些收購將進一步擴大、豐富和擴展飛利浦的患者護理管理解決方案。這兩項收購都將增加 2021 年的銷售增長和調整後的 EBITA 利潤率。交易完成後（預計將在 2021 年第一季度發生），BioTelemetry 和 Capsule 的員工將成為我們 Connected Care 業務部門的一部分。

I'm also proud, very proud, that we've delivered on all targets set out in our 2016-2020 Healthy people, sustainable planet program, and that our products and solutions improved the lives of 1.75 billion people in 2020, including 207 million people in underserved communities.

我也感到自豪，非常自豪，我們已經實現了 2016-2020 健康人類、可持續地球計劃中設定的所有目標，並且我們的產品和解決方案在 2020 年改善了 17.5 億人的生活，其中包括 2.07 億人服務欠缺社區的人們。

As shared with you last quarter, we also reinforced our commitments as a purpose-driven company with a comprehensive new set of initiatives and 2025 targets across the entire spectrum of environmental, social and corporate governance activities.

正如上個季度與您分享的那樣，我們還加強了我們作為一家以目標為導向的公司的承諾，在環境、社會和公司治理活動的整個範圍內推出了一套全面的新舉措和 2025 年目標。

Let me give you an update on the current status of the divestment of the Domestic Appliances business. The separation process is on track and expected to be completed in the third quarter of 2021. As planned, we have sent the information memoranda and started to engage with interested parties in the fall of 2020. Domestic Appliances is a strong business and has returned to robust growth with increasing margins in the second half of 2020 based on a strong portfolio with market-leading positions.

讓我向您介紹一下家電業務剝離的最新情況。分離過程正在按計劃進行，預計將於 2021 年第三季度完成。我們已按計劃發送了信息備忘錄，並於 2020 年秋季開始與感興趣的各方接洽。家用電器是一項強大的業務，已恢復到基於具有市場領先地位的強大產品組合，2020 年下半年利潤率將實現強勁增長。

We continue to see good interest for the asset and remain open to different divestment options to deliver the best value for the company.

我們繼續看到對該資產的良好興趣，並對不同的撤資選擇持開放態度，以為公司帶來最大價值。

To round off, I'm pleased with the way that we have handled the crisis. I'm very grateful to our employees and proud of the resourcefulness and hard work that they and we altogether have been able to put in to deliver to the plan in 2020.

最後，我對我們處理危機的方式感到滿意。我非常感謝我們的員工，並為他們和我們共同為實現 2020 年計劃所付出的機智和辛勤工作感到自豪。

While we have been working hard on managing the business, we continue to progress on our strategic and performance road map for the coming years. Our journey to HealthTech leadership continues as we innovate to drive growth, improve operational excellence and become a leading health tech solutions company. We have a clear strategy to help transform care along the health continuum combining smart systems, devices, informatics, data and services. This strategy strongly resonates with customers and has been further validated during the COVID-19 crisis, and I'm convinced that the growth and the margin profile of our company is well underpinned.

在我們一直努力管理業務的同時，我們將繼續在未來幾年的戰略和績效路線圖上取得進展。隨著我們通過創新推動增長、提高卓越運營並成為領先的健康科技解決方案公司，我們繼續邁向健康科技領導地位的旅程。我們有一個明確的戰略來幫助改變醫療保健的連續性，結合智能係統、設備、信息學、數據和服務。這一戰略引起了客戶的強烈共鳴，並在 COVID-19 危機期間得到了進一步驗證，我相信我們公司的增長和利潤率狀況得到了很好的支撐。

And with that, I'll turn the call to Abhijit.

有了這個，我會把電話轉給 Abhijit。

Thank you, Frans, and thank you all for joining us today. Let me start with providing some color on the fourth quarter comparable sales.

謝謝你，弗蘭斯，感謝大家今天加入我們。讓我首先提供一些有關第四季度可比銷售額的信息。

Comparable sales for Diagnosis & Treatment businesses grew 1% in the quarter. Diagnostic Imaging sales grew high single digit, driven by double-digit growth in computed tomography and diagnostic x-ray.

本季度診斷和治療業務的可比銷售額增長了 1%。在計算機斷層掃描和診斷 X 射線兩位數增長的推動下，診斷成像銷售額實現了高個位數增長。

Enterprise Diagnostic Informatics sales also grew double digit in the fourth quarter as we continued to successfully roll out our world-class Enterprise Imaging Platform resulting from our R&D programs and the integration of the Carestream business. Ultrasound and Image-Guided Therapy sales declined mid-single digit in the quarter, mainly due to pushouts of installations in the U.S.

由於我們的研發計劃和 Carestream 業務的整合，我們繼續成功推出世界級的企業成像平台，第四季度企業診斷信息學銷售額也增長了兩位數。超聲和圖像引導治療銷售額在本季度下降了中等個位數，這主要是由於在美國推出了裝置

The volume of elective procedures was close to pre-COVID-19 levels in October and November, but went down to around 80% of pre-COVID levels in December, mainly driven by the U.S. We expect the elective procedure volumes to gradually recover in the course of the first quarter.

選擇性手術量在 10 月和 11 月接近 COVID-19 前水平，但在 12 月下降至 COVID-19 前水平的 80% 左右，主要受美國推動。我們預計選擇性手術量將在 2019 年逐漸恢復第一季度的課程。

Services sales for our Diagnosis & Treatment businesses grew a solid mid-single digit compared to the same period in 2019. Let me remind you that recurring revenues from Solutions & Services represent more than 45% of the total sales of Diagnosis & Treatment.

與 2019 年同期相比，我們診斷和治療業務的服務銷售額實現了穩定的中個位數增長。請提醒您，解決方案和服務的經常性收入佔診斷和治療總銷售額的 45% 以上。

For the full year 2020, sales for Diagnosis & Treatment businesses declined 2% on the back of 5% growth in 2019.

2020 年全年，診斷和治療業務的銷售額在 2019 年增長 5% 的情況下下降了 2%。

The sales for Connected Care businesses grew a strong 24% in Q4, driven by patient monitoring and respiratory care solutions. We were also pleased to see double-digit growth in our Therapeutic Care business and a solid sequential improvement in the Sleep business, driven by growth in patient interface.

在患者監測和呼吸護理解決方案的推動下，Connected Care 業務的銷售額在第四季度強勁增長了 24%。我們也很高興看到我們的治療護理業務實現了兩位數的增長，並且在患者界面增長的推動下，睡眠業務實現了穩步的連續改善。

In the full year, comparable sales for Connected Care grew 22% with double-digit growth in both Monitoring & Analytics and Sleep & Respiratory Care. Order intake for Connected Care grew strong double digits in the full year.

全年，Connected Care 的可比銷售額增長了 22%，監測與分析和睡眠與呼吸護理領域均實現兩位數增長。 Connected Care 的訂單量在全年強勁增長兩位數。

For Personal Health, we saw solid demand in the quarter with the comparable sales increase of 5%. Domestic Appliances grew double digit and Personal Care grew mid-single digit. Oral Healthcare comparable sales declined low single digit on the back of mid-teens growth in Q4 2019, mainly in China.

對於個人健康，我們在本季度看到了強勁的需求，可比銷售額增長了 5%。家用電器增長兩位數，個人護理增長中個位數。由於 2019 年第 4 季度實現了中等增長，口腔保健可比銷售額下降了低個位數，主要是在中國。

In the full year 2020, Personal Health sales declined 4% compared to 2019.

2020 年全年，個人健康業務銷售額比 2019 年下降了 4%。

Consumer sales through digital channels grew double digit in Q4 and represent 39% of total sales of Personal Health. Our shift to digital and adoption of new business models of direct-to-consumer resonate very well. Important to note that our current online market share is even higher than that in the traditional off-line channels.

通過數字渠道的消費者銷售額在第四季度增長了兩位數，佔個人健康總銷售額的 39%。我們向數字化轉型和採用直接面向消費者的新商業模式產生了很好的共鳴。需要注意的是，我們目前的線上市場份額甚至高於傳統線下渠道。

Moving to orders. As mentioned by Frans, order intake grew by 7% in the fourth quarter. This builds on double-digit growth seen in the first 3 quarters of the year, resulting in 9% growth in the year and a strong order book as depicted in Page 33 of the presentation.

轉向訂單。正如 Frans 所提到的，第四季度的訂單量增長了 7%。這是建立在今年前 3 個季度兩位數增長的基礎上，導致當年增長 9% 和強大的訂單，如演示文稿第 33 頁所述。

Diagnosis & Treatment comparable order intake grew 3% in the fourth quarter, showing solid sequential improvement. Diagnostic Imaging orders grew mid-single digit, Ultrasound orders grew high single digit, and Enterprise Digital Informatics orders grew double digit in the quarter. This was partly offset by a mid-single-digit decline in Image-Guided Therapy.

診斷與治療可比訂單量在第四季度增長了 3%，顯示出穩固的環比改善。診斷成像訂單增長中等個位數，超聲訂單增長高個位數，企業數字信息學訂單在本季度增長兩位數。這部分被圖像引導治療的中個位數下降所抵消。

Order intake for Diagnosis & Treatment grew mid-single digit in growth geographies driven by double-digit growth in China and was in line with Q4 2019 in mature geographies with overall slow momentum in North America.

在中國兩位數增長的推動下，診斷和治療業務的訂單量在增長型地區增長了中等個位數，與 2019 年第四季度在北美整體增長勢頭緩慢的成熟地區持平。

Comparable order intake in Connected Care grew by 17% in Q4. I'm particularly encouraged by another strong quarter in Monitoring & Analytics and in our Therapeutic Care businesses.

Connected Care 的可比訂單量在第四季度增長了 17%。監測和分析以及我們的治療護理業務又一個強勁的季度讓我感到特別鼓舞。

Let me now turn to the profitability development in the fourth quarter. Adjusted EBITA for the group increased 110 basis points to 19% of sales. In the full year, the adjusted EBITA margin was 13.2% in line with our guidance.

