Koninklijke Philips NV (PHG) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Royal Philips' Third Quarter 2020 Results Conference Call on Monday, the 19th of October 2020. During the call, hosted by Mr. Frans Van Houten, CEO; and Mr. Abhijit Bhattacharya, CFO, (Operator Instructions) Please note that this call will be recorded and a replay will be available on the Investor Relations website of Royal Philips.

女士們，先生們，謝謝你們的支持。歡迎參加 2020 年 10 月 19 日星期一舉行的皇家飛利浦 2020 年第三季度業績電話會議。電話會議期間，由首席執行官 Frans Van Houten 先生主持；首席財務官 Abhijit Bhattacharya 先生（操作員說明）請注意，此次通話將被錄音，皇家飛利浦投資者關係網站上將提供重播。

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' third quarter results conference call. I'm here with our CEO, Frans Van Houten; and our CFO, Abhijit Bhattacharya. On today's call, Frans will take you through our strategic and financial highlights for the quarter as well as the target for accelerated growth, higher profitability and improved cash flow for the 2021-2025 period. Abhijit will then provide more detail on the Q3 financials. After that, we will take your questions.

早上好，女士們，先生們。歡迎參加飛利浦第三季度業績電話會議。我和我們的首席執行官 Frans Van Houten 一起來的；以及我們的首席財務官 Abhijit Bhattacharya。在今天的電話會議上，Frans 將帶您了解我們本季度的戰略和財務亮點，以及 2021-2025 年期間加速增長、更高盈利能力和改善現金流的目標。 Abhijit 隨後將提供有關第三季度財務狀況的更多詳細信息。之後，我們將回答您的問題。

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

我們的新聞稿以及相關信息和幻燈片於今天上午 CET 上午 7:00 發布。這兩份文件都可以在我們的投資者關係網站上找到。本次電話會議的完整記錄將在當天結束前在我們的網站上提供。

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. The impact of COVID-19 on our results is not treated as an adjusting item. Comparable growth for sales and orders are adjusted for currency and portfolio changes. Finally, also as mentioned in the press release, the new targets 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。 COVID-19 對我們結果的影響不被視為調整項目。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，同樣如新聞稿所述，新目標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。

Thanks, Leandro, and good morning to all of you on the call and webcast. I hope that you and your families are keeping safe and well.

謝謝，萊安德羅，早上好，在電話和網絡廣播中的所有人。我希望您和您的家人都平安無事。

It's clear that the COVID-19 pandemic is far from over, and I am pleased with how we are performing under challenging circumstances as our teams are focused on delivering what we call our triple duty of care: meeting critical customer needs, safeguarding the health and safety of our employees, and ensuring business continuity.

很明顯，COVID-19 大流行遠未結束，我對我們在充滿挑戰的情況下的表現感到滿意，因為我們的團隊專注於履行我們所謂的三重責任：滿足關鍵的客戶需求，保障健康和我們員工的安全，並確保業務連續性。

The work that we are doing to support health care providers, medical staff, patients and consumers alike remains a top priority for all of us at Philips. 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. We have also continued to create important COVID-19-oriented propositions to rapidly respond to customer needs.

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仍然是飛利浦所有人的首要任務。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，以幫助診斷、治療、監測和管理 COVID-19 患者。我們還繼續創建以 COVID-19 為導向的重要建議，以快速響應客戶需求。

Moving on to the Q3 financial highlights. We delivered strong growth and improved profitability in the quarter. Overall, comparable sales growth was 10% as we successfully converted our Connected Care order book, so consumer demand rebounding and elective procedures gradually normalizing.

繼續討論第三季度的財務亮點。我們在本季度實現了強勁增長並提高了盈利能力。總體而言，由於我們成功轉換了 Connected Care 訂單簿，可比銷售額增長了 10%，因此消費者需求反彈，選擇性程序逐漸正常化。

Connected Care grew a very strong 42% in the quarter, driven by the high volume of shipments to fulfill the orders for patient monitors and respiratory care. Sales for Personal Health grew 6%. Our Diagnosis & Treatment businesses delivered encouraging sequential improvement, but still declined 3% in the quarter versus 2019.

Connected Care 在本季度增長了 42%，這得益於大量出貨量，以滿足患者監護儀和呼吸護理的訂單。個人健康業務銷售額增長 6%。我們的診斷和治療業務實現了令人鼓舞的環比改善，但本季度與 2019 年相比仍下降了 3%。

Comparable equipment order intake grew 3% in the quarter excluding the impact from the unexpected partial termination of the April 2020 contract with HHS, which was communicated in August. Order intake growth was driven by the demand for patient monitors, hospital ventilators, computed tomography and portable ultrasound systems. Customer response to our innovative products and solutions remains very positive, and we have -- and we expect to have a continued increasing market share in the professional health care market.

不包括 2020 年 4 月與 HHS 的合同意外部分終止的影響，本季度可比設備訂單量增長了 3%，該合同於 8 月傳達。對病人監護儀、醫院呼吸機、計算機斷層掃描和便攜式超聲系統的需求推動了訂單量的增長。客戶對我們的創新產品和解決方案的反應仍然非常積極，我們已經——而且我們預計在專業醫療保健市場的市場份額將繼續增加。

Adjusted EBITA margin was 15.4% in the third quarter, 300 basis points higher than in Q3 2019. Free cash flow increased strongly to EUR 543 million. Looking ahead, we continue to see uncertainty and volatility related to the impact of COVID-19 across the world, but our order book is solid and we continue to expect to deliver modest comparable sales growth with an adjusted EBITA margin of around the level of last year for the full year 2020.

第三季度調整後的 EBITA 利潤率為 15.4%，比 2019 年第三季度高 300 個基點。自由現金流強勁增長至 5.43 億歐元。展望未來，我們繼續看到與 COVID-19 在全球範圍內的影響相關的不確定性和波動性，但我們的訂單穩固，我們繼續期望實現適度的可比銷售增長，調整後的 EBITA 利潤率約為去年的水平2020 年全年。

Now I would like to provide some color on initiatives to respond to customer needs and support health care professionals. In the quarter, we introduced several new solutions for the intensive care unit, the general ward and the home that feature virtual monitoring capabilities.

現在，我想為響應客戶需求和支持醫療保健專業人員的舉措提供一些色彩。本季度，我們為重症監護病房、普通病房和家庭推出了幾款具有虛擬監控功能的新解決方案。

These include our new Rapid Equipment Deployment Kit for ICU ramp-ups, allowing hospital staff to quickly deploy critical care patient monitoring capabilities where and when additional care capacity is needed. The kit is a fully configured and ready-to-deploy ICU patient monitoring solution, which includes 20 ICU monitors, 20 measurement servers and a central management monitoring station.

其中包括我們用於 ICU 升級的新快速設備部署套件，使醫院工作人員能夠在需要額外護理能力的地方和時間快速部署重症監護患者監測功能。該套件是一個完全配置且可隨時部署的 ICU 患者監護解決方案，其中包括 20 個 ICU 監護儀、20 個測量服務器和一個中央管理監護站。

Building on our leadership in defibrillators, we launched a new solution for emergency care in the United States, consisting of a remote portable vital signs patient monitor and professional defibrillator. This is called the Tempus ALS, it's a complete end-to-end system that combines innovative hardware and advanced software for emergency responders.

基於我們在除顫器領域的領先地位，我們在美國推出了一種新的急救護理解決方案，包括遠程便攜式生命體徵患者監護儀和專業除顫器。這稱為 Tempus ALS，它是一個完整的端到端系統，為緊急響應人員結合了創新的硬件和高級軟件。

Also exciting, we launched major extensions to our industry-leading Azurion platform, comprising a new range of configurations, addressing more therapeutic areas and more price points and further integrating therapeutic devices and imaging. With the new Azurion, clinicians can easily and seamlessly switch between imaging, physiology, hemodynamics and informatics applications, including state of the art, smart CT 3D imaging and IntraSight, a comprehensive suite of clinically proven iFR, FFR, IVUS and coregistration modalities.

同樣令人興奮的是，我們對我們行業領先的 Azurion 平台進行了重大擴展，包括一系列新的配置，解決更多的治療領域和更多的價位，並進一步整合治療設備和成像。借助新的 Azurion，臨床醫生可以在成像、生理學、血液動力學和信息學應用程序之間輕鬆無縫地切換，包括最先進的智能 CT 3D 成像和 IntraSight，一套經過臨床驗證的 iFR、FFR、IVUS 和配準模式的綜合套件。

We also expanded our image-guided therapy devices portfolio through the acquisition of Intact Vascular, adding an industry first implantable device to treat peripheral artery disease. Moreover, we launched QuickClear, an all-in-1 thrombectomy system for the removal of blood clots from the vessels of the peripheral arterial and venous systems; and OmniWire, a solid-core pressure wire, another industry first, to guide coronary artery procedures.

我們還通過收購 Intact Vascular 擴展了我們的圖像引導治療設備產品組合，增加了業界首款用於治療外周動脈疾病的植入式設備。此外，我們推出了 QuickClear，這是一種一體式取栓系統，用於清除外周動脈和靜脈系統血管中的血塊； OmniWire 是另一項行業首創的實芯壓力導絲，用於指導冠狀動脈手術。

We continue to drive market share in our core businesses through deeper and more comprehensive customer partnerships to enhance patient care and improve care provider productivity. During the third quarter, we signed 11 new long-term strategic partnerships with hospitals in the United States, Europe and Asia.

我們通過更深入和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。第三季度，我們與美國、歐洲和亞洲的醫院簽署了 11 項新的長期戰略合作夥伴關係。

We announced a multiyear partnership with Tampa General Hospital, one of the largest hospitals in the United States, to replace all of the hospital's patient monitors and upgrade key imaging technologies in the cath labs and interventional radiology rooms. We also provide unique workflow solutions and operational performance management services.

我們宣布與美國最大的醫院之一坦帕總醫院建立多年合作夥伴關係，以更換醫院的所有患者監護儀併升級導管室和介入放射室的關鍵成像技術。我們還提供獨特的工作流程解決方案和運營績效管理服務。

In Personal Health, we continue to invest in innovation and new product introductions to capitalize on recovery opportunities. In the third quarter, we broadened our leading portfolio of power toothbrushes, with the exciting launch of the Philips One by Sonicare in the United States. This is a battery-operated power toothbrush, which is a step-up for consumers for -- that switch from manual brushing and an entry-level proposition, thereby allowing us to expand in new consumer segments.

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。在第三季度，我們在美國推出了 Philips One by Sonicare 激動人心的產品，擴大了我們領先的電動牙刷產品組合。這是一款電池供電的電動牙刷，它是消費者的升級版——從手動刷牙和入門級提議轉變，從而使我們能夠擴展新的消費領域。

The Philips One starts at USD 24.99 and also offers users a subscription service that seamlessly delivers a new brush head and a replacement battery right to their door every 3 months. The automatic refill helps keep oral health routines on track and ensures optimal efficacy of brush heads.

飛利浦 One 的起價為 24.99 美元，還為用戶提供訂閱服務，每 3 個月無縫地將新刷頭和更換電池送貨上門。自動填充有助於保持口腔健康程序正常進行，並確保刷頭的最佳功效。

While we have been working hard on managing our business during these uncertain times, we continue to progress on our strategic and performance road map for the coming years. Our journey to health tech leadership continues as we innovate to drive growth, improve operational excellence and deliver on our transformation. Our strategy to transform care along the health continuum strongly resonates with customers and has been further validated during the COVID-19 crisis.

雖然我們在這些不確定的時期一直努力管理我們的業務，但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、提高卓越運營並實現轉型，我們的醫療技術領導地位之旅仍在繼續。我們沿健康連續體轉變護理的策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。

Moreover, we see increased interest in telehealth solutions like Tele ICU, teleradiology, telepathology, which can help virtual working of care professionals as well as move care into the community. We are glad to announce our targets for accelerated growth, higher profitability and improved cash flow for the 2021-2025 period, ahead of our upcoming Capital Markets Day that will be held virtually in November.

