Annual Report: 2021
The Philips Annual Report 2021 highlights that the company focuses on innovating healthcare and improving people's health.
Philips' strategy is centered around innovative solutions combining products, systems, software, and services, leveraging clinical and operational data to help customers achieve the "Quadruple Aim": better health outcomes, improved patient experience, improved staff experience, and lower cost of care. The report targets for 2021-2025 include accelerating average annual Group comparable sales growth to 5-6%, Adjusted EBITA margin improvement of 60-80 basis points annually, free cash flow above EUR 2 billion by 2025, and organic Return on Invested Capital (ROIC) of mid-to-high teens by 2025. The company aims to improve the lives of 2 billion people per year by 2025, including 300 million in underserved communities.
Philips aims to reach carbon-neutrality in operations, support supply chain decarbonization, and increase circular revenues to 25% of sales. It improved 1.67 billion lives, including 167 million in underserved communities. Philips is pursuing an integrated ESG framework, focusing on Environmental, Social, and Governance dimensions. The Environmental section focuses on reducing carbon emissions ( Scope 1.0 emissions from own operations & Scope 2.0 by sourcing 100 % renewable energy), increasing circularity, improving energy efficiency, and addressing hazardous substances. Social value is measured in part by the number of lives improved, workforce diversity, employee health & safety, and community engagement. Philips aims to deliver superior long-term value and maintain high ethical and governance standards.
Philips has enterprise risk management processes to identify and address strategic, operational, compliance and financial risks. There is a dedicated focus on Patient Safety and ESG expectations.
Philips Respironics initiated a voluntary recall due to potential health risks related to the sound abatement foam in certain sleep and respiratory care products. A provision of EUR 0.7 billion was made to cover the costs of the recall. The company is conducting a comprehensive test and research program to better characterize health risks and applying learnings from the recall across the organization. Philips aims to complete the repair and replacement program in the fourth quarter of 2022.
In 2021, the world economy grew, with recovery across markets like Latin America, Europe and Japan (according to Oxford Economics), however global real GDP is expected to moderate to 4.2% in 2022.
The Board of Management manages the company, and the Supervisory Board oversees their activities. The Executive Committee supports the Board of Management. Feike Sijbesma is Chairman of the Supervisory Board, and Frans van Houten is CEO.
The document includes audited consolidated financial statements prepared in accordance with IFRS and statutory financial statements in compliance with Dutch Civil Code. Ernst & Young Accountants LLP audited the financial statements.
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