現在讓我談談第四季度的盈利能力發展。該集團調整後的 EBITA 增加了 110 個基點，佔銷售額的 19%。全年，調整後的 EBITA 利潤率為 13.2%，符合我們的指引。

Looking at the business segments. Connected Care delivered an adjusted EBITA margin of 27.2% of sales compared to 19.4% in the fourth quarter of 2019. This was mainly due to operating leverage and the productivity programs.

再看業務板塊。 Connected Care 的調整後 EBITA 利潤率為銷售額的 27.2%，而 2019 年第四季度為 19.4%。這主要是由於運營槓桿和生產力計劃。

In Diagnosis & Treatment, the adjusted EBITA decreased to 14% of sales. This was mainly a result of unfavorable product mix driven by lower growth of cardiac ultrasound and Image-Guided Therapy portfolios.

在診斷和治療業務中，調整後的 EBITA 下降至銷售額的 14%。這主要是由於心臟超聲和圖像引導治療產品組合增長放緩導致的不利產品組合。

In Personal Health, adjusted EBITA was 20%, in line with Q4 2019. Sales growth and cost savings were offset by planned higher investments in advertising. Adjusted EBITA in the fourth quarter was impacted by lower license income in the segment Other of around EUR 30 million.

在個人健康領域，調整後的 EBITA 為 20%，與 2019 年第四季度一致。銷售增長和成本節約被計劃增加的廣告投資所抵消。第四季度調整後的 EBITA 受到其他部門許可收入減少約 3000 萬歐元的影響。

We continued to relentlessly focus on driving productivity and delivered close to EUR 450 million savings in 2020 and over EUR 1.9 billion savings for the overall 2017 to 2020 period, exceeding our target of EUR 1.8 billion. At our Capital Markets Day, we provided the details around the productivity initiatives that will deliver additional cumulative net savings of EUR 2 billion by 2025 through procurement programs, supply chain productivity and overhead cost reduction.

我們繼續不懈地專注於提高生產力，並在 2020 年節省了近 4.5 億歐元，在 2017 年至 2020 年期間節省了超過 19 億歐元，超過了我們 18 億歐元的目標。在我們的資本市場日，我們提供了有關生產力計劃的詳細信息，這些計劃將通過採購計劃、供應鏈生產力和間接成本降低，到 2025 年實現額外的累計淨節省 20 億歐元。

Net income increased by 9% to 670 -- EUR 607 million in the quarter and includes a charge of EUR 144 million related to an impairment of goodwill mainly due to revisions to the financial forecast of our Personal Emergency Response System business due to lower demand.

本季度淨收入增長 9% 至 670 -- 6.07 億歐元，其中包括與商譽減值相關的 1.44 億歐元費用，這主要是由於需求下降導致我們對個人應急響應系統業務的財務預測進行了修訂。

Financial income and expenses resulted in an expense of EUR 20 million compared to EUR 57 million in Q4 2019. This decrease is mainly due to the increase in value of one of our minority participations.

財務收入和支出導致支出為 0.2 億歐元，而 2019 年第四季度為 0.57 億歐元。這一減少主要是由於我們少數股權之一的價值增加。

The adjusted diluted EPS from continuing operations increased by 13% in the fourth quarter and it was in line with 2019 for the full year.

第四季度來自持續經營業務的調整後攤薄每股收益增長了 13%，與 2019 年全年持平。

Free cash flow was an inflow of EUR 1 billion compared to EUR 959 million in Q4 2019.

自由現金流流入 10 億歐元，而 2019 年第四季度為 9.59 億歐元。

In the full year 2020, our free cash flow generation was EUR 1.852 billion as a result of strong working capital performance notably in accounts receivable. This was driven by a significant reduction of overdue receivables and a shorter collection cycle in the Connected Care businesses due to the shift in product mix. Further, in the second half of the year, we saw a higher-than-normal proportion of sales in Q3 compared to Q4, which positively contributed to the cash flow generation for the year. Free cash flow also includes over EUR 250 million inflow from the Domestic Appliances business.

2020 年全年，由於強勁的營運資本表現，尤其是應收賬款，我們的自由現金流量為 18.52 億歐元。這是由於產品組合的轉變導致 Connected Care 業務的逾期應收賬款大幅減少和收款週期縮短所致。此外，在今年下半年，我們看到與第四季度相比，第三季度的銷售額比例高於正常水平，這對當年的現金流量產生產生了積極貢獻。自由現金流還包括來自家用電器業務的超過 2.5 億歐元的流入。

Let me now provide you some guidance for certain areas of our business. In the segment Other, we expect an adjusted EBITA loss of around EUR 120 million in 2021, an improvement of EUR 25 million versus 2020, mainly due to higher license income.

現在讓我為您提供一些關於我們業務某些領域的指導。在其他部分，我們預計 2021 年調整後的 EBITA 虧損約為 1.2 億歐元，比 2020 年減少 0.25 億歐元，這主要是由於許可收入增加。

At the EBITA level, we expect a net cost of around EUR 240 million for the full year compared to EUR 262 million in 2020. This includes EUR 80 million to EUR 100 million of costs related to the separation of Domestic Appliances in 2021.

在 EBITA 層面，我們預計全年淨成本約為 2.4 億歐元，而 2020 年為 2.62 億歐元。這包括 2021 年與家用電器分離相關的 8000 萬至 1 億歐元成本。

For Q1, we expect a net cost of around EUR 65 million at the adjusted EBITA level, broadly in line with Q1 2020 and around EUR 100 million at the EBITA level. Restructuring charges are expected to be 70 to 80 basis points and acquisition-related costs to be around 100 basis points in 2021. We expect onetime EU MDR and consent decree-related costs of around EUR 40 million in the year compared to over EUR 80 million in 2020.

對於第一季度，我們預計調整後的 EBITA 水平的淨成本約為 6500 萬歐元，與 2020 年第一季度大致一致，EBITA 水平約為 1 億歐元。到 2021 年，重組費用預計為 70 至 80 個基點，與收購相關的成本約為 100 個基點。我們預計當年與歐盟 MDR 和同意令相關的成本約為 4000 萬歐元，而超過 8000 萬歐元2020年。

Financial income and expenses are expected to be a net cost of around EUR 180 million in 2021, excluding incidentals.

預計 2021 年財務收入和支出的淨成本約為 1.8 億歐元，不包括雜費。

On the topic of share buybacks, I would like to remind you that as of the end of 2020, we have completed over 50% of our EUR 1.5 billion share buyback program for capital reduction purposes that was announced in January 2019. The remaining 50% will be completed during the course of 2021.

關於股票回購，我想提醒您，截至 2020 年底，我們已完成 2019 年 1 月宣布的 15 億歐元股票回購計劃中超過 50% 的資本削減計劃。剩下的 50%將在 2021 年期間完成。

To conclude, after a challenging second quarter due to the impact of COVID-19, our performance continued to improve through the second half of the year and we delivered a Q4 with 7% sales growth, 7% order intake growth, 110 basis points adjusted margin -- EBITA margin improvement and a free cash flow of over EUR 1 billion.

總而言之，在因 COVID-19 的影響而充滿挑戰的第二季度之後，我們的業績在下半年繼續改善，我們在第四季度實現了 7% 的銷售增長，7% 的訂單增長，調整了 110 個基點保證金——EBITA 保證金改善和超過 10 億歐元的自由現金流。

For the full year, we delivered 3% comparable sales growth, 13.2% adjusted EBITA margin, a strong cash flow of EUR 1.9 billion. Moreover, driven by a 9% comparable order intake growth, we continued to gain market share in our health care businesses in 2020 and ended the year with a strong order book.

全年，我們實現了 3% 的可比銷售額增長、13.2% 的調整後 EBITA 利潤率和 19 億歐元的強勁現金流。此外，在可比訂單量增長 9% 的推動下，我們在 2020 年的醫療保健業務中繼續獲得市場份額，並以強勁的訂單結束了這一年。

We will submit a proposal for dividend of EUR 0.85 per share against the net income of 2019 in cash or shares at the option of shareholders. This is within the targeted payout ratio of 40% to 50% of continuing net income.

我們將根據股東的選擇以現金或股票的形式提交每股 0.85 歐元股息的提案。這在持續淨收入的 40% 至 50% 的目標派息率範圍內。

In 2021, we continue to see uncertainty related to COVID-19. We plan to deliver low single-digit comparable sales growth and an adjusted EBITA margin improvement of 60 to 80 basis points in this year, in line with the guidance given at the Capital Markets Day.

2021 年，我們繼續看到與 COVID-19 相關的不確定性。我們計劃在今年實現低個位數的可比銷售額增長，並將調整後的 EBITA 利潤率提高 60 至 80 個基點，以符合資本市場日給出的指導。

We expect overall sales growth to be driven by solid growth in Diagnosis & Treatment and Personal Health within our guided range of 5% to 6%. This will be partly offset by a decline in Connected Care sales in the high single-digit range. Given the comparison base of 2020, we expect overall performance to be stronger in the first half of 2021.

我們預計整體銷售額增長將受到診斷和治療以及個人健康領域在我們 5% 至 6% 指導範圍內的穩健增長的推動。這將部分被 Connected Care 銷售額在高個位數範圍內的下降所抵消。鑑於2020年的比較基數，我們預計2021年上半年整體表現會更強勁。

With that, I'm happy to take your questions along with Frans. Thank you.

有了這個，我很高興和 Frans 一起回答你的問題。謝謝。

(Operator Instructions) And we can now take our first question from Veronika Dubajova from Goldman Sachs.

（操作員說明）現在我們可以回答高盛的 Veronika Dubajova 提出的第一個問題。

I hope you're both keeping well and healthy. Just wanted to kind of dive in a little bit into the dynamics that you're seeing across the health care businesses, both for D&T and Connected Care. Just curious, Frans, Abhijit, can you discuss a little bit where the backlog stands when you look at it at the end of the fourth quarter?