此外，我們看到人們對遠程 ICU、遠程放射學、遠程病理學等遠程醫療解決方案越來越感興趣，這些解決方案可以幫助護理專業人員進行虛擬工作，並將護理轉移到社區。我們很高興在即將於 11 月虛擬舉行的資本市場日之前宣布我們在 2021-2025 年期間實現加速增長、提高盈利能力和改善現金流的目標。

We play in attractive market segments with solid growth fundamentals and with long-term trends that align with our strategy. We expect these markets to grow around 4% per year, assuming that the world economy returns to growth next year. Building on our transformation and investments over the last few years, we anticipate an acceleration of our average annual comparable sales growth to 5% to 6%, with all business segments in that range.

我們在具有穩固增長基礎和符合我們戰略的長期趨勢的有吸引力的細分市場中發揮作用。假設明年世界經濟恢復增長，我們預計這些市場每年將增長 4% 左右。基於我們過去幾年的轉型和投資，我們預計我們的年均可比銷售額增長率將加速至 5% 至 6%，所有業務部門都在該範圍內。

This is underpinned by our strategic imperatives to further improve customer and operational excellence, boost growth in our core businesses through innovation, geographical expansion and more customer partnerships, and of course, winning with innovative solutions along the health continuum.

這是基於我們的戰略要求，即進一步改善客戶和卓越運營，通過創新、地域擴張和更多客戶合作夥伴關係促進我們核心業務的增長，當然，還有在健康連續體中以創新解決方案取勝。

For 2021, our current view is that group comparable sales will deliver low single-digit growth driven by solid growth in Diagnosis & Treatment and Personal Health, but partly offset by lower Connected Care sales as demand in these businesses normalize from the spike in COVID-19-generated demand in 2020. We aim for an average adjusted EBITA margin improvement of 60 to 80 basis points annually, starting in 2021, and reaching high teens by 2025.

對於 2021 年，我們目前的觀點是，在診斷和治療以及個人健康領域的穩健增長的推動下，集團可比銷售額將實現較低的個位數增長，但部分被 Connected Care 銷售額的下降所抵消，因為這些業務的需求因 COVID- 2020 年 19 年產生的需求。我們的目標是從 2021 年開始，到 2025 年達到十幾歲的高水平，平均調整後的 EBITA 利潤率每年提高 60 到 80 個基點。

Looking at the business segments, we expect Diagnosis & Treatment to reach 15% to 17% adjusted EBITA margin, Connected Care to reach 17% to 19% and Personal Health to reach 19% to 20%. This profitability step-up is driven by above-mentioned growth, delivering operating leverage, increasing return of investments in growth businesses like telehealth and informatics, and a further step-up in the profitability of Diagnostic Imaging as well as operational excellence resulting in further sizable productivity savings over the next years.

從業務部門來看，我們預計診斷和治療的調整後 EBITA 利潤率將達到 15% 至 17%，Connected Care 將達到 17% 至 19%，個人健康將達到 19% 至 20%。這種盈利能力的提升是由上述增長驅動的，提供運營槓桿，增加對遠程醫療和信息學等增長業務的投資回報，以及診斷成像盈利能力的進一步提升以及卓越運營，從而進一步擴大規模未來幾年的生產力節省。

Next to this, cash generation will step up to above EUR 2 billion of free cash flow and organic ROIC will improve to mid- to high teens by 2025. We will discuss the strategic and overall performance road map in more detail during our Capital Markets Day on November 6, but we did not want to keep the suspense until then so that investors can reflect on it in the meantime. We look forward to a very engaging dialogue during the Capital Markets Day.

除此之外，到 2025 年，現金產生將增加到超過 20 億歐元的自由現金流，有機 ROIC 將提高到中高水平。我們將在資本市場日期間更詳細地討論戰略和整體績效路線圖11 月 6 日，但我們不想把懸念留到那個時候，讓投資者在此期間進行反思。我們期待在資本市場日期間進行非常有吸引力的對話。

I'm also very proud to share with you that we are reinforcing our commitments as a purpose-driven company with a fully integrated approach to doing business responsibly and sustainably. Our leadership in environmental responsibility is recognized by our stakeholders, and we have been consistently raising the bar. For example, earlier this month, Philips ranked #2 over 5,500 publicly traded companies on the Wall Street Journal list of the 100 Most Sustainably Managed Companies in the World.

我也很自豪地與您分享，我們正在加強我們作為一家以目標為導向的公司的承諾，採用完全整合的方法以負責任和可持續的方式開展業務。我們在環境責任方面的領導地位得到了利益相關者的認可，並且我們一直在不斷提高標準。例如，本月早些時候，飛利浦在《華爾街日報》評選的全球 100 家最具可持續發展管理公司名單中，在 5,500 家上市公司中排名第二。

We expect to deliver on all targets set out in our 2016-2020 Healthy people, sustainable planet program by the end of this year. And in September, we announced a comprehensive new set of commitments and targets across the entire spectrum of our environmental, social and corporate governance activities that will guide the execution of our company's strategy.

我們希望在今年年底前實現我們 2016-2020 健康人類、可持續地球計劃中設定的所有目標。 9 月，我們宣布了一套全面的新承諾和目標，涵蓋我們環境、社會和公司治理活動的整個範圍，這些承諾和目標將指導我們公司戰略的執行。

We are enhancing our ambitions to reduce CO2 emissions in line with a 1.5-degree Celsius global warming scenario set out by the Paris Agreement. By 2025, Philips will be 75% powered by renewable energy. All our products and services will be designed in line with EcoDesign requirements. And where we cannot completely eliminate our CO2 emissions, we will offset them by investments in health-benefiting environmental projects.

我們正在根據《巴黎協定》規定的 1.5 攝氏度全球變暖情景，加強我們減少二氧化碳排放的雄心。到 2025 年，飛利浦 75% 的電力將由可再生能源提供。我們所有的產品和服務都將按照 EcoDesign 要求進行設計。在我們無法完全消除二氧化碳排放的地方，我們將通過投資有益於健康的環境項目來抵消它們。

When it comes to social responsibility, we commit to improving the lives of 2 billion people a year by 2025, including 300 million in underserved communities. We have also set a new goal of 30% gender diversity in senior leadership positions by the end of 2025, up from 25% in 2020. And when it comes to good governance, we commit to being transparent in the tax contributions we make in all countries we operate in.

在社會責任方面，我們承諾到 2025 年每年改善 20 億人的生活，其中包括生活在服務欠缺社區的 3 億人。我們還設定了一個新目標，即到 2025 年底，高級領導職位的性別多樣性從 2020 年的 25% 提高到 30%。在善治方面，我們承諾在我們所有的稅收貢獻中保持透明我們開展業務的國家。

Bringing together all these aspects of responsible and sustainable business into a single framework will not only help us improve lives throughout the world, but it will also reinforce our purpose and strengthen our power of innovation.

將負責任和可持續發展業務的所有這些方面整合到一個框架中，不僅可以幫助我們改善全世界的生活，還可以強化我們的目標並增強我們的創新能力。

Ladies and gentlemen, let me also give you an update on the current status of the divestment of the Domestic Appliances businesses. The separation process is on track and expected to be completed in the third quarter of 2021. As planned, we started to engage with interested parties and continue to see good interest for the asset. Domestic Appliances is a solid business and has returned to robust growth, with increasing margins in the third quarter based on a strong portfolio of innovations with market-leading positions.

女士們，先生們，讓我也向你們介紹一下目前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。按計劃，我們開始與感興趣的各方接洽，並繼續看到對該資產的良好興趣。家用電器是一項穩健的業務，並已恢復強勁增長，第三季度利潤率有所提高，這得益於具有市場領先地位的強大創新產品組合。

To round off, I'm pleased that we are delivering to plan and very thankful to our employees. I'm also convinced that Philips is well positioned to serve the current and future needs of hospitals and health systems next to supporting consumer health, and that the growth and margin profile of our company is well underpinned.

最後，我很高興我們按計劃交付並非常感謝我們的員工。我還相信，飛利浦在支持消費者健康方面處於有利地位，可以滿足醫院和衛生系統當前和未來的需求，並且我們公司的增長和利潤狀況得到了很好的支持。

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

有了這個，我想把電話轉給 Abhijit。

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

謝謝你，弗蘭斯，感謝大家今天加入我們。讓我首先為該集團第三季度的可比銷售額提供一些顏色。

Our Diagnosis & Treatment businesses comparable sales declined 3% in the quarter on the back of strong 9% growth in Q3 2019. Diagnostic Imaging sales declined low single-digit as growth in computed tomography and diagnostic x-ray was offset by lower volume of installations in MR. Ultrasound sales declined double digit, with strong demand for point-of-care devices more than offset by lower installations of cardiac systems in the quarter.

由於 2019 年第三季度 9% 的強勁增長，我們的診斷和治療業務的可比銷售額在本季度下降了 3%。由於計算機斷層掃描和診斷 X 射線的增長被較低的安裝量所抵消，診斷成像銷售額下降了低個位數在先生。超聲銷售額下降了兩位數，對床旁設備的強勁需求被本季度心臟系統安裝量的減少所抵消。

Image-Guided Therapy sales declined low single-digit in Q3. The volume of elective procedures continued to recover being very close to pre COVID-19 levels by the end of the quarter. As a result, our Image-Guided Therapy Devices business delivered low single-digit comparable sales growth in Q3. Sales for Image-Guided Therapy Systems improved to a low single-digit decline compared to a high-teens decline in Q2 as hospitals are gradually resuming installations.

Image-Guided Therapy 銷售額在第三季度下降了個位數。到本季度末，選擇性程序的數量繼續恢復，非常接近 COVID-19 之前的水平。因此，我們的圖像引導治療設備業務在第三季度實現了較低的個位數可比銷售額增長。隨著醫院逐漸恢復安裝，圖像引導治療系統的銷售額與第二季度的高雙位數下降相比有所改善，下降幅度較小。

Services sales for our Diagnosis & Treatment businesses grew low single-digit compared to the same period of 2019. Let me remind you that recurring revenue streams from services represent more than 35% of the total sales of our Diagnosis & Treatment businesses.

與 2019 年同期相比，我們的診斷和治療業務的服務銷售額增長了低個位數。讓我提醒您，服務的經常性收入流占我們診斷和治療業務總銷售額的 35% 以上。

The sales for Connected Care businesses grew a very strong 42% in Q3 driven by shipments of patient monitors and respiratory care solutions. As mentioned by Frans, we have ramped up the production of these devices to meet urgent demand and fulfill the orders we have on hand for these products.

在患者監護儀和呼吸護理解決方案出貨量的推動下，Connected Care 業務的銷售額在第三季度強勁增長了 42%。正如 Frans 所提到的，我們已經提高了這些設備的產量，以滿足緊急需求並完成我們手頭的這些產品訂單。

For Personal Health, we saw a steady recovery in demand in the third quarter. And helped by the normal pattern of selling ahead of the high season in Q4, comparable sales increased by 6% with high single-digit growth in Personal Care and Domestic Appliances and low single-digit growth in Oral Healthcare. North America and Western Europe delivered double-digit growth. This was partly offset by a decline in growth geographies driven by China.

對於個人健康，我們看到第三季度的需求穩步回升。得益於第四季度旺季之前的正常銷售模式，可比銷售額增長了 6%，其中個人護理和家用電器實現了高個位數增長，口腔保健業務實現了低個位數增長。北美和西歐實現了兩位數的增長。這在一定程度上被中國推動的增長型地區的下滑所抵消。

Consumer sales through digital channels grew double digit in the quarter and represented 37% of total sales for the Personal Health businesses. This compares to around 33% of total sales before the COVID-19 pandemic. In-store sales grew low single digit in Q3.

通過數字渠道的消費者銷售額在本季度增長了兩位數，佔個人健康業務總銷售額的 37%。相比之下，在 COVID-19 大流行之前，這一比例約為總銷售額的 33%。第三季度店內銷售額增長低個位數。

Given the uncertainty around consumer demand and the slower pace of recovery in China, we continue to expect our Personal Health businesses to deliver low single-digit comparable sales growth in the fourth quarter of this year.

