Amsterdam, the Netherlands, March 23 (Korea Bizwire) – 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:
Philips Global Press Office
Tel.: +31 6 1521 3446
Philips Investor Relations
Tel.: +31 20 59 77222
About Royal Philips
Royal 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.
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.
Source: Philips International B.V.GLOBE NEWSWIRE