我希望你們都保持健康。只是想深入了解一下您在醫療保健業務中看到的動態，包括 D&T 和 Connected Care。只是好奇，Frans，Abhijit，當你在第四季度末看到它時，你能稍微討論一下積壓情況嗎？

And I guess in the context of the current trading dynamics, it would seem to me that there should be fairly healthy backlog for both of these businesses that might imply a bit more growth than what's assumed in the guidance. So just if you can kind of walk us through your thinking on that and what are some of the risks, but also the opportunities that you see for both of these as you think about 2021.

我想在當前交易動態的背景下，在我看來，這兩項業務應該有相當健康的積壓，這可能意味著比指南中假設的增長更多一些。因此，只要您能向我們介紹一下您對此的想法以及一些風險，以及您在考慮 2021 年時看到的這兩種風險的機會。

Yes. Let me start and Abhijit can complement if I forget something. Look, I feel quite encouraged about how hospitals are looking at the future. We have seen no cancellation of orders, only some postponements. We are getting new orders, right, the 7% order intake in the fourth quarter is also a sign of confidence in the future. Those orders were partially related to Connected Care. But for example, Precision Diagnosis recorded an 8% order growth in the quarter, right, which is all looking at the future.

是的。讓我開始吧，如果我忘記了什麼，Abhijit 可以補充。看，我對醫院如何看待未來感到非常鼓舞。我們沒有看到訂單被取消，只有一些延期。我們正在獲得新訂單，對，第四季度7%的訂單量也是對未來充滿信心的標誌。這些訂單部分與 Connected Care 有關。但是比如說Precision Diagnosis，這個季度的訂單增長是8%，對吧，這都是在看未來。

We know from hospital C-suites that they are interested to expand ambulatory surgery centers, OBLs, but also invest in telehealth and remote patient monitoring, and I'm sure we'll come to talk about BioTelemetry later on, and that bodes well.

我們從醫院的最高管理層了解到，他們有興趣擴大門診手術中心、OBL，但也投資於遠程醫療和遠程患者監控，我相信我們稍後會討論 BioTelemetry，這是個好兆頭。

Also, you could say that to get 25 new strategic long-term partnerships is a validation of the Philips strategy. Hospitals want help, need help in transforming health care as they need to do more with less. They need to support more patients with stable budgets, and they realize that they need to invest in technology to do so, right. And I don't recall a quarter where we had 25 agreements in a single quarter. So it is a bit of a signal for confidence.

另外，你可以說獲得 25 個新的戰略長期合作夥伴關係是對飛利浦戰略的驗證。醫院需要幫助，需要幫助轉變醫療保健，因為他們需要事半功倍。他們需要用穩定的預算支持更多的患者，他們意識到他們需要投資技術來做到這一點，對吧。我不記得有一個季度我們在一個季度內達成了 25 項協議。所以這是一個有點信心的信號。

So -- and then on the backlog, Veronika, indeed, the order book that we have is very high partly because of the delays in installments -- installations in 2020, partly because of the new orders.

所以 - 然後是積壓，Veronika，事實上，我們的訂單非常多，部分原因是分期付款的延遲 - 2020 年的安裝，部分原因是新訂單。

And so if I would sum it all up, then we expect a strong start of the year, a strong first quarter, strong second quarter. In the first quarter, of course, the pandemic is still raging, but we will continue to deliver acute care equipment.

因此，如果我總結一下，那麼我們預計今年開局強勁，第一季度強勁，第二季度強勁。當然，在第一季度，大流行仍在肆虐，但我們將繼續提供急救設備。

We also expect that D&T, despite the pandemic, will still have a good start of the year, especially driven by Precision Diagnosis.

我們還預計，儘管大流行，但 D&T 今年仍將有一個良好的開端，尤其是在精準診斷的推動下。

Elective procedures are a risk. I think this was also picked up by the JPMorgan conference in January, where I was asked to comment on it. I think we should not take this out of context. It's pretty normal that elective procedures are rescheduled when hospitals are full of COVID patients. I would turn it around and actually say we should take some encouragement that at this time, it is only 20% to 30% down, while back in April, it was 70% down, right? So hospitals are much better able to cope with the pandemic than before. And I would also expect a quick rebound of elective procedures the moment, let's say, regions go from red to orange kind of risk status.

選擇性程序是一種風險。我認為 1 月份的摩根大通會議也提到了這一點，我被要求對此發表評論。我認為我們不應該斷章取義。當醫院裡擠滿了 COVID 患者時，重新安排擇期手術是很正常的。我會反過來說，我們應該鼓勵一下，目前只下降了 20% 到 30%，而在 4 月份，下降了 70%，對嗎？因此，醫院能夠比以前更好地應對這一流行病。而且我還預計，當地區的風險狀態從紅色變為橙色時，選修程序會迅速反彈。

Therefore, the IGT business is maybe a bit more later in the quarter showing strength, the Diagnostics and Connected Care immediately now. We also expect a good start of the year for Personal Health. Of course, there are risks. Of course, there are opportunities. Maybe I look now to my right. Abhijit, anything to add?

因此，IGT 業務可能會在本季度晚些時候顯示出實力，診斷和互聯護理現在立即出現。我們還希望今年的個人健康有一個良好的開端。當然，也有風險。當然，還有機會。也許我現在看向我的右邊。 Abhijit，有什麼要補充的嗎？

No. I think it was very comprehensive. Just for the order book, it's -- the order book itself is double-digit higher than the end of 2019. So that's also what gives us the confidence that we will start 2021 well and that growth is across, right? So Connected Care is up double-digit Precision Diagnosis, close to double-digit; and Image-Guided Therapy is a bit lower. It's still higher than the end of 2019, but it's a low single-digit growth and that's primarily because the -- of the U.S. where orders have been slow in coming. But Frans, you will remember to the end of Q3 when we were thinking that the pandemic is going to abate, the discussions around IGT rapidly picked up and then again got pushed out with the second wave. So we have good confidence that when the pandemic does abate, IGT will come back strongly.

不，我認為它非常全面。僅就訂單而言，它是 - 訂單本身比 2019 年底高出兩位數。所以這也讓我們有信心我們將在 2021 年開局良好，並且增長會持續，對吧？所以Connected Care是兩位數Precision Diagnostic，接近兩位數；而圖像引導治療則稍低一些。它仍然高於 2019 年底，但它是一個較低的個位數增長，這主要是因為 - 美國的訂單來得很慢。但是弗蘭斯，你會記得到第三季度末，當我們認為大流行病將會消退時，圍繞 IGT 的討論迅速升溫，然後又被第二波推掉了。因此，我們有信心，當大流行確實消退時，IGT 將強勢回歸。

Yes. And as some analysts noted in the commentary, of course, you then temporarily have a mix change towards diagnosis versus treatment. And that, of course, has a little bit of impact on the profitability as such, but that's all temporary. That should be a fairly comprehensive answer, Veronika.

是的。正如一些分析師在評論中指出的那樣，當然，您隨後會暫時對診斷和治療產生混合變化。當然，這對盈利能力本身有一點影響，但這都是暫時的。 Veronika，這應該是一個相當全面的答案。

I was going to say I think we've covered pretty much everything. I guess just a quick follow-up, if I can. Just looking at your guidance because obviously you guys gave that out in early November, and the world has changed a bit since then. Just curious kind of at this point in time and given where the fourth quarter came in, your degree of confidence in that guidance, has it increased or stayed the same or worsened? If you can just briefly speak to that and then I'll jump back into the queue.

我想說我認為我們已經涵蓋了幾乎所有內容。如果可以的話，我想只是快速跟進。只是看看你的指導，因為很明顯你們在 11 月初就給出了指導，從那時起世界發生了一些變化。只是好奇在這個時間點，考慮到第四季度的進展，你對該指導的信心程度，它是增加了還是保持不變還是惡化了？如果你能簡單地談談這個，然後我會跳回到隊列中。

I think it stayed the same, and I think we talked about at CMD also around risks. And then I think I flagged that if pandemic second wave would happen, that you would probably see a bit more Connected Care sales early on at the expense of elective procedures. Now that's exactly, of course, what we just discussed. But then we all expect a strong recovery later in the year of the interventional procedures.

我認為它保持不變，我認為我們在 CMD 也談到了風險。然後我想我已經指出，如果第二波大流行發生，你可能會在早期看到更多的 Connected Care 銷售，而犧牲了選擇性程序。當然，這正是我們剛才討論的內容。但隨後我們都預計在介入手術的當年晚些時候會出現強勁復甦。

So all in all, we confirm our guidance. I don't think that materially the risk has changed. And so we are off to a good start of the year. I'm reminded here by Leandro to also mention that we would see the upside -- the uptake of Sleep as the pandemic, let's say, gets more under control because there's certainly a lot of unmet needs in the sleep market.

所以總而言之，我們確認我們的指導。我不認為實質上風險已經改變。因此，我們今年開局不錯。萊安德羅在這裡提醒我還提到我們會看到好處——比方說，隨著流行病的流行，睡眠的吸收得到了更多的控制，因為睡眠市場肯定有很多未滿足的需求。

And Abhijit mentioned in his speech part that we saw good traction on the patient interface, which, of course, is a theme that is always high on your attention business as well.

Abhijit 在他的演講部分提到，我們在患者界面上看到了很好的牽引力，當然，這也是您關注業務中始終高度關注的主題。

And our next question comes from Patrick Wood from Bank of America.

我們的下一個問題來自美國銀行的帕特里克伍德。

I'll just ask my 2 upfront, if I can, please. I guess the first one would be specifically around Personal Health and the Q4 exit rate, which seemed a bit better than certainly what we were expecting. And when you think about the 2021 guide, I mean, that guide essentially implies that organically revenues are still below 2019 even adjusting for FX.