鑑於消費者需求的不確定性和中國復甦步伐的放緩，我們繼續預計我們的個人健康業務在今年第四季度將實現較低的個位數可比銷售額增長。

Moving to orders, as mentioned by Frans, order intake grew 3% in Q3, excluding the impact from the partial cancellation of the HHS contract. This builds on double-digit growth seen in the first half of the year, resulting in double-digit growth year-to-date and a strong order book for the group, as depicted on Page 29 of our IR booklet.

轉向訂單，正如 Frans 所提到的，第三季度的訂單量增長了 3%，不包括部分取消 HHS 合同的影響。正如我們的 IR 手冊第 29 頁所述，這建立在今年上半年兩位數增長的基礎上，導致今年迄今實現兩位數增長，並為該集團帶來強勁的訂單。

For reference, if the booking and cancellation of the HHS deal had taken place in the same quarter, so assuming that the booking and cancellation had happened in Q4, the order intake growth for Q2 would have been high single digit compared to the 27% reported previously.

作為參考，如果 HHS 交易的預訂和取消發生在同一季度，那麼假設預訂和取消發生在第四季度，與報告的 27% 相比，第二季度的訂單增長將是高個位數之前。

Comparable order intake in Connected Care grew by 26% in the quarter, excluding the impact from the HHS contract, with double-digit growth across all businesses. Including the impact of the cancellation, order intake for Connected Care declined by 56%.

剔除 HHS 合同的影響，本季度 Connected Care 的可比訂單量增長了 26%，所有業務均實現兩位數增長。包括取消的影響在內，Connected Care 的訂單量下降了 56%。

I'm particularly encouraged by another strong quarter in Monitoring & Analytics, with more than 20% order growth compared to last year. We also witnessed strong traction in our Connected Care informatics and Therapeutic Care businesses. Based on this order intake performance, we expect to continue to see solid growth in Connected Care sales in the fourth quarter although not comparable to the magnitude seen in Q3.

監控與分析領域又一個強勁的季度令我感到特別鼓舞，與去年相比訂單增長超過 20%。我們還見證了 Connected Care 信息學和治療護理業務的強大吸引力。基於這一訂單表現，我們預計第四季度 Connected Care 銷售額將繼續穩步增長，儘管與第三季度的增幅不相上下。

Diagnosis & Treatment comparable order intake improved to a decline of 5% in Q3 compared to a 20% decline in Q2. Growth in computed tomography, x-ray and portable ultrasound was more than offset by a decline in other parts of the portfolio. High single-digit growth in Western Europe was more than offset by a decline in North America and growth geographies.

與第二季度下降 20% 相比，診斷和治療可比訂單數量在第三季度下降了 5%。計算機斷層掃描、X 射線和便攜式超聲波的增長被產品組合其他部分的下滑所抵消。西歐的高個位數增長被北美和增長地區的下滑所抵消。

We expect that some areas of the Diagnosis & Treatment businesses will continue to experience a gradual recovery in demand through the fourth quarter, but it's important to note that we have not seen cancellations of orders due to the COVID-19 outbreak, and continue to experience positive competitive momentum for our portfolio.

我們預計診斷和治療業務的某些領域將在第四季度繼續經歷需求的逐步復甦，但重要的是要注意，我們沒有看到因 COVID-19 爆發而取消訂單，並繼續經歷我們產品組合的積極競爭勢頭。

Let me now turn to the profitability development for the quarter. Adjusted EBITA for the group was EUR 769 million or 15.4% of sales compared to 12.4% in the third quarter of 2019.

現在讓我談談本季度的盈利能力發展。該集團調整後的 EBITA 為 7.69 億歐元，佔銷售額的 15.4%，而 2019 年第三季度為 12.4%。

Looking at the business segments, Connected Care delivered an adjusted EBITA margin of 27.1% of sales compared to 11.3% in the third quarter of 2019, as strong operating leverage and productivity measures initiated from last year more than offset the investments to ramp up production.

從業務部門來看，Connected Care 的調整後 EBITA 利潤率為銷售額的 27.1%，而 2019 年第三季度為 11.3%，這是因為去年開始的強大運營槓桿和生產力措施抵消了提高產量的投資。

In Diagnosis & Treatment, the adjusted EBITA decreased to 9.7% of sales. This was a result of lower sales and lower factory coverage, and an unfavorable product mix driven by lower growth of the 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 9.7%。這是由於銷售額下降和工廠覆蓋率下降，以及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, the adjusted EBITA was 14.5% broadly in line with last year. Sales growth and cost savings were offset by adverse currency impacts of 50 basis points due to the depreciation of growth geography currencies, as well as the planned higher investments in advertising. We remain on track to deliver over 400 million productivity savings this year and exceed the EUR 1.8 billion productivity target set for the overall period of 2017 to 2020.

在個人健康領域，調整後的 EBITA 為 14.5%，與去年基本持平。由於增長地理貨幣貶值以及計劃增加廣告投資，銷售額增長和成本節約被 50 個基點的不利貨幣影響所抵消。我們仍有望在今年實現超過 4 億的生產力節約，並超過為 2017 年至 2020 年全年設定的 18 億歐元的生產力目標。

In the third quarter, our productivity program delivered EUR 120 million net savings. More specifically, procurement savings delivered EUR 62 million of bill of material savings, net nonmanufacturing cost reduction amounted to EUR 26 million and the manufacturing productivity program contributed to EUR 32 million.

第三季度，我們的生產力計劃實現了 1.2 億歐元的淨節省。更具體地說，採購節省帶來了 6200 萬歐元的物料清單節省，淨非製造成本減少達 2600 萬歐元，製造生產力計劃貢獻了 03200 萬歐元。

Restructuring, acquisition-related and other charges were higher than the guided range, mainly due to the provision of EUR 38 million related to a legal matter and an onerous contract provision of EUR 57 million in relation to changes in ventilator demand and certain aspects of the partial HHS contract termination. Net income amounted to EUR 340 million in the quarter. The adjusted diluted EPS from continuing operations grew 30% in Q3 to EUR 0.60.

重組、收購相關費用和其他費用高於指導範圍，主要是由於與法律事項相關的 0.38 億歐元準備金和與呼吸機需求變化和某些方面相關的繁重合同準備金 0.57 億歐元。部分 HHS 合同終止。本季度淨收入達到 3.4 億歐元。第三季度來自持續經營業務的調整後攤薄每股收益增長 30% 至 0.60 歐元。

Free cash flow was an inflow of EUR 543 million compared to EUR 126 million in Q3 2019. In the first 3 quarters of 2020, our free cash flow generation was around EUR 800 million, EUR 700 million better than the same period of last year as a result of strong working capital performance. Our customers continue to face cash pressures due to the impact of COVID-19, but we do not expect it to impact our total cash flow generation over a 12- to 18-month time horizon.

自由現金流流入 5.43 億歐元，而 2019 年第三季度為 1.26 億歐元。2020 年前 3 季度，我們產生的自由現金流約為 8 億歐元，比去年同期多 7 億歐元，因為營運資本表現強勁的結果。由於 COVID-19 的影響，我們的客戶繼續面臨現金壓力，但我們預計它不會影響我們在 12 至 18 個月的時間範圍內產生的總現金流量。

Let me provide some guidance for certain areas of our business. Based on the announcement made so far, we continue to expect the full year gross impacts of tariff to be around EUR 70 million. Including mitigating actions, we expect the net tariff impact to be around EUR 40 million in 2020. This is EUR 30 million lower than the net impact seen in 2019.

讓我為我們業務的某些領域提供一些指導。根據迄今為止發布的公告，我們繼續預計全年關稅的總影響約為 7000 萬歐元。包括緩解措施在內，我們預計 2020 年的淨關稅影響約為 4000 萬歐元。這比 2019 年的淨影響低 3000 萬歐元。

In the segment Other, we expect an adjusted EBITA loss of around EUR 115 million in 2020. This is EUR 20 million lower than our previous guidance due to cost savings delivered in the third quarter. At EBITA level, we now expect a net cost of around EUR 240 million for the full year 2020. This includes EUR 50 million to EUR 60 million of costs related to the separation of the Domestic Appliances business, as explained before.

在其他部門，我們預計 2020 年調整後的 EBITA 虧損約為 1.15 億歐元。由於第三季度實現的成本節約，這比我們之前的指導低 2000 萬歐元。在 EBITA 層面，我們現在預計 2020 年全年的淨成本約為 2.4 億歐元。這包括 5000 萬至 6000 萬歐元與家用電器業務分離相關的成本，如前所述。

Financial income and expenses are expected to be a net cost of around EUR 100 million in 2020. This is EUR 50 million lower than our prior guidance mainly due to lower interest expenses paid and positive value adjustments of financial assets.

預計 2020 年財務收入和支出的淨成本約為 1 億歐元。這比我們之前的指引低 5000 萬歐元，主要是由於支付的利息支出減少和金融資產的正價值調整。

To summarize, we ended the quarter with 10% comparable sales growth and 15.4% adjusted EBITA margin. For the fourth quarter of the year, we continue to expect to deliver growth and improve profitability for the group. Consequently, for the full year 2020, we expect to deliver modest comparable sales growth and an adjusted EBITA margin of around the level of last year.

總而言之，我們在本季度結束時實現了 10% 的可比銷售額增長和 15.4% 的調整後 EBITA 利潤率。對於今年第四季度，我們繼續期望集團實現增長並提高盈利能力。因此，對於 2020 年全年，我們預計可比銷售額實現適度增長，調整後的 EBITA 利潤率與去年持平。

We have seen increasing interest from investors seeking clarity on our post-2020 performance road map, and as Frans mentioned, we decided to announce our targets for accelerated growth, higher profitability and improved cash flow today to give you sufficient time to prepare for an engaging dialogue during our Capital Markets Day on the 6th of November. We request you to kindly reserve your questions on the performance road map for the Capital Markets Day so that we can focus today's Q&A on the third quarter performance and the outlook for the year.

我們已經看到投資者對我們 2020 年後業績路線圖的清晰度越來越感興趣，正如 Frans 所提到的，我們決定今天宣布我們的加速增長、更高盈利能力和改善現金流的目標，以便您有足夠的時間準備參與11 月 6 日資本市場日期間的對話。我們懇請您將有關資本市場日業績路線圖的問題保留下來，以便我們今天的問答重點關注第三季度業績和全年展望。

Due to the current restrictions around COVID-19, we will have a virtual Capital Markets Day this year. Despite the change in format, we will have sufficient time for Q&A and interaction. Additionally, we will hold a series of fireside chats during the weeks following the CMD to be hosted by Frans and our segment leaders. More information on these events are published on our Investor Relations website.

由於當前圍繞 COVID-19 的限制，我們今年將有一個虛擬的資本市場日。儘管形式有所變化，但我們將有足夠的時間進行問答和互動。此外，我們將在 CMD 之後的幾週內舉行一系列爐邊談話，由 Frans 和我們的部門負責人主持。有關這些事件的更多信息發佈在我們的投資者關係網站上。

To conclude, I want again to thank our customers for their support as well as our employees for how they have stepped up to deliver against our triple duty of care during these difficult times. This has also been reflected in our high employee engagement scores.

最後，我要再次感謝我們的客戶的支持，以及我們的員工在這些困難時期如何加緊履行我們的三重註意義務。這也反映在我們的高員工敬業度分數上。

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

有了這個，我們現在將打開您的問題熱線。謝謝。

(Operator Instructions) The first question comes from Veronika Dubajova from Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Veronika Dubajova。

Can we please start just -- I'd love to understand, Frans, what you're seeing a little bit from a hospital CapEx perspective. Obviously, the D&T order momentum, big improvement versus Q2. But if you can give us a little bit of sense for how it progressed as you moved through the months and your degree of confidence in order growth either turning neutral or positive in the fourth quarter, which I think was your original expectation a quarter ago, that would be a great place to start. And then I have a follow-up after that, if that's all right.

