Philips provides update on EUR 1.5 billion share repurchase program
March 23 2020 - 3:00AM
Philips provides update on EUR 1.5 billion share repurchase program
March 23, 2020
- Size of the program remains unchanged
- Remainder of the program will be executed through one or more
individual forward transactions with expected settlement dates in
the second half of 2021
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG,
AEX: PHIA) today provides an update on its EUR 1.5 billion share
buyback program for capital reduction purposes, that was announced
on January 29, 2019.
As of today, 50.3% of the program has been completed through
repurchases by an intermediary to allow for purchases in the open
market during both open and closed periods. The remainder of the
program will be executed through one or more individual forward
transactions, to be entered into in the course of 2020, with
expected settlement dates in the second half of 2021.
Philips’ balance sheet and liquidity position are robust, and
the size of the share buyback program - up to an amount on EUR 1.5
billion - remains unchanged. By using forward transactions, Philips
aims to optimize the number of shares to be repurchased under the
program, while maintaining its current liquidity position in view
of the possible further impact of the COVID-19 pandemic on
financial markets in 2020.
Philips will continue to provide updates on the progress of the
program through press releases as appropriate, and further details
will be available here.
For further information, please contact:
Ben ZwirsPhilips Global Press OfficeTel.: +31 6 1521 3446E-mail:
ben.zwirs@philips.com
Leandro MazzoniPhilips Investor RelationsTel.: +31 20 59
77222E-mail: leandro.mazzoni@philips.com
About Royal PhilipsRoyal Philips (NYSE: PHG, AEX: PHIA)
is a leading health technology company focused on improving
people's health and enabling better outcomes across the health
continuum from healthy living and prevention, to diagnosis,
treatment and home care. Philips leverages advanced technology and
deep clinical and consumer insights to deliver integrated
solutions. Headquartered in the Netherlands, the company is a
leader in diagnostic imaging, image-guided therapy, patient
monitoring and health informatics, as well as in consumer health
and home care. Philips' health technology portfolio generated 2019
sales of EUR 19.5 billion and employs approximately 80,000
employees with sales and services in more than 100 countries. News
about Philips can be found at www.philips.com/newscenter.
Forward-looking statements This release contains certain
forward-looking statements with respect to the financial condition,
results of operations and business of Philips and certain of the
plans and objectives of Philips with respect to these items.
Examples of forward-looking statements include statements made
about the strategy, estimates of sales growth, future EBITA, future
developments in Philips’ organic business and the completion of
acquisitions and divestments. By their nature, these statements
involve risk and uncertainty because they relate to future events
and circumstances and there are many factors that could cause
actual results and developments to differ materially from those
expressed or implied by these statements.
Koninklijke Philips NV (EU:PHIA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Koninklijke Philips NV (EU:PHIA)
Historical Stock Chart
From Sep 2023 to Sep 2024