如果可以的話，我會先問問我的 2。我猜第一個是專門針對個人健康和第四季度退出率的，這似乎比我們預期的要好一些。當你想到 2021 年指南時，我的意思是，該指南本質上意味著即使針對外匯進行調整，有機收入仍低於 2019 年。

I guess why -- what is it that you're seeing that's causing you to think about worries or issues? You've got a good, full product pipeline. Everything seems to be going well. And the Q4 exit rate seems to imply a better result than that. I'm just kind of curious some of the puts and takes you're thinking of when you think about the consumer for '21. So that's the first question.

我猜為什麼——您看到的是什麼讓您考慮擔憂或問題？你有一個很好的、完整的產品管道。一切似乎都很順利。而第四季度的退出率似乎暗示著比這更好的結果。當你想到 21 世紀的消費者時，我只是有點好奇你會想到的一些看跌期權。這是第一個問題。

And the second question, obviously, even though you guys have done some interesting M&A very recently, the divestiture of DA, after that, the balance sheet should still be in very good shape by the end of this year. Just curious how you guys are thinking about capital allocation. Are you thinking about a similar sort of balance between buybacks and M&A? Or is it more weighted one way or the other? I'm just curious.

第二個問題，很明顯，即使你們最近進行了一些有趣的併購，剝離 DA，之後，到今年年底，資產負債表應該仍處於非常良好的狀態。只是好奇你們是如何考慮資本配置的。您是否正在考慮回購和併購之間的類似平衡？還是它以一種或另一種方式更重要？我只是好奇。

All right. Patrick, maybe, Abhijit, why don't you start straight away with the Q4 exit rate and the PH discussion?

好的。帕特里克，也許，阿比吉特，你為什麼不直接開始討論第四季度退出率和 PH 討論？

Yes. We've guided for 5% to 6% growth in PH for next year, which I think is a pretty good growth rate actually. And the last 2 quarters -- let's say, Q3, we had very strong growth because of Q2 decline. So we are not -- let's say, going above that at this stage would not be wise. And also the longer the pandemic continues, there will be economic impacts on people and their spending ability. So I think If we end next year with a 5% to 6% growth, that's a very healthy growth for PH, although we expect to start the first half a bit stronger.

是的。我們已經指導明年 PH 增長 5% 到 6%，我認為這實際上是一個相當不錯的增長率。在過去的兩個季度——比方說，第三季度，由於第二季度的下滑，我們實現了非常強勁的增長。所以我們不是 - 讓我們說，在這個階段超越那個是不明智的。而且大流行持續的時間越長，就會對人們及其消費能力產生經濟影響。所以我認為，如果我們明年以 5% 到 6% 的增長率結束，這對 PH 來說是一個非常健康的增長，儘管我們預計上半年會有所增長。

And then perhaps also we can link there the China performance.

然後也許我們也可以將中國的表現聯繫起來。

Yes.

是的。

So we were not very happy with the China performance in 2020.

所以我們對 2020 年在中國的表現不是很滿意。

Yes.

是的。

Right. And we are off to a good start in 2021, yes.

正確的。是的，我們在 2021 年有了一個良好的開端。

In 2021. So we had mentioned that in Q3 we had some work to do. I think most of it is now dealt with. So we will return to growth and then that gives us the confidence for a full year growth.

2021 年。所以我們提到在第三季度我們有一些工作要做。我想現在大部分都已經處理好了。所以我們將恢復增長，然後這給了我們全年增長的信心。

Yes, we don't catch up to 2019, but maybe a bit longer. And if things are all very good, then maybe there is a chance. But for now, 5% to 6% is a good guidance.

是的，我們趕不上 2019 年，但可能會更長一些。如果一切都很好，那麼也許還有機會。但就目前而言，5% 到 6% 是一個很好的指導。

And then Patrick, on the M&A question, well, we are indeed proud of a good cash generation. I think it was also about time that we were generating more cash, and yes, we have a healthy balance sheet. But that's also our policy, right? I mean we think that, that is the way to go. So we now, with BioTelemetry and Capsule, will have a significant cash outflow in the first quarter. And then as we are on schedule with DA, then Domestic Appliances then that gets replenished later in the year, expectedly in the third quarter. So then we are indeed a healthy company with a healthy balance sheet, and I like it like that.

然後帕特里克，關於併購問題，我們確實為良好的現金產生感到自豪。我認為這也是我們產生更多現金的時候了，是的，我們擁有健康的資產負債表。但這也是我們的政策，對吧？我的意思是我們認為那是要走的路。因此，我們現在憑藉 BioTelemetry 和 Capsule，將在第一季度出現大量現金流出。然後，正如我們與 DA 的計劃一樣，然後家用電器將在今年晚些時候補充，預計在第三季度補充。那麼我們確實是一家擁有健康資產負債表的健康公司，我喜歡這樣。

The capital allocation strategy remains unchanged. In a way we have discussed it also at Capital Markets Day, so it will be a combination of organic growth, M&A, continuing our dividend strategy as well as capital buybacks -- or share buybacks. So we have, I think, a healthy balance at the moment.

資金配置策略不變。在某種程度上，我們也在資本市場日討論過它，因此它將結合有機增長、併購、繼續我們的股息戰略以及資本回購——或股票回購。因此，我認為，我們目前擁有健康的平衡。

We continue to be active on the M&A front, but the plan of the 5% to 6% growth is all on the basis of organic growth. Therefore, we will be selective on M&A only when it strengthens our core business and it has a good return path, will we consider it. On the 2 examples that we discussed earlier, BioTelemetry and Capsule will both be accretive in -- to growth and EBITA in 2021. Of course, they are not part of the comparable reporting because Abhijit always takes everything out for a 12 months horizon.

我們繼續在併購方面保持活躍，但 5% 到 6% 的增長計劃都是建立在有機增長的基礎上的。因此，我們會選擇性地進行併購，只有當它加強了我們的核心業務並且有良好的回報路徑時，我們才會考慮。在我們之前討論的兩個例子中，BioTelemetry 和 Capsule 都將在 2021 年實現增長和 EBITA。當然，它們不屬於可比報告的一部分，因為 Abhijit 總是在 12 個月的時間範圍內剔除所有內容。

Next question comes from Michael Jungling from Morgan Stanley.

下一個問題來自摩根士丹利的 Michael Jungling。

I have 2 questions. I'll ask them upfront, if you don't mind. Firstly, on Domestic Appliances, are you able to provide some more insights into the cost synergies coming from the sale of Domestic Appliances? You threw a lot of numbers at us at the call and I think I missed some, apologies for that, but just a reminder of the magnitude of these cost synergies and how you will treat them in terms of are they recurring costs in the way that you will disclose them? Or are they going to be recorded as ongoing restructuring costs for a number of years until you're able to somehow get rid of them?

我有兩個問題。如果你不介意的話，我會提前問他們。首先，關於家用電器，您能否就家用電器銷售帶來的成本協同效應提供更多見解？您在電話會議上向我們提供了很多數字，我想我漏掉了一些，對此深表歉意，但只是提醒您這些成本協同效應的重要性，以及您將如何根據它們的經常性成本來對待它們你會透露他們嗎？或者它們是否會被記錄為多年的持續重組成本，直到您能夠以某種方式擺脫它們？

And then, secondly, on the marketing and sales budget, in light of the COVID-19 restriction sort of continuing at a high level, are you intending to sort of rework your budgets giving sort of a 2021 opportunity to over deliver on your margin expansion targets of 60 to 80 basis points on less travel, et cetera, that's perhaps a different situation than when you first guided for 2021 back in November?

然後，其次，在營銷和銷售預算方面，鑑於 COVID-19 限制一直處於高位，您是否打算重新制定預算，從而在 2021 年有機會超額實現利潤率擴張減少旅行等 60 到 80 個基點的目標，這可能與您在 11 月首次指導 2021 年時的情況不同？

So Michael, let me take the first part on the dis-synergies coming from DA. In the past, for Lighting and other businesses, we don't adjust it out so that remains part of the P&L. We expect that to be, let's say, over a 2-year period, normally between 2 to 2.5 years, we reduce that cost because that's the time it takes also to wind down that activity. So again, it remains part of the adjusted EBITA and will be, let's say, dealt with or removed over a 2-, 2.5-year period.

所以邁克爾，讓我先談談來自 DA 的協同效應。過去，對於照明和其他業務，我們不會對其進行調整，因此它仍然是損益表的一部分。我們預計，比方說，在 2 年期間，通常在 2 到 2.5 年之間，我們會降低成本，因為這也是結束該活動所需的時間。因此，它仍然是調整後 EBITA 的一部分，比方說，將在 2 年、2.5 年的時間內處理或刪除。

Moving to the sales and marketing, maybe?

轉向銷售和市場營銷，也許？

Yes. So let's say, we have a marketing transformation ongoing. That marketing transformation is aimed at raising our advertising budget and proportional spend, which we think is a structural matter because of the higher proportion of online sales and our desire to have a deeper consumer engagement. So we think that investing more in advertising is a good thing.

是的。比方說，我們正在進行營銷轉型。這種營銷轉型旨在提高我們的廣告預算和支出比例，我們認為這是一個結構性問題，因為在線銷售比例更高，而且我們希望有更深入的消費者參與。所以我們認為在廣告上投入更多是一件好事。

Now we are, at the same time, transforming our fixed selling expenses. We will reduce that as we are more targeted -- targeting the online market where there is a higher customer concentration, and we can leverage more also online B2B portals for what you can call the long tail of traditional retailers.

現在，我們正在同時改變我們的固定銷售費用。我們將減少這一點，因為我們更有針對性——瞄準客戶集中度更高的在線市場，我們可以利用更多的在線 B2B 門戶網站，你可以稱之為傳統零售商的長尾。

So all together, marketing and sales will become more efficient, also more effective. It should help us generate a higher growth rate and eventually then the operating leverage. So then eventually, you will, I think, see that margin expansion, but it is not just by cutting the budget. It is more by changing the budget mix.