我們能否開始——弗蘭斯，我很想了解你從醫院資本支出的角度看到了什麼。顯然，與第二季度相比，D&T 訂單勢頭有很大改善。但是，如果你能告訴我們它在過去幾個月中的進展情況，以及你對第四季度訂單增長的信心程度，無論是中性還是積極，我認為這是你一個季度前的最初預期，那將是一個很好的起點。如果可以的話，我會在那之後進行跟進。

Well, hospital CapEx has been directed to the acute care area. So it's not that hospitals are not investing, but they have prioritized their emergency response. And that led to the expense of, let's say, the other modalities and leading to some delays in installations.

好吧，醫院的資本支出已被用於急症護理領域。所以並不是說醫院沒有投資，而是他們把應急響應放在了優先位置。這導致了比方說其他方式的費用，並導致安裝出現一些延誤。

If we look at the plans that hospitals are making, then we see a great desire to invest in the more profitable elective procedure areas, all right, so we actually do not expect a structural impact on hospital CapEx because this is the lifeline of the providers to generate support to patients with chronic disease and generates their revenue stream. So while there is a delay, we don't think that that is structural.

如果我們看一下醫院正在製定的計劃，那麼我們就會看到投資於更有利可圖的選擇性程序領域的強烈願望，好吧，所以我們實際上並不期望對醫院資本支出產生結構性影響，因為這是提供者的生命線為慢性病患者提供支持並為他們創造收入來源。因此，儘管存在延遲，但我們認為這不是結構性的。

And the improvement in D&T from Q2 to Q3 is a step in the right direction. It may be a tad slower than what you all expected, but there's quite an old installed base in the world, especially in the United States and Europe, that is 10, 12 years old and that needs to be upgraded and we -- if we look at our funnel, then we have every reason to believe that we can see the recovery of the D&T segment strongly.

從第二季度到第三季度，D&T 的改進是朝著正確方向邁出的一步。它可能比你們所有人預期的要慢一點，但世界上有相當老的安裝基礎，特別是在美國和歐洲，已經有 10 年、12 年的歷史了，需要升級，我們——如果我們看看我們的漏斗，那麼我們有充分的理由相信我們可以看到 D&T 部門的強勁復甦。

Now if you look, Veronika, at our guidance for next year, right, we are basically indicating that we expect 5% to 6% growth across D&T and Personal Health, while only Connected Care will be negative due to the very difficult compare. And that means that the totality of Philips will then be low single digit. And then from there on, we'll take the growth to 5% to 6%. That indicates a strong confidence in our ability to get the order intake back up to a level to support that revenue growth. Let me pause there.

現在，Veronika，如果你看一下我們明年的指導，對，我們基本上表示我們預計 D&T 和個人健康領域將增長 5% 至 6%，而由於非常困難的比較，只有 Connected Care 會出現負增長。這意味著飛利浦的整體將是低個位數。然後從那裡開始，我們將把增長率提高到 5% 到 6%。這表明我們對將訂單量恢復到支持收入增長的水平的能力充滿信心。讓我暫停一下。

No, that's very, very helpful. And can I just follow-up on that 2021 comment? I mean it's obviously tough for us to see, there's quite a lot of moving parts. But I'm just curious when it comes to profitability, your degree of confidence in that 60 to 80 basis points and potentially what might be some of the upside risk to that as you think about 2021 margins. Clearly, this year, you've demonstrated much better margin resilience than I think a lot of us would have expected at the outset. So just curious how you're thinking about that dynamic on the margin side for 2021.

不，這非常非常有幫助。我可以跟進 2021 年的評論嗎？我的意思是我們顯然很難看到，有很多活動部件。但我很好奇，當談到盈利能力時，你對 60 到 80 個基點的信心程度，以及當你考慮 2021 年的利潤率時，可能會有一些上行風險。很明顯，今年你表現出的利潤率彈性比我認為我們很多人一開始所預期的要好得多。所以很好奇你如何看待 2021 年利潤率方面的動態。

Yes, well, I could, of course, say that this is now typically a question that belongs to the Capital Markets Day, but let me at least say something about it, Veronika. It's a complex calculation, right, because the categories of patient monitoring and hospital respiratory care generated a lot of operational leverage in 2020. Some of that will fall away next year, although we do see resilience in the order funnel for patient monitoring because monitoring will get into other care settings. And I think the category will prove to be much more resilient than hospital ventilation. But then the other Connected Care modalities will come back up.

是的，好吧，我當然可以說，這現在通常是屬於資本市場日的一個問題，但至少讓我談談這個問題，Veronika。這是一個複雜的計算，對吧，因為患者監測和醫院呼吸護理的類別在 2020 年產生了大量的運營槓桿。其中一些將在明年消失，儘管我們確實看到患者監測的訂單渠道有彈性，因為監測將進入其他護理環境。而且我認為該類別將被證明比醫院通風更具彈性。但隨後其他 Connected Care 模式將重新出現。

We will provide at Capital Markets Day the typical bridge that you have gotten used to, and you will see there a balance coming from gross margin expansion, thanks to innovation; productivity gains because we see a lot of opportunity to continue to drive productivity programs over the next 5 years, in fact; and then other improvements.

我們將在資本市場日提供您已經習慣的典型橋樑，您將看到毛利率擴張帶來的平衡，這要歸功於創新；生產力提高，因為事實上我們看到了在未來 5 年內繼續推動生產力計劃的很多機會；然後是其他改進。

So I think -- I'm being prompted here by Abhijit to also mention something about -- that while, let's say, hospital ventilation goes down, actually sleep will come back up. And also, of course, the elective procedures recovering means that the high-growth IGT area, and especially IGT Devices, will demonstrate strong growth, and also cardiac ultrasound and MRI. So there's plenty of excitement brewing to underpin both growth and profit expansion. Again, let me pause there, Veronika.

所以我認為 - Abhijit 提示我在這裡也提到一些事情 - 比方說，雖然醫院通風下降，但實際上睡眠會恢復。當然，選擇性手術的恢復意味著高增長的 IGT 領域，尤其是 IGT 設備，以及心臟超聲和 MRI 將表現出強勁的增長。因此，有很多令人興奮的事情正在醞釀，以支持增長和利潤擴張。再一次，讓我停在那裡，Veronika。

The 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 -- so 2 questions, both on Personal Health, please. The first one is, are the accounts receivables with your customers becoming an issue? Or have you taken already sufficient amount of provision against doubtful debt charges going forward to avoid a negative surprise in the fourth quarter?

我有 2 個問題，都是關於個人健康的。第一個是，客戶的應收賬款是否成為問題？或者您是否已經為未來的可疑債務費用計提了足夠的準備金以避免第四季度出現負面意外？

And then question number two, also in Personal Health, is how do your customers normally purchase for the Christmas period? Are most of, let's say, 90% of the orders sort of taken in Q3, and is this year different as customers wait to see how difficult COVID is and then come in with some last-minute orders for the Christmas period?

然後是第二個問題，也是在個人健康中，您的客戶通常如何在聖誕節期間購買？大多數，比方說，90% 的訂單都是在第三季度完成的，今年是否有所不同，因為客戶等著看 COVID 有多困難，然後在聖誕節期間收到一些最後一刻的訂單？

Michael, well, let me reassure you on the accounts receivable side because we have not seen difficulties on the Personal Health side. In April, Q2, we were a bit worried about it, but we are in close contact with our customers, and we think this is entirely under control.

邁克爾，好吧，讓我在應收賬款方面向你保證，因為我們沒有看到個人健康方面的困難。 4 月份，Q2，我們有點擔心，但我們與客戶保持密切聯繫，我們認為這完全在控制之中。

On the health systems side, let me deviate slightly from your question and also cover the accounts receivable on the health systems side. There, we have seen some hospitals asking for help. But then we have been able to leverage our Philips Capital financial services portfolio to help them out. And as a consequence, collections have been very strong. And you also see that our working capital has been very much under control.

在衛生系統方面，讓我略微偏離你的問題，並涵蓋衛生系統方面的應收賬款。在那裡，我們看到一些醫院尋求幫助。但後來我們能夠利用我們的 Philips Capital 金融服務組合來幫助他們。因此，收藏品非常強勁。而且您還看到我們的營運資金一直在很大程度上受到控制。

With regards to the PH ordering, of course, Q3 was very strong. There was an element of stocking up for the fourth quarter as is normal in a seasonal pattern, as you get Prime Day and Black Friday and all these other things coming up. But I think what is very reassuring is that our sell-out data is also strong. And that means that there is really underlying demand from consumers that want to buy into good personal care, good personal hygiene and the products that we have on offer.

當然，關於 PH 訂單，Q3 非常強勁。第四季度有一些庫存元素，這在季節性模式中是正常的，因為你會遇到 Prime 會員日和黑色星期五以及所有其他事情。但我認為非常令人放心的是我們的售罄數據也很強勁。這意味著消費者確實存在潛在需求，他們希望購買良好的個人護理、良好的個人衛生和我們提供的產品。

Also, our Domestic Appliances business is very resilient, very strong recovery in Q3 across the entire portfolio. In passing, Michael, I mentioned that Prime Day is coming up. That, as you know, Amazon has moved their Prime Day from Q2 to Q4. And so there's a lot of seasonal festivals coming up in the fourth quarter. That's, I think, how I look at Personal Health.

此外，我們的家用電器業務非常有彈性，整個產品組合在第三季度的複蘇非常強勁。順便說一下，邁克爾，我提到過 Prime Day 即將到來。如您所知，亞馬遜已將他們的 Prime Day 從第二季度移至第四季度。因此，第四季度會有很多季節性節日。我認為，這就是我對個人健康的看法。

Okay. Frans, can I just -- because you guided for the fourth quarter to sort of a little bit of growth in Personal Health, are you taking a very conservative approach just in case things go the wrong way? Because the way it sounds right now, that things could actually go a bit better than what you initially guided.

好的。弗蘭斯，我能不能——因為你指導第四季度個人健康有所增長，你是否採取了非常保守的方法，以防萬一事情出了問題？因為現在聽起來，事情實際上可能比你最初指導的要好一點。

That guidance for Q4 is more because given the long shipping lines for Personal Health, the typical highest quarter in terms of selling in is the third quarter, right? Therefore, we should not expect to repeat what we did in Q3 in Q4. So I would not label it as conservative on how we see consumer demand, but there is, given the pipeline and the time lag, some of Q4 sales is already recorded in Q3 as a consequence.

第四季度的指導更多是因為考慮到 Personal Health 的運輸線很長，銷售方面典型的最高季度是第三季度，對吧？因此，我們不應期望在第四季度重複我們在第三季度所做的事情。因此，我不會將其標記為對我們如何看待消費者需求的保守態度，但考慮到管道和時間滯後，第四季度的部分銷售額已經因此記錄在第三季度。

The next question comes from Patrick Wood from Bank of America.

下一個問題來自美國銀行的帕特里克伍德。

First one, maybe China, a little bit of a surprise there on -- at least on my end. What are you seeing there? I mean some of the macro data seems to suggest that the recovery is relatively strong, but I'm just kind of curious what you guys are seeing on the commercial side with consumers. And just a little surprised of the weakness and how you feel about that going into next year.

第一個，也許是中國，那裡有點意外——至少在我這邊。你在那裡看到什麼？我的意思是一些宏觀數據似乎表明復蘇相對強勁，但我只是很好奇你們在商業方面與消費者的關係。對這種弱點以及您對明年的感受感到有些驚訝。

And then the second question is on Connected Care. Maybe just a little bit of help in terms of the phasing. Thank you for the commentary around Q4 still being strong growth, but should we expect generally over the next bunch of quarters, however you want to define it, growth to fairly meaningfully retreat down? I mean I'm trying to get a sense of how sharp the drop-off is.

然後第二個問題是關於 Connected Care。也許只是在分階段方面有一點幫助。感謝您對第四季度的評論仍然是強勁增長，但我們是否應該普遍預期在接下來的幾個季度中，無論您如何定義它，增長都會相當有意義地回落？我的意思是我想了解下降的幅度有多大。

Yes, Patrick. Yes, China was a bit weak in the third quarter. And we have some work to do on the Personal Health side in China, where we think we can step up the effectiveness of our marketing. We have several launches planned that will support the future, but -- and even though the gross numbers in China showed a good recovery, we feel that the market is not completely there yet.

