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Royal Philips announced that its shareholders approved all proposals at the Annual General Meeting of Shareholders (AGM) 2024, including key appointments and resolutions. Feike Sijbesma and Peter Löscher were re-appointed to the Supervisory Board, Benoît Ribadeau-Dumas was appointed as a new member, and Charlotte Hanneman was appointed to the Board of Management as Chief Financial Officer. The resolutions included the adoption of the financial statements for 2023, a dividend of EUR 0.85 per common share, and positive advisory votes on the Remuneration Report 2023. The AGM also approved the Remuneration Policy for the Board of Management and the Supervisory Board, authorized the issuance and acquisition of shares, and cancelled shares.
Philips Avent partners with March of Dimes for the It Starts With Mom initiative, supporting new moms with resources for health and well-being. The partnership aims to benefit local communities, NICU families, and maternity care deserts. A recent survey showed the need for support for new moms, and Philips Avent's Share the Care campaign advocates for community involvement in baby care to allow moms more time for self-care. The initiative highlights the importance of maternal health, with various programs and partnerships focusing on supporting families globally.
Royal Philips and Nicklaus Children’s Health System announced a 10-year strategic collaboration to enhance patient and staff experiences in pediatric care. Philips will provide AI-enabled diagnostic technologies, including MR and ultrasound systems, to improve exam efficiency, reduce the need for rescans, and increase diagnostic confidence. Patient experience technologies like Ambient Experience and Scan Buddy App will help kids feel more comfortable during MRIs. Philips will also enhance Nicklaus Children’s cardiac care with advanced ultrasound systems to automate measurements, reduce exam times, and improve diagnostic accuracy.
Philips delivered first-quarter results in line with 2024 performance improvement plan. Group sales amounted to EUR 4.1 billion, with comparable sales growth of 2.4%. Comparable order intake was -3.8% mainly due to China. USD 1.1 billion Respironics litigation settlement was reached in the US (provision recognized of EUR 982 million). Income from operations was EUR -824 million, including above provision. Adjusted EBITA margin of 9.4% of sales. Free cash outflow of EUR 336 million. EUR 540 million agreement was reached with insurers for Respironics recall-related product liability claims. The CEO of Royal Philips, Roy Jakobs, expressed optimism in the company's software innovation capabilities.