因此，總的來說，營銷和銷售將變得更有效率，也更有效。它應該幫助我們產生更高的增長率，並最終產生經營槓桿。所以最終，我認為，你會看到利潤率的增長，但這不僅僅是通過削減預算。更多的是通過改變預算組合。

The travel expense is an interesting question. We are striving to keep travel lower than the 2019 levels. Of course, at this time, nobody is traveling, but anyway structurally. If we succeed in that longer term, then it will disproportionately benefit our health systems businesses, more than only the Personal Health business because the travel rate in health systems was certainly more intense than on the Personal Health side. The -- at this time, we are not changing our guidance of the 60 to 80 basis points, right? I mean you can definitely identify opportunities to save such as in travel, but there is also areas where we may need to adapt.

差旅費是一個有趣的問題。我們正在努力將旅行保持在低於 2019 年的水平。當然，目前沒有人在旅行，但無論如何都是結構性的。如果我們在長期內取得成功，那麼它將不成比例地有利於我們的衛生系統業務，而不僅僅是個人健康業務，因為衛生系統的旅行率肯定比個人健康方面的差旅率更高。 --此時，我們不會改變我們對 60 到 80 個基點的指導，對嗎？我的意思是你絕對可以找到節省的機會，比如在旅行中，但也有一些我們可能需要適應的領域。

And then maybe interesting comment related to the area and that is how we engage with customers, we do that increasingly through virtual means, not only for marketing and sales, but also for service. We find that remote service works very well and that we can also then do data analytics on all of that. So it's also something to stay. So also on that area, on the service area, we expect eventually productivity gains.

然後可能與該地區相關的有趣評論，這就是我們與客戶互動的方式，我們越來越多地通過虛擬方式來做到這一點，不僅用於營銷和銷售，還用於服務。我們發現遠程服務效果很好，然後我們還可以對所有這些進行數據分析。所以它也是留下來的東西。因此，在那個領域，在服務領域，我們預計最終會提高生產力。

Michael -- yes, go ahead.

邁克爾——是的，請繼續。

Just going to ask Abhijit just on the 60 to 80 basis points of margin improvement this year, is it more likely that we'll see upside than downside from lower spend on sales and marketing? Is that the right way of looking about it? Or will you just reinvest whatever is on top because of the restrictions that we're facing today, meaning less travel, et cetera? Just some clarity on that.

就今年利潤率提高 60 到 80 個基點問 Abhijit，我們是否更有可能看到銷售和營銷支出減少帶來的好處而不是壞處？這是看待它的正確方式嗎？還是因為我們今天面臨的限制，意味著減少旅行，等等，你會把最重要的東西再投資嗎？只是澄清一下。

Look, Michael, the guidance is 60 to 80, right? We are -- today, on the 25th of January, we have 11 months and more to go through a fairly turbulent time. So I think we are not going to now start speculating whether it's upper or lower.

看，邁克爾，指導是 60 到 80，對嗎？我們——今天，也就是 1 月 25 日，我們有 11 個月甚至更長時間來度過一段相當動蕩的時期。所以我認為我們現在不會開始猜測它是高還是低。

In terms of our overall plan, it is to drive growth from 2022 onwards. So whatever we need to invest to drive that growth we have planned for that. If things turn very positive, it doesn't mean that we will -- whatever extra margin we make, we are going to simply reinvest. So we have plans to make our growth for next year, and that's all well funded within the 60 to 80 basis points profit improvement.

從我們的整體規劃來看，就是從2022年開始，推動增長。因此，無論我們需要投資什麼來推動我們已經計劃好的增長。如果事情變得非常積極，這並不意味著我們會——無論我們賺到多少額外利潤，我們都會簡單地進行再投資。因此，我們有計劃實現明年的增長，並且在 60 到 80 個基點的利潤改善範圍內都有充足的資金。

Our next question comes from Hassan Al-Wakeel from Barclays.

我們的下一個問題來自巴克萊銀行的 Hassan Al-Wakeel。

I have a couple, please. You talked about gaining share in the health care business. Could you expand on the dynamics within D&T and which modalities and products you feel are the most significant drivers of this?

我有一對，請。你談到了在醫療保健業務中獲得份額。您能否擴展 D&T 內部的動態以及您認為哪些模式和產品是最重要的驅動因素？

And then secondly, on the Sleep business, could you talk about the performance here and the degree to which you have seen an improvement in new patients?

其次，關於睡眠業務，您能否談談這裡的表現以及您看到新患者改善的程度？

Yes. In our calculations and data sources, we have gained market share in Diagnosis & Treatment and in Connected Care. So that's good news. And in Connected Care, it was partly our ability to, let's say, ramp up in acute care equipment. But also structurally, in especially monitoring, you see hospitals standardize on one architecture, on one standard, and increasingly, we see enterprise-wide agreements coming through and where, given our strength of the portfolio, we are often the winner. And now that we are further strengthening the out-of-hospital monitoring, which will seamlessly integrate with the in-hospital monitoring architecture, I think you can expect or at least we target to further drive that -- those kind of share gains.

是的。在我們的計算和數據來源中，我們在診斷和治療以及 Connected Care 領域獲得了市場份額。所以這是個好消息。在 Connected Care 中，這在一定程度上是我們能夠提高急救設備的能力。但在結構上，尤其是在監控方面，你會看到醫院在一種架構、一種標准上進行標準化，而且越來越多地，我們看到企業範圍內的協議正在通過，而鑑於我們的產品組合實力，我們往往是贏家。現在我們正在進一步加強院外監測，它將與院內監測架構無縫集成，我認為你可以期待或者至少我們的目標是進一步推動這一點——那種份額的增長。

If I then pivot to Diagnosis for a moment, I feel that thanks to the renewal of the portfolio that we have a very strong portfolio. We have -- of course, the MR market was down last year But in that down market, we gained share basically in all geographies. And it comes on the back of innovations such as the sealed magnet, the helium-free operation, but also innovations like Compressed SENSE and the in-bore camera function to apply AI to the image acquisition. The speed of our MR, thanks to Compressed SENSE whereby you can reduce the scan time by 40% to 50% is a very well-received innovation.

如果我接下來暫時轉向診斷，我覺得由於產品組合的更新，我們擁有非常強大的產品組合。我們——當然，去年 MR 市場不景氣，但在那個低迷的市場中，我們基本上在所有地區都獲得了份額。它的背後是密封磁鐵、無氦操作等創新，以及 Compressed SENSE 和孔內攝像頭功能等創新，可將 AI 應用於圖像採集。我們 MR 的速度，得益於 Compressed SENSE，您可以將掃描時間減少 40% 到 50%，這是一項非常受歡迎的創新。

On the CT side, I'm really pleased to see that from a reputation point of view and a competitive point of view, we are fully accepted now. So the Cleveland era is behind us. We see market share gains ranging from the United States to China, where we are performing very well with our CT portfolio.

在CT方面，我真的很高興看到，從聲譽的角度和競爭的角度來看，我們現在被完全接受了。所以克利夫蘭時代已經過去了。我們看到從美國到中國的市場份額都在增加，我們的 CT 產品組合在這些地方表現非常出色。

Ultrasound, we go from strength to strength. In cardiovascular, of course, where we are the market leader, it's s going very well. We did see a bit of dynamics in 2020 from the mix shift between point-of-care ultrasound and general ultrasound versus cardiovascular that was obviously less prioritized by hospitals. But we expect also in 2021 that our strong portfolio will be having a lot of traction.

超聲，我們不斷壯大。當然，在心血管領域，我們是市場領導者，進展順利。我們確實在 2020 年看到了一些動態，從床旁超聲和普通超聲與心血管疾病之間的混合轉變來看，醫院顯然不太重視心血管疾病。但我們還預計，到 2021 年，我們強大的投資組合將產生很大的吸引力。

Also there, applying AI is very well received, which aids the confidence of the sonographer and even allows for less trained sonographers to still do a very confident diagnosis.

此外，人工智能的應用也很受歡迎，這有助於增強超聲技師的信心，甚至可以讓受過較少訓練的超聲技師仍然做出非常自信的診斷。

If I then switch to Enterprise Informatics, the Carestream acquisition is really doing fantastic. We saw strong order growth in the fourth quarter. The integration between our traditional eyesight packs and the Carestream packs, we have a very good evolution path for our existing customers, whereas we are also winning net new names into the franchise. So that looks good.

如果我隨後轉向企業信息學，Carestream 的收購真的很棒。我們在第四季度看到了強勁的訂單增長。我們的傳統視力包和 Carestream 包之間的集成，我們為現有客戶提供了一條非常好的發展路徑，同時我們也為特許經營贏得了淨新名稱。所以看起來不錯。

And then finalizing with Image-Guided Therapy. We continue on our strategy to innovate the procedure. This resonates very well with the interventionist doing more patients in the day, doing it more confidently, doing it more efficiently is exactly what they need. Azurion's upgrades are helping us to continue to gain market share. And then on the devices side, we are running very well with differentiating devices.

然後以圖像引導療法完成。我們繼續實施創新程序的戰略。這與乾預人員在一天中為更多患者做的事情產生了很好的共鳴，更自信地做事，更有效地做事正是他們所需要的。 Azurion 的升級正在幫助我們繼續獲得市場份額。然後在設備方面，我們在差異化設備方面運行良好。

I made a passing statement with regards to the safety study that is now -- has now completed its fifth year. We are under NDA and the results will only be published at 1:00 today, but I am authorized to tell you that they are very positive for us. And that also lends us to make a statement that we expect, relative to competitors, that Stellarex will continue to gain in traction. I also see intervention is becoming more comfortable regardless of what the FDA kind of publishes to use Stellarex. And the longer balloon makes it also an economically attractive or more attractive solution.