是的，帕特里克。是的，中國在第三季度有點疲軟。我們在中國的個人健康方面還有一些工作要做，我們認為我們可以在這方面提高營銷的有效性。我們計劃推出幾款產品來支持未來，但是——儘管中國的總量顯示出良好的複蘇，但我們認為市場還沒有完全恢復。

To a degree, that also applies to the health systems side, where we saw growth a little bit softer than we had hoped for. So some work to be done in China. That is, of course, compensated by a very resilient Europe and United States market that we feel very good about.

在某種程度上，這也適用於衛生系統方面，我們看到增長比我們希望的要慢一些。所以一些工作要在中國完成。當然，這是由我們感覺非常好的非常有彈性的歐洲和美國市場所彌補的。

On Connected Care, I think it's a bit in line with the question from -- and the discussion we had on Veronika's question. So Abhijit already said that order book and orders and pipeline for Connected Care fourth quarter look strong. I mentioned that I see monitoring also extend into other care areas, and therefore, monitoring will be an area where we can see a longer demand cycle than hospital ventilation, which is a market that is going to be more saturated, expectedly.

關於 Connected Care，我認為這有點符合來自 - 以及我們對 Veronika 的問題進行的討論。所以 Abhijit 已經說過，第四季度 Connected Care 的訂單和訂單看起來很強勁。我提到我看到監測也延伸到其他護理領域，因此，監測將是一個我們可以看到比醫院通風更長需求週期的領域，這是一個預計會更加飽和的市場。

However, the home ventilation and sleep categories, sleep apnea categories, have suffered this year because of the COVID pandemic. Fewer sleep tests are being done, that means that there are quite a lot of patients that are underdiagnosed and undertreated. We think that that will get a big boost next year.

然而，由於 COVID 大流行，家庭通風和睡眠類別、睡眠呼吸暫停類別今年受到了影響。進行的睡眠測試越來越少，這意味著有相當多的患者未得到充分診斷和治療。我們認為這將在明年得到很大的推動。

Even so the comparison from 2020 to 2021 will, of course, be very hard given the high revenue in CC this year. And therefore, we expect a negative growth in Connected Care in 2021 just because of the comparison. And therefore, Philips, as a group, comes into the low single-digit growth rate for next year, while D&T and Personal Health are expected to grow in the 5% to 6% bracket. I hope that helps a bit.

即便如此，考慮到 CC 今年的高收入，當然很難將 2020 年與 2021 年進行比較。因此，我們預計 2021 年 Connected Care 的負增長僅僅是因為比較。因此，飛利浦作為一個整體，明年將實現低個位數增長率，而 D&T 和個人健康預計將增長 5% 至 6%。我希望能有所幫助。

And maybe one more thing, Patrick, that is that we see strong demand for health informatics in Connected Care, telehealth related. And we certainly think that that's on a winning streak with a lot of demand. And we think that's permanent. I mean that's the final -- the acceleration that we have been hoping for and that we talked about many times in the past, when is it coming with all the investments done, and we think it's coming now.

帕特里克，也許還有一件事，那就是我們看到了與遠程醫療相關的互聯醫療對健康信息學的強烈需求。我們當然認為這是一個需求量很大的連勝。我們認為這是永久性的。我的意思是，這是我們一直希望的加速，我們過去多次討論過，當所有投資完成後，它什麼時候來，我們認為它現在來了。

And maybe just to give a bit more color. So in patient monitoring, we are -- we have grown order intake, I think, 20% in the quarter, 50% the previous quarter. So we have good momentum there. So I think, Patrick, a good way to look at it is to compare the 2021 growth over 2019. And then you see if you take out the spike of 2020, you see really good steady growth. But yes, compared just mathematically to the spike of this year, there will be a decline.

也許只是為了增加一點顏色。因此，在患者監測方面，我們的訂單量增加了，我認為本季度增加了 20%，上一季度增加了 50%。所以我們在那裡有很好的勢頭。所以我認為，帕特里克，一個很好的看待它的方法是比較 2021 年與 2019 年的增長。然後你看看如果你去掉 2020 年的峰值，你會看到非常好的穩定增長。但是，是的，僅從數學上與今年的峰值相比，將會出現下降。

The next question comes from David Adlington from JPMorgan.

下一個問題來自摩根大通的 David Adlington。

I just wanted to check if the consolidation in the imaging and radiotherapy space had changed your thoughts on the outlook for your D&T business and its competitiveness going forward. And associated with that, I just wondered if you recognized any one-off costs in the quarter associated with aborted M&A attempts.

我只是想了解一下成像和放射治療領域的整合是否改變了您對 D&T 業務前景及其未來競爭力的看法。與此相關的是，我只是想知道您是否認識到本季度與失敗的併購嘗試相關的任何一次性成本。

That's an interesting question. You're referring to the Siemens-Varian deal, which is a big deal. But I bring to your recollection that we have a partnership in the radiotherapy area with Elekta. That partnership is going well. It serves us well. We do believe that the care pathways in oncology benefit from a good integration of technologies and software, clinical decision support systems. We think that we can accomplish that through this partnership, and therefore, nothing to report. There are no charges for whatever in the -- in that space. So negative on your second question.

這是一個有趣的問題。你指的是西門子與瓦里安的交易，這是一筆大交易。但我提醒您，我們與 Elekta 在放射治療領域建立了合作夥伴關係。這種夥伴關係進展順利。它對我們很有幫助。我們確實相信，腫瘤學的護理途徑受益於技術和軟件、臨床決策支持系統的良好整合。我們認為我們可以通過這種夥伴關係實現這一目標，因此沒有什麼可報告的。該空間中的任何內容均不收費。對你的第二個問題如此否定。

And perhaps a wider perspective on the market of oncology. You know that we are already active in oncology in many years with a combination of our diagnostic informatics systems, therapy planning, and more recently, oncology informatics, where we combine radiology, pathology and genomics and longitudinal data of patients. We combine it with the Dana-Farber clinical decision support for decision-making, and we are making a lot of headway in that segment. That's -- let me leave it at that.

也許對腫瘤學市場有更廣闊的視野。你知道，我們多年來一直活躍在腫瘤學領域，結合了我們的診斷信息學系統、治療計劃，以及最近的腫瘤學信息學，我們結合了放射學、病理學和基因組學以及患者的縱向數據。我們將其與 Dana-Farber 臨床決策支持相結合以進行決策，我們在該領域取得了很大進展。那就是——讓我就此打住。

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

下一個問題來自巴克萊銀行的 Hassan Al-Wakeel。

I have a couple, please. So firstly, where do you think ventilator capacity is now globally? And how much of the HHS contract cancellation do you think you can offset? And what about critical care capacity, and do you expect the strong growth in patient monitoring to persist?

我有一對，請。那麼首先，您認為目前全球呼吸機容量在哪裡？您認為您可以抵消多少 HHS 合同取消？重症監護能力如何？您預計患者監護的強勁增長會持續下去嗎？

Secondly, on the medium-term top line guidance, could you elaborate on the most significant drivers for your increased optimism and the narrowing of this range relative to your prior range? And also, what is the net margin benefit you have assumed from the disposal of Domestic Appliances at a group level, please?

其次，關於中期頂線指導，您能否詳細說明導致您的樂觀情緒增加以及該範圍相對於先前範圍縮小的最重要驅動因素？另外，請問您從集團層面的家用電器處置中獲得的淨利潤率是多少？

All right. So that's 3 questions, I think. First, the ventilator capacity, I don't have the industry top of mind, but we had approximately 30,000 or so ventilators in 2019 and a kind of sevenfold increase this year, in which the cancellation of the 30,000 by the U.S. takes a bite out of that, but it is still a very sizable step-up versus 2019. It's the expectation that the hospital ventilator market will return to kind of a 2019 level in 2021. Now that's a rough outline. And we are not the only one that is affected, by the way, by partial cancellation. Also 2 other vendors, it happened to them.

好的。我認為這是 3 個問題。首先，呼吸機容量，我沒有想到行業的首要任務，但我們在 2019 年大約有 30,000 台左右的呼吸機，今年增長了七倍，其中美國取消了 30,000 台呼吸機。其中，但與 2019 年相比仍然是一個非常大的進步。預計醫院呼吸機市場將在 2021 年恢復到 2019 年的水平。現在這是一個粗略的輪廓。順便說一句，我們並不是唯一受到部分取消影響的人。還有 2 個其他供應商，它發生在他們身上。

Still, as Abhijit said, we still see orders coming in, in the fourth quarter. There are still countries in the world that are underequipped when it comes to acute care. And depending on how COVID develops, it could well be that we will also see stockpile programs coming up from various governments. It's, for example, being debated in the European Commission. And if stockpile programs would emerge, then that could actually change the narrative I've just given for 2021. So it's a bit fluid situation.

儘管如此，正如 Abhijit 所說，我們仍然看到訂單在第四季度到來。世界上仍有一些國家在急症護理方面裝備不足。根據 COVID 的發展情況，我們很可能還會看到各國政府提出儲備計劃。例如，歐盟委員會正在對此進行辯論。如果出現儲備計劃，那麼這實際上可能會改變我剛剛給出的 2021 年的敘述。所以情況有點不穩定。

On monitoring, I think we can be much more optimistic longer term because, historically, monitoring was something for the intensive care department. In the meantime, we see more and more hospitals equipping patients also in the general ward, where the surveillance or the continuous surveillance of patients reduces the stress on hospital staff. It provides, with the predictive analytics on how a patient is doing and the health economic benefits of monitoring in the general ward as well as the clinical benefits are well documented in the meantime.

在監測方面，我認為從長遠來看我們可以更加樂觀，因為從歷史上看，監測是重症監護室的事情。與此同時，我們看到越來越多的醫院在普通病房也配備了患者，在那裡對患者的監測或持續監測減輕了醫院工作人員的壓力。它提供了有關患者狀況的預測分析，同時還記錄了普通病房監測的健康經濟效益以及臨床效益。

We also expect to see monitoring to take off in the out-of-hospital space with more and more chronic patients being monitored on a continuous basis or at least certainly after discharge for a while. These are new monitoring markets that will kick in also post-COVID, and therefore we are very -- we expect to be very positive about the monitoring and analytics marketplace for the years to come. Certainly something where it will sustain that 5% to 6% growth.

我們還期望看到監測在院外空間起飛，越來越多的慢性病患者在連續的基礎上或至少在出院一段時間後肯定會受到監測。這些是新的監控市場，它們也將在 COVID 之後出現，因此我們非常 - 我們希望在未來幾年對監控和分析市場非常積極。當然，它將維持 5% 至 6% 的增長。

I mentioned hospital respiration to go down, but then the home ventilation and sleep apnea market will strongly recover, right, and therefore, we can be -- and then the telehealth market will also get a boost. So we can expect Connected Care to be in that 5% to 6% bracket in 2022 after we have compensated for the spike. And you heard Abhijit say basically that if you think about Connected Care versus 2019, then next year should be in positive growth territory as well. I think with that, you should be able to model that.

我提到醫院呼吸下降，但隨後家庭通風和睡眠呼吸暫停市場將強勁復甦，對，因此，我們可以——然後遠程醫療市場也將得到提振。因此，在我們補償了峰值之後，我們可以預計 Connected Care 在 2022 年將處於 5% 到 6% 的範圍內。你聽到 Abhijit 基本上說，如果你考慮 Connected Care 與 2019 年的對比，那麼明年也應該處於正增長區域。我認為有了它，您應該能夠對其進行建模。

The midterm optimism, well, over the last 5 years, we have been delivering consistently around 4.5% growth. And we have been stepping up investments, repositioned the portfolio towards higher growth categories. Let me just mention one, IGT Devices, double-digit growth. This year, of course, a bit under pressure due to the postponement of elective procedures. But with all our exciting moves in Image-Guided Therapy, we expect IGT overall to be high growth but then IGT Devices to be double digit. And it's -- we are now getting closer to the EUR 1 billion in size for IGT Devices, so it becomes a sizable business and really contributing to the overall growth of Philips.

