Philips completes cancellation of 33.5 million shares

Rhea-AI Summary

Royal Philips (NYSE: PHG) has successfully canceled 33.5 million of its shares, reducing its current issued share capital to EUR 176,779,793.80, which consists of 883,898,969 common shares. This share cancellation includes 20.5 million shares from a completed EUR 1.5 billion share repurchase program initiated in Q1 2019 and 13 million shares acquired under a recently completed EUR 1.5 billion buyback program announced on July 26, 2021. Forward transactions were also completed to cover approximately half of this buyback program.

Positive

• Completion of 33.5 million shares cancellation enhances shareholder value.
• Strengthening of share price through the EUR 1.5 billion share buyback program.

Negative

• None.

December 29, 2021

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG; AEX: PHIA) today announced that it has completed the cancellation of 33.5 million of its shares. Philips’ current issued share capital amounts to EUR 176,779,793.80 representing 883,898,969 common shares.

The cancelled shares include 20.5 million shares acquired under the EUR 1.5 billion share repurchase program* that was initiated in the first quarter of 2019, and is now completed.

The cancelled shares further include 13.0 million shares that Philips acquired under the ongoing EUR 1.5 billion share buyback program* that was announced on July 26, 2021. These shares were acquired through open market purchases in the fourth quarter of 2021. In the third quarter of 2021, Philips had already entered into a number of forward transactions, covering approximately half of this program, with settlement dates in 2022, 2023 and 2024.

Further details on Philips’ current repurchase program and previous programs can be found here.

* For capital reduction purposes

For further information, please contact:

Ben Zwirs
Philips Global Press Office
Tel.: +31 6 15213446
E-mail: ben.zwirs@philips.com

Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, 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 generated 2020 sales of EUR 17.3 billion and employs approximately 78,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

FAQ

What recent share cancellation occurred for Royal Philips (PHG)?

Royal Philips canceled 33.5 million shares, affecting its issued share capital.

How much share capital does Royal Philips have after the recent cancellation?

After the cancellation, Royal Philips has an issued share capital of EUR 176,779,793.80.

What was the purpose of the share repurchase program for Philips (PHG)?

The EUR 1.5 billion share repurchase program aimed at capital reduction.

When was the new share buyback program announced by Royal Philips (PHG)?

The new share buyback program was announced on July 26, 2021.

How many shares did Philips acquire under its ongoing buyback program?

Philips acquired 13 million shares under its ongoing EUR 1.5 billion buyback program.