我對現在的安全研究作了一個簡短的聲明 - 現在已經完成了第五個年頭。我們處於 NDA 之下，結果只會在今天 1:00 公佈，但我有權告訴你，它們對我們來說非常積極。這也讓我們可以發表聲明，我們預計，相對於競爭對手，Stellarex 將繼續受到關注。我還看到，無論 FDA 發布何種使用 Stellarex 的文章，干預都變得更加舒適。並且更長的球囊使其在經濟上也具有吸引力或更有吸引力的解決方案。

So if that's basically a view of the horizon, Hassan, I think these are all drivers for continued market share gain.

因此，如果這基本上是一個前景，Hassan，我認為這些都是市場份額持續增長的驅動因素。

And maybe finishing off on China because there it's not just innovation that plays a role, but also geopolitics, right? Last year, we talked a couple of times about what about the locals, but the fact that we had strong double-digit order growth in China in the D&T area just also shows that we are navigating that kind of local presence thing quite well.

也許在中國結束，因為它不僅在創新中發揮作用，而且還有地緣政治，對吧？去年，我們談過幾次關於當地人的事情，但事實上我們在中國 D&T 領域的訂單增長強勁，兩位數也表明我們在處理當地業務方面做得很好。

Then on the Sleep business, not -- you asked, are new patients coming in? Well, the sleep centers are still mostly closed. And therefore, patient diagnostics in the sleep centers is difficult. However, we have launched remote diagnostic and home sleep tests. We have also launched the remote fitting of the mask using mobile phone photography, which is then interpreted through AI to kind of recommend a perfectly fitting mask. Then it gives us confidence that we can compete well in Sleep. We also feel that we are now at least on par with our competitor on the Carestream orchestrator, the informatics ecosystem for sleep. And so we feel that we are well set up for sleep in 2021. Abhijit, do you want to...

然後在睡眠業務上，不是——你問過，有新病人進來嗎？好吧，睡眠中心大部分仍然關閉。因此，睡眠中心的患者診斷很困難。但是，我們已經啟動了遠程診斷和家庭睡眠測試。我們還推出了手機拍照遠程試戴口罩，再通過AI解讀，推荐一款完美貼合的口罩。然後它讓我們相信我們可以在睡眠中很好地競爭。我們還認為，我們現在至少在 Carestream orchestrator（睡眠信息學生態系統）方面與我們的競爭對手不相上下。所以我們覺得我們已經為 2021 年的睡眠做好了準備。Abhijit，你想...

Yes. Maybe we see the pickup coming. So Q2, Q3, we had double-digit decline. So we have now -- Q4 was flat year-on-year. So procedure volumes or new patient volumes are around 70% to 80% of what they were pre-COVID. But as Frans mentioned, the masks or patient interface, as we call it, has shown good growth, which brings us to flat for the quarter, which is pretty good.

是的。也許我們看到皮卡來了。所以第二季度，第三季度，我們出現了兩位數的下降。所以我們現在 - 第四季度同比持平。因此，手術量或新患者量約為 COVID 前的 70% 至 80%。但正如 Frans 提到的那樣，我們稱之為面罩或患者界面已經顯示出良好的增長，這使我們在本季度持平，這非常好。

And in terms of share, we believe also in North America and international markets, we have made good progress in gaining share there.

就份額而言，我們也相信在北美和國際市場，我們在獲得份額方面取得了良好進展。

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

我們現在可以接受來自摩根大通的 David Adlington 的下一個問題。

So I just wanted to get your thoughts on the pricing environment, both across your hospital exposed franchises and your personal health care franchises. Just wondering if you're seeing or expecting any change to the pricing environment.

所以我只想了解您對定價環境的看法，包括您的醫院公開特許經營權和您的個人醫療保健特許經營權。只是想知道您是否看到或期望定價環境發生任何變化。

We expect it to be the same. And so in the investor deck, you have the standard page, the bridge that kind of talks about the normalized, Abhijit?

我們希望它是一樣的。所以在投資者甲板上，你有標準頁面，談論規範化的橋樑，Abhijit？

Yes. We normally talk to about a 1% price erosion in a year. And as Frans said, we don't expect anything different from that.

是的。我們通常談論一年內價格下跌 1%。正如 Frans 所說，我們預計不會有任何不同。

And then, of course, there are the occasional kind of bulk tenders, whether it's Russia or China, where people buy higher volumes. But then that is offset by add-on sales afterwards and/or, let's say, the efficiency of serving those customers, and therefore, it would not lead to a stronger or, let's say, an impact on profitability. So overall, I feel confident that we should not expect anything extraordinary on the pricing front.

然後，當然，偶爾會有批量招標，無論是俄羅斯還是中國，人們購買的數量更多。但這隨後被附加銷售和/或比方說為這些客戶提供服務的效率所抵消，因此，它不會導致更強的影響，或者比方說，對盈利能力的影響。所以總的來說，我有信心我們不應該期望在定價方面有什麼特別之處。

Now on the Personal Health side, we basically have not experienced price erosion there because it's always offset by new product introductions that keep us whole on the margin. We are now adding both in Male Grooming and in Oral care, also products in the lower-priced segments, like the Shaver 1000 that I referred to in the introductory speech or the Philips One by Sonicare, which is entry level.

現在在個人健康方面，我們基本上沒有經歷過價格下跌，因為它總是被新產品的推出所抵消，使我們處於整體邊緣。我們現在在男性美容和口腔護理領域都添加了低價產品，例如我在介紹性演講中提到的 Shaver 1000 或入門級 Sonicare 的飛利浦 One。

But those are all add-ons to the existing portfolio and lead us to bring new users into the franchise. And also there, it's not a pricing effect on the existing portfolio. It's just a product line extension and it leads to new customers coming in. So it will also not have a negative effect on margins.

但這些都是現有產品組合的附加組件，並引導我們將新用戶帶入特許經營權。而且，這不是對現有投資組合的定價影響。這只是產品線的延伸，它會帶來新客戶。因此它也不會對利潤率產生負面影響。

Next question comes from Scott Bardo from Berenberg.

下一個問題來自 Berenberg 的 Scott Bardo。

Two upfront then, please. Obviously, pleasing to see some strong dynamics for your long-term enterprise partnerships this quarter. Our own survey work suggests that appetite for these sorts of contracts has been growing throughout the COVID crisis. I wonder if you could share your views on whether you think that's the case or whether this is simply a one-off or company-specific phenomenon that we see in the fourth quarter. So I'd be interested to hear your thoughts are, please, Frans.

那麼請先預付兩份。顯然，很高興看到本季度您的長期企業合作夥伴關係出現一些強勁的動力。我們自己的調查工作表明，在整個 COVID 危機期間，對這類合同的興趣一直在增長。我想知道您是否可以就您是否認為是這種情況或者這是否只是我們在第四季度看到的一次性或公司特定現象分享您的看法。所以我很想听聽您的想法，拜託，Frans。

And second question for Abhijit, please. Free cash flow of close to EUR 1.9 billion, very good this year, particularly in light of your 2025 guidance of over EUR 2 billion. So I wonder, Abhijit, can you help us understand throughout 2021, is it likely that we see some correction or some lower free cash flow dynamics for the group as compared to what seems a relatively high watermark in 2020?

第二個問題，請問 Abhijit。自由現金流接近 19 億歐元，今年非常好，特別是考慮到您 2025 年超過 20 億歐元的指導。所以我想知道，Abhijit，你能否幫助我們了解整個 2021 年，與 2020 年看似相對較高的水位線相比，我們是否有可能看到該集團的一些修正或較低的自由現金流動態？

Scott, the -- I would agree with you that there is growing appetite or, let's call it, a growing realization by hospitals, especially the larger chains that are run by a C-suite that they need to make a change to their procurement strategies.

斯科特，我同意你的看法，醫院越來越有興趣，或者我們可以稱之為，越來越意識到他們需要改變採購策略，尤其是由最高管理層運營的大型連鎖店.

Historically, many suppliers, all with point solutions or -- that are not integrating, that doesn't lead to the breakthroughs in results that these hospitals need. I mean, yes, they can put pricing pressure by that approach, but they cannot get the necessary support in their transformation. And I think they realized that in the -- during the crisis that their largest suppliers were much better able to take them through the crisis. For example, I've been receiving complements from hospital CEOs on how we have stood up during the crisis. We're creative with solutions. For example, we realized remote COVID patient monitoring so that patients could be discharged faster while the hospital kept them into site. So that agility and that resourcefulness doesn't come through if you have a classical procurement strategy because you don't even get to the activity necessarily of the solution.

從歷史上看，許多供應商都採用點解決方案，或者 - 沒有集成，不會導致這些醫院需要的結果取得突破。我的意思是，是的，他們可以通過這種方式施加定價壓力，但他們無法在轉型中獲得必要的支持。我認為他們意識到，在危機期間，他們最大的供應商能夠更好地幫助他們度過危機。例如，我一直收到醫院首席執行官關於我們如何在危機中挺身而出的補充。我們在解決方案方面富有創意。例如，我們實現了遠程 COVID 患者監控，以便在醫院將患者留在現場時，患者可以更快地出院。所以如果你有一個經典的採購策略，那麼敏捷和足智多謀就不會實現，因為你甚至沒有參與到解決方案的必要活動中。

So I would agree with you, there is, across the board, a general growing appetite and I think that's a good thing.

所以我同意你的看法，總體而言，胃口普遍增長，我認為這是一件好事。

Within that, I think Philips is better positioned than our competitors because we have been going at this for 5, 6, 7 years and we have a clear strategy of integrating technology across the different functional silos of a hospital. We are strong in health care informatics. We are strong in workflow optimization. We are strong in analytics of care processes. We have now fleet management solutions. So we can bring a whole arsenal of weapons to the game whereas some of our competitors are still much more traditional in their equipment focus as opposed to solutions focus.