中期樂觀情緒，嗯，在過去的 5 年裡，我們一直在實現 4.5% 左右的增長。我們一直在加大投資力度，將投資組合重新定位於更高增長的類別。我只想提一個，IGT Devices，兩位數的增長。今年，當然，由於選舉程序的推遲，壓力有點大。但憑藉我們在圖像引導治療方面的所有激動人心的舉措，我們預計 IGT 整體將實現高增長，但隨後 IGT 設備將實現兩位數增長。而且它 - 我們現在正接近 10 億歐元的 IGT 設備規模，因此它成為一個相當大的業務，真正為飛利浦的整體增長做出貢獻。

I mentioned Health Informatics as an area where we have invested quite a lot, and that is expectedly getting to a much -- structurally a much higher growth ratio, right? And then there is all the other -- in Personal Health, structurally on the 5% to 6% growth. In fact, that should not be a surprise because also, historically, we have been performing in that level.

我提到健康信息學是一個我們投入了大量資金的領域，預計它會在結構上達到更高的增長率，對吧？然後是所有其他 - 在個人健康方面，結構性增長 5% 至 6%。事實上，這應該不足為奇，因為從歷史上看，我們一直在那個水平上表現。

Then we see the strong performance with long-term strategic partnerships. We recorded another 11 deals with customers across the world who believe in the fact that if you partner, you get better health productivity, better health outcomes. And the recurring revenue portfolio is increasing year-on-year, right? It makes us more resilient, but it also adds to the growth. So -- and we saw double-digit growth in the solutions part of our portfolio. So plenty to think of when it comes to underpinning the midterm targets.

然後我們看到長期戰略合作夥伴關係的強勁表現。我們記錄了與世界各地客戶的另外 11 筆交易，他們相信如果您合作，您將獲得更好的健康生產力和更好的健康結果。經常性收入組合在逐年增加，對嗎？它使我們更有彈性，但也促進了增長。所以 - 我們看到了我們產品組合中解決方案部分的兩位數增長。在支持中期目標方面，有很多事情要考慮。

And on the profitability side, of course, that goes back to the question on the bridge, partly driven by growth, partly by innovations and higher gross margins, partly by productivity programs that we will elucidate at the Capital Markets Day, but I can tell you that we see productivity programs to go through every year, over the next 4 years. So also there, I think, quite some, as it called, there's a Dutch expression, we have quite a few irons in the fire as it is called.

當然，在盈利能力方面，這又回到了橋上的問題，部分是由增長驅動的，部分是由創新和更高的毛利率驅動的，部分是由我們將在資本市場日闡明的生產力計劃驅動的，但我可以說我們看到在接下來的 4 年中每年都要通過生產力計劃。因此，我認為還有很多，正如它所說的那樣，有一個荷蘭語表達，我們在火中有相當多的熨斗，因為它被稱為。

And then your third question on the DA impact. So the guidance is exclusive of DA. We expect to complete the deal by the third quarter of next year. DA is slightly below the average profitability of Philips, therefore, maybe 10 basis points...

然後是關於發展議程影響的第三個問題。因此，該指南不包括 DA。我們預計將在明年第三季度完成交易。 DA 略低於飛利浦的平均盈利能力，因此，可能是 10 個基點......

It's not material.

這不是物質的。

It's not a material impact on the profitability. And it's a great asset, has nice growth. So also there, not a material impact in the portfolio mix. I hope, Hassan, that answers all your questions.

這對盈利能力沒有實質性影響。這是一項巨大的資產，增長良好。因此，也沒有對投資組合產生重大影響。哈桑，我希望這能回答你所有的問題。

The next question comes from Lisa Clive from Bernstein.

下一個問題來自 Bernstein 的 Lisa Clive。

Three questions, please. First of all, just the comment you made around the long-term contract adding to growth, I guess this is more of an accounting question for Abhijit. So I assume you only book 1 year revenues in the first year of, say, a 10-year contract. And versus selling that -- selling equipment outright to that customer, this actually would be a headwind to growth as you aren't accounting for the full value of all the unit placements in year 1. So actually, if we look at your long-term -- your new midterm guidance, and that includes an acceleration in these long-term contracts, should we actually see that as a positive?

請教三個問題。首先，只是你對長期合同增加增長的評論，我想這更像是 Abhijit 的會計問題。因此，我假設您只在 10 年合同的第一年預訂 1 年的收入。與直接向該客戶銷售設備相比，這實際上會阻礙增長，因為您沒有考慮第一年所有單位安置的全部價值。所以實際上，如果我們看一下您的長期 -期限——你的新中期指導，包括這些長期合同的加速，我們真的應該認為這是積極的嗎？

Second question on Connected Care, could you give us some guidance on the margins around Connected Care informatics? I assume it hasn't been that profitable to date just because of investments required and being fairly small. But as we look out at that sort of 3, 4 years out, will that become a strong contributor to your EBITA growth?

關於 Connected Care 的第二個問題，您能否就 Connected Care 信息學的利潤給我們一些指導？我認為它迄今為止還沒有那麼有利可圖，只是因為需要投資並且相當小。但當我們展望未來 3、4 年時，這會成為您的 EBITA 增長的強大貢獻者嗎？

And then lastly, you mentioned the -- an old installed base of imaging equipment in the U.S. and Europe, what about patient monitors? I assume in order for hospitals to be able to take advantage of eICU and other platforms, that they need to have newer monitors that are WiFi-enabled, et cetera. So how should we think about the installed base that you have out there and how quickly that can turn over so that you can offer more of your sort of software-as-a-service solutions?

最後，你提到了——美國和歐洲的成像設備安裝基地，病人監護儀呢？我假設，為了讓醫院能夠利用 eICU 和其他平台，他們需要有更新的支持 WiFi 的監視器，等等。那麼，我們應該如何考慮您現有的安裝基礎以及它可以多快轉變，以便您可以提供更多您的軟件即服務解決方案？

Okay. Great. Lisa, let me start with question 3 and then hand it over to Abhijit for 1 and 2. The installed base in patient monitoring is not as old as, let's say, you see on the imaging side. And many of our patient monitoring systems are already connected to a central station, where on a departmental level you can oversee the entire ICU ward. The interoperability with the electronic medical record is already arranged. Therefore, integration with hospital networks is completely there. That also, given that we are so advanced, it actually helped us to be the market leader, right?

好的。偉大的。麗莎，讓我從問題 3 開始，然後將其交給 Abhijit 解決問題 1 和問題 2。患者監護的安裝基礎並不像您在成像方面看到的那麼古老。我們的許多患者監護系統已經連接到中央站，您可以在部門級別監督整個 ICU 病房。已經安排了與電子病歷的互操作性。因此，與醫院網絡的整合是完全存在的。而且，鑑於我們如此先進，它實際上幫助我們成為了市場領導者，對嗎？

So it's not correct to think of patient monitors as an old-fashioned kind of a hardware device next to the bed. This is very advanced informatics applications. We do offer hospitals, of course, the newer systems and become more and more artificial intelligence-enabled and predictive in their nature. So it is a very exciting area. That's also why earlier in the questions, I said, I see sustained growth in monitoring and analytics. Abhijit?

因此，將病人監護儀視為床邊的一種老式硬件設備是不正確的。這是非常先進的信息學應用程序。當然，我們確實為醫院提供了更新的系統，並且在本質上變得越來越支持人工智能和預測。所以這是一個非常令人興奮的領域。這也是為什麼在前面的問題中，我說，我看到監控和分析方面的持續增長。阿比吉特？

Yes, so Lisa, let me explain a bit about the long-term strategic partnerships. It is not necessarily that they are as a service deal, and let me explain the difference. So some of them, we have a contract over 10 years to renew their equipment as and when necessary with newer technologies. So actually, it just locks us in with that hospital group over a period of 5 or 10 years where we just execute capital sales over that period which is pre committed. So it helps us to plan better, helps the hospital to plan better.

是的，麗莎，讓我解釋一下長期戰略合作夥伴關係。它們不一定是作為服務交易，讓我解釋一下區別。所以他們中的一些人，我們有一個超過 10 年的合同，在必要時用更新的技術更新他們的設備。所以實際上，它只是在 5 年或 10 年的時間內將我們鎖定在該醫院集團，我們只是在預先承諾的那段時間執行資本銷售。所以它幫助我們更好地計劃，幫助醫院更好地計劃。

Now in some cases, these hospitals also prefer, over that period, to have a fixed cash outlay through the period. And then we arrange it through Philips Capital, so then it becomes a financing arrangement, which in most cases we even offload to banks. So as far as our sales is concerned, it provides assurance of sales in the coming years, but does not necessarily convert capital sales to, let's say, per use sales.

現在，在某些情況下，這些醫院也更願意在此期間有固定的現金支出。然後我們通過 Philips Capital 進行安排，然後它變成了一種融資安排，在大多數情況下我們甚至將其卸載給銀行。因此，就我們的銷售而言，它為未來幾年的銷售提供了保證，但不一定將資本銷售轉化為，比方說，每次使用銷售。

There are a couple of sales that we do, which is based on per use models. That has an impact, but it's in the larger -- and it will be bigger as we go forward. But in the larger scheme of things, not that big. And this can be also, let's say, collaborated with our overall solution sales, which has grown significantly above our, let's say, equipment sales business.

我們進行了一些基於每次使用模型的銷售。這有影響，但影響更大——而且隨著我們的前進，它會更大。但在更大的計劃中，並沒有那麼大。比方說，這也可以與我們的整體解決方案銷售合作，後者的增長遠遠超過我們的設備銷售業務。

So if you look, I think a few years ago, we had solution sales around 28%. We are now north of 35%. That our target was to get to 35% this year. So actually, we grew our solutions business and recurring revenue business by more than double of what we are growing our equipment business. So that -- hopefully, that gives you a bit of more background as to why we have a higher level of confidence on the sales growth.

所以如果你看，我想幾年前，我們的解決方案銷售額約為 28%。我們現在超過 35%。我們的目標是今年達到 35%。所以實際上，我們的解決方案業務和經常性收入業務的增長是我們設備業務增長的兩倍多。因此 - 希望這能讓您了解為什麼我們對銷售增長有更高的信心。

We don't give specific guidance on Connected Care informatics. But just to tell you, yes, it is a relatively small business. And with the expected growth coming forward, we expect it to get into margins in the range for a normal informatics business, which is in the teens. So there is a significant part of that improvement still to come.

我們不提供有關 Connected Care 信息學的具體指導。但只是告訴你，是的，這是一個相對較小的企業。隨著預期的增長，我們預計它的利潤率將達到正常信息學業務的範圍，即十幾歲。因此，這種改進的很大一部分仍有待實現。

The next question comes from Ed Ridley-Day from Redburn.

下一個問題來自 Redburn 的 Ed Ridley-Day。

First of all, great to see explicit return on invested capital targets as part of your midterm guidance. Frankly, far too rare to see that from companies we look at. Abhijit, can you just give us, remind us of the base there from the 2019 in terms of your organic ROIC? And also in terms of organic ROIC, I presume that is including bolt-ons, but nothing in terms of strategic acquisitions.

首先，很高興看到明確的投資資本回報目標作為中期指導的一部分。坦率地說，在我們觀察的公司中很少見到這種情況。 Abhijit，你能不能給我們，提醒我們從 2019 年開始的有機 ROIC 基礎？而且就有機 ROIC 而言，我認為這包括補強，但在戰略收購方面沒有。

Yes, Ed, maybe a couple of points. One, you said not many people have it, but we have actually always had a ROIC target. We ended 2019 with 14.8%. So in the mid-teens. It will go slightly lower this year as we get the NOC for Volcano into our net operating capital.