在這方面，我認為飛利浦比我們的競爭對手更有優勢，因為我們已經在這方面進行了 5、6、7 年，並且我們有一個明確的戰略，將技術整合到醫院的不同職能孤島中。我們在醫療保健信息學方面很強大。我們擅長工作流程優化。我們擅長分析護理流程。我們現在有車隊管理解決方案。因此，我們可以將一整套武器庫帶入遊戲，而我們的一些競爭對手在設備重點方面仍然更加傳統，而不是解決方案重點。

So let the results be the judge of this, but I feel good about the ongoing strategy. In fact, today, we are going to send out the first win of the year already with regards to the next LSP that we have just signed. So it's going to be good.

因此，讓結果來判斷這一點，但我對正在進行的戰略感到滿意。事實上，今天，我們將就我們剛剛簽署的下一個 LSP 發出今年的第一場胜利。所以它會很好。

On your cash flow question, Abhijit, over to you.

關於你的現金流量問題，Abhijit，交給你了。

Ye. So Scott, on the cash flow, so we have EUR 1.85 billion. Let's say about more than EUR 250 million of that is for DA. So if you take that out because that's not going to be there going forward, we will be around the EUR 1.6 billion then I mentioned a few things, right? We have reduced our overdues this year with many, many actions by about EUR 150 million so that, of course, will not repeat every year. And then we had a phasing benefit as well as a benefit because we had much larger Connected Care sales where the receivables came in earlier or it has a shorter payment cycle than the Diagnosis & Treatment part. That's another couple of hundred million.

呀。所以斯科特，關於現金流，我們有 18.5 億歐元。假設其中超過 2.5 億歐元用於 DA。因此，如果你把它去掉，因為它不會繼續存在，我們將在 16 億歐元左右，然後我提到了一些事情，對嗎？今年，我們通過許多行動減少了約 1.5 億歐元的逾期欠款，當然，這不會每年重複。然後我們獲得了分階段收益和收益，因為我們有更大的 Connected Care 銷售額，其中應收賬款更早出現，或者付款週期比診斷和治療部分更短。那又是幾億。

So as I had mentioned right at the start of 2020, between 2020 and 2021, there will be flux. We were -- I think we did well that we did a big collection this year, so excluding DA around EUR 1.6 billion, and we are still aiming to be, let's say, around the EUR 3 billion cash flow over the 2 years of 2020 and 2021. So this year, a bit higher; next year, a bit lower. But overall, still on an average EUR 1.5 billion excluding DA, which is a very, very strong performance.

因此，正如我在 2020 年初提到的那樣，在 2020 年到 2021 年之間，將會有變化。我們 - 我認為我們做得很好，我們今年進行了大量收款，因此不包括約 16 億歐元的 DA，我們的目標仍然是，比方說，在 2020 年的 2 年內實現約 30 億歐元的現金流和 2021 年。所以今年，更高一點；明年，低一點。但總體而言，不包括 DA，平均仍為 15 億歐元，這是非常非常強勁的表現。

Next question comes from Lisa Clive from Bernstein.

下一個問題來自 Bernstein 的 Lisa Clive。

Two questions. Just first, Abhijit, thanks for the detailed guidance on the Other category. Just given your comments that the cost synergies for the sale of DA remain in your adjusted EBITA figures, can we assume that the specific items you mentioned that will add to the cost in the Other category for DA for the separation are fully one-off in 2021 and that the cost thus in the future years will be lower, obviously barring any future one-off costs?

兩個問題。首先，Abhijit，感謝您對其他類別的詳細指導。鑑於您的意見，即出售 DA 的成本協同效應仍保留在您調整後的 EBITA 數字中，我們是否可以假設您提到的將添加到 DA 的其他類別中用於分離的成本的特定項目完全是一次性的2021 年，因此未來幾年的成本會更低，顯然除非未來有任何一次性成本？

And then also just a small follow-up on that. The weaker performance in the Other category in Q4, is this just a timing issue where Q1 will be higher?

然後也只是一個小的跟進。 Q4 其他類別的表現較弱，這只是一個時間問題，Q1 會更高嗎？

And then second topic, just on China, can you remind us of the impact of the current tariffs excluding DA? And if the tariffs were reversed, would all of this come back? Or are some of the mitigation strategies that you put in place more permanent? I suppose just giving us a net impact would be helpful.

然後第二個話題，關於中國，你能提醒我們當前關稅不包括 DA 的影響嗎？如果取消關稅，這一切會回來嗎？或者您實施的一些緩解策略是否更持久？我想只要給我們一個淨影響就會有所幫助。

Okay. The first one was the cost in Other for the DA separation, that is a onetime. So once the separation is done, that cost will stop.

好的。第一個是 DA 分離的 Other 成本，即一次性成本。因此，一旦分離完成，該成本就會停止。

The second was in HealthTech Other, the license income that moved from Q4, yes, that is a timing issue. So there were a couple of deals that we were going to -- we were hoping to settle in Q4, which didn't happen so that should come this year.

第二個是 HealthTech Other，從第四季度開始的許可收入，是的，這是一個時間問題。因此，我們打算進行幾筆交易——我們希望在第四季度結算，但這並沒有發生，所以今年應該會發生。

But not necessarily in Q1, right? It's not a miss of a week. So it will come later in the year.

但不一定在Q1，對吧？這不是一個星期的錯過。所以它會在今年晚些時候到來。

Exactly. And your third question, could you repeat that?

確切地。第三個問題，你能再說一遍嗎？

China tariffs.

中國關稅。

Yes, China tariff impact.

是的，中國關稅的影響。

So let's say, we have -- the gross impact of the tariffs were substantial. We have mitigated that down to a level of around EUR 25 million. If for some -- if tariffs are rolled back, then that should be a net positive for us. However, I don't see that happening anytime soon, right? So it's an area to continue to watch. And we have now made the changes to the supply chain to mitigate some of this. There's no expectation that we would roll back those measures anytime soon.

所以可以說，我們有 - 關稅的總影響是巨大的。我們已將其減少到約 2500 萬歐元的水平。如果對某些人來說——如果關稅被回滾，那對我們來說應該是一個淨積極因素。但是，我認為這不會很快發生，對吧？因此，這是一個需要繼續關注的領域。我們現在已經對供應鏈進行了更改以減輕其中的一些影響。我們不會很快取消這些措施。

It remains current.

它仍然是最新的。

Next question comes from Julien Dormois from Exane.

下一個問題來自 Exane 的 Julien Dormois。

I also have two. So the first one is a broad question. You've mentioned that hospitals need to do more with stable budget. But based on the discussion with the C-suites, do you get any anecdotal evidence or early signals that the hospitals are actually becoming more optimistic about getting higher budget in the future, and that is obviously in the context of the serious money that could be spread in the coming years in Europe and in the U.S.

我也有兩個。所以第一個是一個廣泛的問題。你提到醫院需要在穩定的預算下做更多的事情。但是根據與最高管理層的討論，你是否得到任何軼事證據或早期信號表明醫院實際上對未來獲得更高預算變得更加樂觀，這顯然是在可能需要大量資金的情況下未來幾年在歐洲和美國傳播

And the second question is on the Oral Healthcare business. If I'm right, you've seen broadly flat sales in absolute terms in that business in 2015 and we've seen pretty significant yearly variations in that line of business. So how do you see this division going forward? Is this still part of your -- of the core business of Philips? And do you see that as a potential drag on your ambitions to accelerate sales growth 2% to 5%, 6%?

第二個問題是關於口腔保健業務。如果我是對的，你會看到 2015 年該業務的絕對銷售額大致持平，而且我們看到該業務線的年度變化非常顯著。那麼你如何看待這個部門的發展呢？這仍然是飛利浦核心業務的一部分嗎？您是否認為這會拖累您將銷售額增長 2% 至 5%、6% 的目標？

Yes. The sentiment in hospitals, I would say, yes, it has become a bit more optimistic because in many countries in the world, there is a backstop for the losses that they have incurred as they focused on COVID. Of course, the scheme in which that is done differs by country. Sometimes it's the insurance companies, sometimes it is the governments themselves. But I think, largely, you will see that hospitals are going to be compensated for the cost that they have incurred. That would then also suggest that in many countries, the hospitals are not impaired for future investments. And I think that statement would then correlate with the higher order intake already in Q4, for example, diagnosis.

是的。醫院的情緒，我想說，是的，它變得更加樂觀，因為在世界上許多國家，他們在專注於 COVID 時所遭受的損失都有保障。當然，這樣做的方案因國家/地區而異。有時是保險公司，有時是政府本身。但我認為，在很大程度上，你會看到醫院將對其所產生的成本進行補償。這也表明，在許多國家，醫院不會因未來投資而受損。而且我認為該聲明將與第四季度已經存在的更高階攝入量相關聯，例如診斷。

I do think that there will be some shift in priority. What I hear is that the word productivity is very high on the priority list of hospitals. So unlocking that and having a business -- every investment needs to have a business case that generates that return. I think you will see less capital expenditure just for, oh, I need to have this state-of-the-art piece of technology and it doesn't matter what it costs. I think that is going to be under pressure. But that is not our business. Our business is very much where we can provide the health economic evidence that results can be obtained.

我確實認為優先級會發生一些變化。我聽到的是，生產力這個詞在醫院的優先列表中名列前茅。因此，打開它並開展業務——每項投資都需要有一個產生該回報的業務案例。我想你會看到更少的資本支出只是因為，哦，我需要擁有這項最先進的技術，而它的成本並不重要。我認為這將面臨壓力。但這不關我們的事。我們的業務非常重要，我們可以提供可以取得結果的健康經濟證據。

The hospitals are also talking about doing more on care management, care orchestration both in and outside of the hospital because that's what they need for productivity gains for remote patient engagement. Telehealth will become structurally much more on the forefront also because reimbursement is now in place in more countries on a structural basis. So I think you will be able to see that evolve. So that is, I think, what explains the somewhat better -- or somewhat higher optimism.