是的，埃德，也許有幾點。一，你說沒有多少人有它，但我們實際上一直有一個 ROIC 目標。我們以 14.8% 結束了 2019 年。所以在十幾歲的時候。隨著我們將 Volcano 的 NOC 納入我們的淨運營資本，今年它會略有下降。

But I think it's -- what we do for our acquisitions, and we mentioned that very clearly because it's very difficult to give a prediction on how M&A will go, we have a 5-year period for which M&A is excluded. So from year 6 of an M&A, we put it into it as an organic target. So that's why you see this year, Volcano comes in. And then let's say, over the course of the next 5 years, the other acquisitions that have happened subsequent to 2025 will keep coming into the numbers.

但我認為這是——我們為收購所做的事情，我們非常清楚地提到了這一點，因為很難預測併購將如何進行，我們有 5 年的時間將併購排除在外。因此，從併購的第 6 年開始，我們將其作為有機目標納入其中。所以這就是為什麼你今年看到 Volcano 進來了。然後讓我們說，在接下來的 5 年中，2025 年之後發生的其他收購將繼續出現。

So I think we would end this year if you -- around the mid-teens, so maybe around the 13%, if you -- especially if you exclude -- there was a big impact of a change in accounting. So when we had actually set out the targets, the IFRS guidance on capitalization of lease assets was not there. So if you keep it on that basis, we will end around the mid-teens. That is what we had targeted. And then over the period, we expect it to go higher.

所以我認為我們將在今年結束，如果你 - 在十幾歲左右，所以可能在 13% 左右，如果你 - 特別是如果你排除 - 會計變化產生了重大影響。因此，當我們實際設定目標時，IFRS 關於租賃資產資本化的指南並不存在。因此，如果您在此基礎上保持下去，我們將在十幾歲左右結束。這就是我們的目標。然後在此期間，我們預計它會走高。

Next question comes from Scott Bardo from Berenberg.

下一個問題來自 Berenberg 的 Scott Bardo。

The first question, please, just relates to the new midterm guidance you've provided, and I appreciate you want to wait until the Capital Markets Day to outline your strategy and how you achieve that.

請注意，第一個問題僅與您提供的新中期指導有關，我感謝您希望等到資本市場日概述您的戰略以及如何實現這一目標。

But the question is does the midterm targets imply a very heavy gearing to the Diagnosis & Treatment business to be achieved? If my calculations are correct, the Personal Health business already achieved a 19% margin last year when you exclude the domestic appliance business. And Connected Care I think is already, for the 9 months, at the upper end of the new margin range you set for 2025. So I just want to understand whether there is a very heavy weighting to D&T progression embedded within these targets, please?

但問題是，中期目標是否意味著要實現診斷和治療業務的沉重負擔？如果我的計算是正確的，去年排除家用電器業務後，個人健康業務的利潤率已經達到 19%。我認為 Connected Care 已經在 9 個月內處於您為 2025 年設定的新利潤率範圍的上限。所以我只想了解這些目標中嵌入的 D&T 進展是否有很大的權重，好嗎？

And the second question, following on from that, I think that some of your competitors are launching new products in the Diagnostic Imaging space, and we've talked a little bit about broader consolidation in the channel. Can you give us an update, please, as to where Philips is within its innovation cycle here? Should we expect some new products to come at the RSNA and so forth?

第二個問題，繼此之後，我認為你們的一些競爭對手正在診斷成像領域推出新產品，我們已經討論了渠道中更廣泛的整合。您能否向我們介紹一下飛利浦在其創新周期中所處的最新情況？我們是否應該期待一些新產品出現在 RSNA 等等？

Yes, Scott, well, all 3 reporting segments will improve their profitability in the next period. And certainly, a big step-up by D&T, as you imply, but also by Connected Care, right, which in fact we would all say has been underperforming up until 2019 and now has this nice boost from acute care, but still has to structurally further improve over the next years. So that underpins the group targets next to, of course, the operational productivity programs that we will elucidate at Capital Markets Day.

是的，斯科特，好吧，所有 3 個報告部門都將在下一個時期提高他們的盈利能力。當然，正如你暗示的那樣，D&T 的一大進步，還有 Connected Care 的進步，對吧，事實上我們都會說，直到 2019 年，它的表現一直不佳，現在急症護理有了很好的推動，但仍然必須未來幾年結構性進一步改善。因此，這鞏固了集團目標，當然還有我們將在資本市場日闡明的運營生產力計劃。

The questions around launches and innovation, especially related to Diagnostic Imaging we feel very confident about the product range. And launches of innovations are not necessarily restricted to RSNA, in fact, I think that's a little bit overrated as a launch platform. We have just launched the extension of the Azurion platform, which is several years ahead of the competition according to our customers and the feedback that we are getting.

關於發布和創新的問題，尤其是與診斷成像相關的問題，我們對產品系列非常有信心。創新的發布不一定局限於 RSNA，事實上，我認為作為發布平台，這有點被高估了。我們剛剛推出了 Azurion 平台的擴展，根據我們的客戶和我們得到的反饋，它比競爭對手領先幾年。

We have a very strong MRI portfolio. The demand for, example, the Ambition, which is a helium-free operations platform, and with the compressed sense, the scan time is less -- 50% less. So a very fast system. That demand is very strong. Now currently, of course, impacted by COVID.

我們擁有非常強大的 MRI 產品組合。例如，對 Ambition 的需求，它是一個無氦操作平台，具有壓縮感，掃描時間更少——減少 50%。所以一個非常快的系統。這種需求非常強烈。現在，當然，目前受到 COVID 的影響。

We have a renewal of our ultrasound portfolio. We have a strong slate of Enterprise Diagnostic Informatics. The acquisition of Carestream has worked out very well. We get very good ratings on the Vue PACS implementation. We see strong interest in the oncology informatics platform. So I can go on and on. The innovation portfolio is very strong, and it underpins basically the fact that we have been and are outgrowing market share versus several, maybe not all, of our competitors.

我們更新了超聲波產品組合。我們擁有強大的企業診斷信息學。 Carestream 的收購取得了很好的效果。我們在 Vue PACS 實施方面獲得了非常好的評價。我們看到了對腫瘤信息學平台的濃厚興趣。所以我可以繼續下去。創新組合非常強大，它基本上支持了這樣一個事實，即我們已經並且正在超越我們的幾個（也許不是全部）競爭對手的市場份額。

Next question comes from Max Yates from Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Max Yates。

Just my first question is on the D&T margins, and I just wondered if could you give a little bit more color about the headwinds that you faced in the quarter? Because, I guess, looking at it, Q2 had a great sort of growth headwind, yet margins on a year-on-year basis were more resilient than what we saw in Q3. I imagine many of the same sort of trends of factory underutilization were there in Q2. So I'd just like to understand a little bit better what happened this quarter and what was perhaps a headwind that we had this quarter that we didn't last?

我的第一個問題是關於 D&T 的利潤率，我只是想知道您能否對本季度面臨的逆風給出更多的顏色？因為，我想，從它的角度來看，第二季度有很大的增長逆風，但同比利潤率比我們在第三季度看到的更有彈性。我想第二季度會出現許多類似的工廠未充分利用的趨勢。所以我只想更好地了解本季度發生的事情，以及本季度我們沒有持續的不利因素是什麼？

Max, so I think as we have seen, let's say, slower installs on Diagnosis & Treatment, we have adapted our supply chain a bit stronger in the third quarter. So that gives a slightly higher impact on factory leverage. But also, I think important to understand 2 more things. One is the mix. So let's say, the more profitable categories of cardiac ultrasound or IGT, right, which are big drivers, they have suffered from low growth and that has impacted us to a certain extent?

Max，所以我認為正如我們所看到的，比方說，診斷和治療的安裝速度較慢，我們在第三季度調整了我們的供應鏈，使其更加強大。因此，這對工廠槓桿率的影響略高。而且，我認為了解另外兩件事很重要。一是混合。那麼比方說，利潤更高的心臟超聲或 IGT 類別，對吧，它們是大驅動因素，它們增長緩慢，這在一定程度上影響了我們？

And I had one -- and we have mentioned, right, through the crisis that we are not scaling back on R&D. And that's linked to Frans' reply that he just gave on the innovation pipeline. We know that there is a couple of tough quarters with demand getting postponed. But we want to come out with all innovations at the right time. So we are not delaying or postponing any R&D related investments that we have. And that also weighs a bit heavily. And if we -- as soon as we start getting elective procedures back and then there is a bit of installations which start going quicker, you will find it coming back in subsequent quarters with a higher leverage. So I think there's no more to it than that.

我有一個 - 我們已經提到，在危機期間我們沒有縮減研發。這與 Frans 剛剛就創新渠道給出的答復有關。我們知道有幾個艱難的季度需求被推遲。但我們希望在正確的時間推出所有創新。因此，我們不會延遲或推遲我們擁有的任何與研發相關的投資。這也有點重。如果我們——一旦我們開始恢復選擇性程序，然後有一些安裝開始更快，你會發現它在隨後的幾個季度以更高的槓桿率回歸。所以我認為僅此而已。

Okay. And just my follow-up question is on the ventilator business. I mean, I think in 2019, we had the figure of it was around EUR 300 million. I think you talked about the capacity earlier in this call. But could you give us -- given you should have good visibility on Q4 deliveries, just in absolute revenue terms, how big you expect that business to be, and also contribution to adjusted EBITA this year would also be helpful. Just to understand where we are with that business today versus 2019 levels, given your assumption of going back to those 2019 levels is probably a reasonable outlook.

好的。我的後續問題是關於呼吸機業務的。我的意思是，我認為在 2019 年，我們的數字約為 3 億歐元。我想你在本次電話會議的早些時候談到了容量。但是你能不能給我們——假設你應該對第四季度的交付有很好的了解，就絕對收入而言，你預計該業務有多大，以及今年對調整後的 EBITA 的貢獻也會有所幫助。只是為了了解我們今天的業務與 2019 年的水平相比，考慮到您假設回到 2019 年的水平可能是一個合理的前景。

Yes, let us come back to you on that on the Capital Markets Day because otherwise we could get too much into the details of what's happening next year, that's a couple of weeks of we will give you a bit more color, but we have seen quite some increase this year, which would not come next year, maybe close to 3x of what we had last year. So that should give you, let's say, a good idea of how much to factor in.

是的，讓我們在資本市場日回到你身邊，否則我們可能會過多地了解明年發生的事情的細節，那幾週我們會給你更多的顏色，但我們已經看到今年有相當多的增長，明年不會出現，可能接近去年的 3 倍。因此，比方說，這應該可以讓您很好地了解要考慮多少因素。

The next question comes from Julien Dormois from Exane BNP Paribas.

下一個問題來自 Exane BNP Paribas 的 Julien Dormois。

I'm left with 2, one related to the use of cash because you should get a pretty sizable amount of cash from the divestiture of Domestic Appliances early next year and that should probably take you to close to cash positive by the end of 2021. So how should we think about cash utilization in the near term? Is it more about shifting gears on M&A and possibly proceeding with a large M&A deal? Or more about cash flow distribution, maybe?

我剩下 2 個，一個與現金的使用有關，因為明年初你應該從家用電器的剝離中獲得相當可觀的現金，這可能會讓你在 2021 年底之前接近現金正數。那麼，我們應該如何考慮近期的現金利用率呢？是否更多地是關於換檔併購並可能繼續進行大型併購交易？或者更多關於現金流分配，也許？

And the second question just relates to growth in PH in Q3. There was a slight discrepancy between Personal Care, Domestic Appliance and lower growth in Oral Healthcare. Is that just a phasing quarterly issue? Or is it the sign of a return of price pressure in that segment?

第二個問題僅與第三季度 PH 的增長有關。個人護理、家用電器和口腔保健的增長較低之間存在輕微差異。這只是一個分階段的季度問題嗎？還是該細分市場價格壓力回歸的跡象？

Yes, Julien, well, with regards to the use of cash, we will apply our capital allocation policy, so judging carefully what is driving the best return on investment. We have a balanced approach. We have been using all instruments in the past, ranging from returns to shareholders as well as organic and M&A. And it's very likely that we will continue to do that also in the future. And we are also quite comfortable with cash sitting on the balance sheet for a while, while we figure out what is the best way forward.