醫院還在討論在醫院內外的護理管理和護理編排方面做更多工作，因為這是他們提高遠程患者參與的生產力所需要的。遠程醫療在結構上將更加走在前列，因為現在有更多國家在結構性基礎上實施報銷。所以我認為你將能夠看到它的發展。所以，我認為，是什麼解釋了更好的——或更高的樂觀情緒。

On Oral care, look, we have had a tremendous ride with Oral Healthcare. We are not completely satisfied with our performance in the last quarter where we saw a negative growth in China. But that was on the back of strong double-digit growth in Q4 2019. And with the new product launches, with the expansion into other price segments, we expect to see strong performance in 2021.

在口腔護理方面，看，我們在口腔保健方面取得了巨大進步。我們對上個季度在中國出現負增長的表現並不完全滿意。但這是在 2019 年第四季度強勁的兩位數增長的支持下。隨著新產品的推出，以及向其他價格段的擴張，我們預計 2021 年將有強勁的表現。

We see Oral Healthcare is core of our portfolio. We have absolutely no intentions whatsoever to even think about not having that in our portfolio. And we see also an increasing interest from insurance companies, from integrated delivery networks in what consumers do at home, right, because behavioral health -- I mean personal health and the behavior, it all correlates. And in fact, Philips strategy to be both in professional health care and in consumer or personal health is something that is increasingly recognized as very important. It's a skill base that I value, that I would admit we can still build further integration as we go forward, but it's certainly something that we are working very hard on.

我們認為口腔保健是我們產品組合的核心。我們絕對沒有任何打算甚至考慮在我們的投資組合中不包含它。我們還看到保險公司、綜合交付網絡對消費者在家做什麼的興趣越來越大，因為行為健康——我的意思是個人健康和行為，這一切都是相關的。事實上，飛利浦在專業醫療保健和消費者或個人健康領域的戰略越來越被認為是非常重要的。這是我重視的技能基礎，我承認我們在前進的過程中仍然可以建立進一步的整合，但這肯定是我們正在非常努力的事情。

Our next question comes from Falko Friedrichs from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Falko Friedrichs。

I have 2 questions, please. Firstly, have you been able to secure all the service contracts for all the new ventilator sales you realized last year?

我有 2 個問題，請。首先，您是否能夠獲得去年實現的所有新呼吸機銷售的所有服務合同？

And then secondly, on BioTelemetry and this overall trend of moving monitoring outside of the hospital, now that appears to be a pretty interesting space for the bigger technology companies of this world as well, the Apples and the like. What is your view on the developments here? And could those big technology companies become a threat over the next 3 years? Or is there even a possibility for some early partnerships? Any thoughts here would be appreciated.

其次，關於生物遙測和將監測轉移到醫院以外的總體趨勢，現在對於這個世界上更大的科技公司、蘋果公司等來說，這似乎是一個非常有趣的空間。您對這裡的發展有何看法？這些大型科技公司能否在未來 3 年內成為威脅？或者是否有可能建立一些早期的合作夥伴關係？這裡的任何想法將不勝感激。

Yes. We are working very hard to secure service contracts for this vast installed base that is now in place. We also are working with governments who have stockpile programs to remind them that just having it in the stockpile is not a recipe for success, you need to maintain it. I think this was a lesson also observed in the United States.

是的。我們正在非常努力地為這個已經到位的龐大安裝基礎爭取服務合同。我們還與擁有儲備計劃的政府合作，提醒他們僅將其儲存在儲備中並不是成功的秘訣，您需要對其進行維護。我認為這也是美國的一個教訓。

I would say still some potential there to do more, but definitely possible. Now in any case, it usually takes a year between delivery and a service contract to have an impact on Philips because the first year is like warranty and everything else. But we are working on it.

我想說仍有一些潛力可以做更多，但絕對有可能。現在無論如何，從交付到服務合同通常需要一年時間才能對飛利浦產生影響，因為第一年就像保修和其他一切一樣。但我們正在努力。

And then on the BioTelemetry side, so first of all, let's indeed confirm that It's going to be a very important space. To manage vast cohorts of patients that have chronic disease, remote patient monitoring and remote patient care is the way to go.

然後在生物遙測方面，首先，讓我們確認這將是一個非常重要的空間。要管理大量患有慢性病的患者，遠程患者監測和遠程患者護理是必經之路。

And I emphasize that this is very often about chronic patients and not only, let's say, behavioral health or health coaching in the preventive space. And I would position the tech companies foremost in that lifestyle segment of preventative care. Very important, by the way, and I would encourage them to be in it, but it gives assurance and feedback to people who are generally healthy, whereas the health care systems require more information, deeper analytics and also more services around this.

我強調，這通常是關於慢性病患者的，而不僅僅是，比方說，預防領域的行為健康或健康指導。我會將科技公司置於預防保健生活方式領域的最前沿。順便說一下，這非常重要，我會鼓勵他們參與其中，但它為總體健康的人提供了保證和反饋，而醫療保健系統需要更多信息、更深入的分析以及更多圍繞此的服務。

And I see BioTelemetry not just as a company with exciting devices. I see BioTelemetry as a services platform company that engages with referring doctors, that rolls out these diagnostic services to individual patients that then digests and analyzes the data and comes with a confident diagnosis, right? So it's a much wider game than just a smart device.

我認為 BioTelemetry 不僅僅是一家擁有令人興奮設備的公司。我將 BioTelemetry 視為一家服務平台公司，它與轉診醫生合作，向個體患者推出這些診斷服務，然後消化和分析數據並得出自信的診斷，對吧？所以它是一個比智能設備更廣泛的遊戲。

I could eventually also see that data from other devices will be complementary to what we do. Our data architecture is designed to be open and to take the data from anybody's device into the equation. So in that extent, we can also expect collaboration.

我最終還可以看到來自其他設備的數據將與我們所做的相輔相成。我們的數據架構被設計為開放的，並將來自任何人設備的數據納入等式。因此，在這種程度上，我們也可以期待合作。

Already today, the data from Health Watch, if you put the privacy settings to allow that, then the data can be uploaded into the Philips Health suite architecture and made available to your doctor, right? And I think increasingly in the future, that will be rather the norm than the exception. And therefore, having a platform play where we are the data integrator and that where we are able to provide services, not just a clever gadget, is the way where the business is going.

今天，來自 Health Watch 的數據，如果您將隱私設置允許，那麼數據可以上傳到飛利浦健康套件架構中，並提供給您的醫生，對吧？我認為，在未來，這將越來越成為常態，而不是例外。因此，擁有一個平台發揮作用，我們是數據集成商，我們能夠提供服務，而不僅僅是一個聰明的小工具，這是業務發展的方式。

So you should then also expect that we use BioTelemetry as a platform play where we will expand it beyond the long-term holter. I'm very pleased that BioTelemetry is also in the outpatient monitoring business. And with their recent ePatch loans, we also expect to gain share against some of the competitors in the space. And I can also anticipate that over time, we will expand BioTelemetry to other disease profiles beyond cardiovascular.

因此，您還應該期望我們將 BioTelemetry 用作平台遊戲，我們將把它擴展到長期動態心電圖之外。我很高興 BioTelemetry 也從事門診監測業務。憑藉他們最近的 ePatch 貸款，我們還希望在該領域的一些競爭對手中獲得份額。而且我還可以預期，隨著時間的推移，我們會將生物遙測技術擴展到心血管以外的其他疾病概況。

So lots to do, lots of excitement. We expect strong double-digit growth and we also expect further profit enhancement, and we are very happy that we were able to buy the market leader.

有很多事情要做，很興奮。我們期待強勁的兩位數增長，我們也期待進一步的利潤提升，我們很高興我們能夠收購市場領導者。

Due to time, the last question will come from Scott Bardo from Berenberg.

由於時間關係，最後一個問題將由貝倫貝格的Scott Bardo 來提問。

I just wonder if you could help us, Abhijit, in understanding the potential royalty flow that should be expected from the exit from Domestic Appliances. I suspect that's mismodeled. And I wonder if you could help confirm then that given your guidance excludes Domestic Appliances, does any way your margin improvement of 60 to 80 basis points this year include any benefit from additional royalties from the exit of DA?

Abhijit，我只是想知道您是否可以幫助我們了解退出家用電器後預期的潛在特許權使用費流量。我懷疑這是模型錯誤。我想知道你是否可以幫助確認，鑑於你的指導不包括家用電器，你今年 60 到 80 個基點的利潤率提高是否包括從 DA 退出中獲得的額外特許權使用費的任何好處？

Yes, I think, Scott, the way you should look at it is the royalty income initially will be used to offset the standard cost that we will have and then, let's say, in the future years would be a potential benefit. So the 60 to 80 basis points profit improvement includes potential license revenue from DA.

是的，我認為，斯科特，你應該看待它的方式是特許權使用費收入最初將用於抵消我們將擁有的標準成本，然後，比方說，在未來幾年將是一個潛在的好處。因此，60 到 80 個基點的利潤改善包括來自 DA 的潛在許可收入。

All right, I'd like to thank everybody for your contribution and questions. And I'd like to summarize that we look with confidence at 2021. And that the year for us is already in full swing being 4 weeks in. And we look to already delivering a very good first quarter. Thanks very much, everybody. Bye-bye.

好的，我要感謝大家的貢獻和提問。我想總結一下，我們滿懷信心地展望 2021 年。過去 4 週，我們已經如火如荼地度過了這一年。我們期待第一季度的表現非常出色。非常感謝大家。再見。

This concludes the Royal Philips Fourth Quarter and Full Year 2020 Results Conference Call on Monday, January 25, 2021. Thank you for participating. You may now disconnect.

2021 年 1 月 25 日星期一的皇家飛利浦 2020 年第四季度和全年業績電話會議到此結束。感謝您的參與。您現在可以斷開連接。