是的，朱利安，關於現金的使用，我們將應用我們的資本配置政策，因此請仔細判斷什麼是推動最佳投資回報的因素。我們有一個平衡的方法。我們過去一直在使用所有工具，從股東回報以及有機和併購。我們很可能會在未來繼續這樣做。我們也對現金在資產負債表上停留一段時間感到很滿意，同時我們會找出最好的前進方式。

Yes, the growth in Personal Health, very much driven by North America and Europe. Strong across the range, and I referred that China was slow in Q3. And also there Oral Care, which is normally a very high-growth category, was low. And that dented the global Oral Healthcare growth percentage.

是的，個人健康的增長很大程度上受到北美和歐洲的推動。在整個範圍內表現強勁，我提到中國在第三季度表現緩慢。此外，通常是增長非常快的類別的口腔護理也很低。這削弱了全球口腔保健的增長百分比。

The next question comes from Falko Friedrichs from Deutsche Bank.

下一個問題來自德意志銀行的 Falko Friedrichs。

I have one question left, please. It's very good to see you implementing new ESG targets. Could you share some more color on how you aim to measure those targets? And especially this target of improving the lives of 2 billion people a year by 2025, how do you measure this exactly? And what specific improvements in the life of these people are you looking for?

我還有一個問題，請問。很高興看到您實施新的 ESG 目標。您能否分享更多關於您打算如何衡量這些目標的顏色？尤其是到 2025 年每年改善 20 億人生活的目標，您如何準確衡量這個目標？您希望這些人的生活得到哪些具體改善？

Right, Falko. Yes, we measure, of course, all our commitments. And at the Capital Markets Day, there will, in fact, be a presentation around ESG to bring it to the fore. The measurements are also elucidated on our website, among which the lives improved, and we track how many patients and consumers have benefit from our products, either directly because they own them or indirectly because they are either diagnosed or treated in the hospital.

對，法爾科。是的，我們當然會衡量我們所有的承諾。事實上，在資本市場日，將圍繞 ESG 進行介紹，以使其脫穎而出。我們的網站上也闡明了衡量標準，其中包括改善生活，我們跟踪有多少患者和消費者從我們的產品中受益，無論是直接因為他們擁有這些產品，還是間接因為他們在醫院接受診斷或治療。

And then we take out double counts so that we cannot count the same person twice. Of course, that is a statistical method where we look at how often a consumer is touched by Philips' innovations. So I gladly refer you to the website for the exact calculation. It's by the way clear that to drastically increase the number of lives improved, and given that you cannot double count people, that much of that growth also needs to come out of emerging markets in Asia as we are still, let's say, underpenetrated versus what the market share could become. So quite a lot of exciting growth opportunities there.

然後我們剔除重複計數，這樣我們就不能對同一個人進行兩次計數。當然，這是一種統計方法，我們可以查看消費者被飛利浦創新所打動的頻率。因此，我很樂意向您推薦該網站以進行精確計算。順便說一下，很明顯，要大幅增加改善生活的人數，並且考慮到你不能重複計算人口，那麼大部分增長也需要來自亞洲的新興市場，因為我們仍然，比方說，滲透率低於其他市場市場份額可能成為。那裡有很多令人興奮的增長機會。

I was encouraged to see the wins now in Indonesia and in Vietnam. Indonesia, as you recall, where we sent Pim Preesman after his stint in Investor Relations. And already a few months later, he comes back with a big order. So that was very nice.

看到現在在印度尼西亞和越南取得的勝利，我感到很鼓舞。印度尼西亞，正如你所記得的那樣，我們派 Pim Preesman 在他在投資者關係部門任職後去了那裡。幾個月後，他帶著一筆大訂單回來了。所以那非常好。

Next question comes from Daniel Wendorff from Commerzbank.

下一個問題來自德國商業銀行的 Daniel Wendorff。

Two, if I may. The first one on Diagnosis & Treatment. How do you see your IGT portfolio develop in Q3 now? And is there a risk for that if hospitals get filled with COVID-19 patients again, as it looks like at least in some European countries?

兩個，如果可以的話。第一個關於診斷和治療。您如何看待您的 IGT 產品組合在第三季度的發展？如果醫院再次擠滿 COVID-19 患者，是否存在這種風險，至少在某些歐洲國家看起來是這樣？

My second question is on the patient monitoring business. How do you see the competitive market there develop? And that hospitals demanding apparently more holistic solutions and you're also moving monitoring solutions beyond ICUs, is that having an impact there on the competitive environment? And maybe can you remind us, again, on the contribution of your patient monitoring business to your divisional sales and adjusted EBITA now going into 2021?

我的第二個問題是關於病人監護業務。您如何看待那裡競爭激烈的市場發展？醫院顯然需要更全面的解決方案，而且您也在將監控解決方案轉移到 ICU 之外，這是否對那裡的競爭環境產生了影響？也許您能再次提醒我們，您的患者監測業務對您的部門銷售額和調整後的 EBITA 的貢獻現在將進入 2021 年？

Okay. Daniel, yes, the IGT business, of course, is dependent on the return of elective procedures. About 1/3 of IGT is devices, and the devices are directly linked to the recovery of elective procedures. Our business is overweight in the United States, and there the COVID improvements are still going in the right direction. And therefore, we also still expect a further recovery of elective procedures.

好的。丹尼爾，是的，IGT 業務當然取決於選擇性程序的返回。 IGT大約有1/3是設備，設備直接關係到選修程序的恢復。我們在美國的業務超重，那裡的 COVID 改進仍在朝著正確的方向發展。因此，我們仍然期待選擇性程序的進一步恢復。

On the whole, even when some countries in Europe are, let's say, scaling down, elective procedures may have some effect. But in the world, it may be limited. If the second wave accelerates, if we could also see some risk to hospital installations, although at this moment we have our revenue plan well backed up by the installation schemes agreed with customers, and we feel confident that we can deliver on the growth that we -- of course, the growth in Q4 will be lower than the growth in Q3, right, because we gave a full year guidance of low single-digit growth for Philips. But we feel confident about our ability to deliver that.

總的來說，即使歐洲的一些國家比方說縮減規模，選擇性程序也可能會產生一些影響。但在世界上，它可能是有限的。如果第二波加速，如果我們也能看到醫院安裝存在一些風險，儘管此時我們的收入計劃得到了與客戶商定的安裝方案的很好支持，我們相信我們能夠實現我們的增長--當然，第四季度的增長將低於第三季度的增長，因為我們為飛利浦提供了全年低個位數增長的指導。但我們對我們實現這一目標的能力充滿信心。

Then the question around monitoring, so I think we have been quite vocal that we see monitoring to become more and more an informatics application where we leverage big data to do predictive analysis on patients on how they are faring. And as that gets extended beyond the ICU, it becomes really an enterprise-wide installation. And we have, increasingly then, to deal with the CIO of hospitals. And the architecture of patient monitoring is well catered for enterprise-wide installations. And even we expect that as patients are monitored outside of the hospital that it will follow the architectural choices that hospitals have made for their hospital environment.

然後是關於監測的問題，所以我認為我們一直非常直言不諱地認為，我們看到監測越來越成為一種信息學應用程序，我們利用大數據對患者的狀況進行預測分析。隨著它擴展到 ICU 之外，它實際上變成了企業範圍的安裝。然後，我們越來越多地與醫院的首席信息官打交道。病人監護的架構非常適合企業範圍的安裝。甚至我們預計，當患者在醫院外接受監測時，它將遵循醫院為其醫院環境做出的建築選擇。

Versus competition, Philips is ahead of the typical competitors who are still more in the stand-alone monitors, bedside, and therefore more in the hardware-age era than Philips, where we are much more in a client server model, if I use an informatics term, in how we measure. And we put sensors on patients, those sensors give data that gets processed in our central systems. So we feel good about our competitive position. The contribution to margins, I'm looking to Abhijit.

與競爭對手相比，飛利浦領先於典型的競爭對手，他們更多地處於獨立顯示器、床邊，因此比飛利浦更多地處於硬件時代，我們更多地處於客戶端服務器模型中，如果我使用信息學術語，我們如何衡量。我們把傳感器放在病人身上，這些傳感器提供的數據在我們的中央系統中得到處理。因此，我們對自己的競爭地位感到滿意。對利潤率的貢獻，我正在尋找 Abhijit。

Yes, I think, let's say, monitoring analytics contributes a little more than 40% to the Connected Care sales and a little bit more to the margin. Because let's say, our informatics piece as I mentioned earlier is still low on profitability, so as that keeps increasing, let's say, over a period of time, you will find that the sales and profit contribution will equalize. But at this moment, it's a little bit above 40% of sales and slightly above that in terms of EBITA.

是的，我認為，比方說，監控分析對 Connected Care 銷售額的貢獻略高於 40%，對利潤率的貢獻略多一些。因為比方說，我之前提到的我們的信息學部分的盈利能力仍然很低，所以隨著盈利能力的不斷增加，比方說，在一段時間內，你會發現銷售額和利潤貢獻會持平。但目前，它略高於銷售額的 40%，就 EBITA 而言略高於此。

(Operator Instructions) We will take one last follow-up question from Veronika Dubajova from Goldman Sachs.

（操作員說明）我們將接受來自高盛的 Veronika Dubajova 的最後一個後續問題。

If I can just follow-up on the midterm guidance. Just would be helpful to understand, Abhijit, I guess, that 60 to 80 basis point margin improvement that you have. If that organic growth rate were to be more consistent with what you've delivered historically, so 4% to 5% as opposed to the 5% to 6%, what would that 60 to 80 basis point look like, would it be lower? And if so, how much? If you can help clarify that, that would be super helpful. And then just a quick follow-up. On the Connected Care fourth quarter expectations, you said lower growth than Q3, but is it higher than Q2 or is it lower than Q3 and Q2?

如果我可以跟進中期指導。 Abhijit，我想，了解您擁有的 60 到 80 個基點利潤率改善會有所幫助。如果有機增長率與您的歷史表現更加一致，那麼 4% 到 5% 而不是 5% 到 6%，那 60 到 80 個基點會是什麼樣子，它會更低嗎？如果是這樣，多少錢？如果你能幫助澄清這一點，那將非常有幫助。然後只是快速跟進。關於 Connected Care 第四季度的預期，您說增長低於第三季度，但它高於第二季度還是低於第三季度和第二季度？

Well, I have to check that. But regarding the midterm guidance, we give a range of 60 to 80 basis points. If it's a little bit low or a little bit higher, I think we will be in and around that range. So I don't want to get more specific around that at this time. I think...

好吧，我必須檢查一下。但關於中期指導，我們給出了 60 到 80 個基點的範圍。如果它稍微低一點或高一點，我認為我們將處於該範圍內或附近。所以我現在不想更具體地討論這個問題。我認為...

And it is an all-in number.

這是一個全押號碼。

Yes, yes. And I think Q4 will be similar to Q2 and not with the big bubble in Q3. So that's, I think, how you should look at Q4 for Connected Care.

是的是的。而且我認為第四季度將類似於第二季度，而不是第三季度的大泡沫。所以，我認為，您應該如何看待 Connected Care 的第四季度。

Mr. van Houten and Mr. Bhattacharya, that was the last question. Please continue.

van Houten 先生和 Bhattacharya 先生，這是最後一個問題。請繼續。

Well, I'd like to thank everybody for tuning in this morning with us and to be part of the exciting Philips journey. That with the new midterm targets, we'll continue full force. And we look forward to engage with you at our Capital Markets Day, where we will be elucidating and underpinning -- providing underpinning on how we expect to achieve those targets.

好吧，我要感謝大家今天早上收聽我們的節目，並成為激動人心的飛利浦之旅的一部分。有了新的中期目標，我們將繼續全力以赴。我們期待在我們的資本市場日與您互動，我們將在會上闡明和支持——為我們期望如何實現這些目標提供支持。

Thank you very much for today.

非常感謝你今天。

This concludes the Royal Philips' Third Quarter 2020 Results Conference Call on Monday, the 19th of October 2020. Thank you for participating, you may now disconnect.

皇家飛利浦 2020 年第三季度業績電話會議於 2020 年 10 月 19 日星期一結束。感謝您的參與，您現在可以斷開連接。