2022 annual results
Committed to improving people's health and well-being
2022 was a very disappointing year for Philips and its stakeholders, and we are taking firm action to strengthen patient safety and quality, improve our execution and step up performance with urgency in 2023.

Philips 2022 results
The year at a glance
EUR

Customer impact and innovation
The technological and business model innovation that Philips brings to healthcare – often as part of long-term partnerships – is critical, making care delivery more convenient and sustainable.

Progress towards our goals
At Philips, we are striving to make the world healthier and more sustainable through innovation, with the goal of improving the lives of 2.5 billion people a year by 2030. This includes improving access to care in underserved communities for 400 million people a year.
To ensure we remain on track to achieve this goal, we have developed a model, audited externally, that tells us how many lives have been improved by our products and solutions in a given year.
1 We will design 100% of our products and services in line with EcoDesign requirements by 20252 Recycling, reuse and circular materials management of the total used materials
Reflecting our commitment to SDG 12 (Sustainable consumption and production) and SDG 13 (Climate action), we have set specific targets – to be achieved by 2025 – to reduce our environmental impact and help fight climate change. Here you can see how we’re progressing towards these goals.
Sustainability highlights
In 2022, we made further advances in the focal areas of climate action, circular economy and access to care.
Charts and historical results
[maintitle]
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Net cash provided by operating activities | 2,511 | 1,629 | (173) |
Net capital expenditures | (876) | (729) | (788) |
Free cash flow | 1,635 | 900 | (961) |
Organic Return on Invested Capital (in %)
2020 | 2021 | 2022 | |
---|---|---|---|
Philips Group | 14.0% | 14.7% | 6.3% |
Return on Total Assets (in %)
2020 | 2021 | 2022 | |
---|---|---|---|
Philips Group | 4.6% | 1.8% | (4.98)% |
R&D Investment as a % of sales
2020 | 2021 | 2022 | |
---|---|---|---|
Philips Group | 10.5% | 10.5% | 11.8% |
Net debt : group equity ratio
2020 | 2021 | 2022 | |
---|---|---|---|
Philips Group | 24:76 | 24:76 | 35:65 |
Comparable sales growth (in %)
2020 | 2021 | 2022 | |
---|---|---|---|
Diagnosis & Treatment | (2.3)% | 8.1% | (0.7)% |
Connected Care | 21.6% | (22.6)% | (10.8)% |
Personal Health | (6.2)% | 8.8% | 0.1% |
Philips Group | 2.9% | (1.2)% | (2.8)% |
Total tax contributions
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Total tax contributions | 3,381 | 4,090 | 3,469 |
Composition of tax contributions
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Corporate income tax paid | 466 | 818 | 362 |
Customs duties | 156 | 169 | 144 |
Value Added Tax | 794 | 821 | 664 |
Payroll taxes | 1,862 | 2,133 | 2,174 |
Other taxes | 102 | 149 | 124 |
Market capitalization at year-end (in EUR billions)
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 39,627 | 28,512 | 12,344 |
Sales
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 8,175 | 8,635 | 9,168 |
Connected Care | 5,543 | 4,573 | 4,403 |
Personal Health | 3,199 | 3,429 | 3,626 |
Other | 396 | 519 | 629 |
Philips Group | 17,313 | 17,156 | 17,827 |
Income from operations
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 497 | 941 | 404 |
Connected Care | 704 | (722) | (2,246) |
Personal Health | 362 | 576 | 515 |
Other | (300) | (242) | (202) |
Philips Group | 1,264 | 553 | (1,529) |
Adjusted EBITA
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 818 | 1,071 | 774 |
Connected Care | 1,191 | 497 | 95 |
Personal Health | 433 | 590 | 538 |
Other | (165) | (105) | (89) |
Philips Group | 2,277 | 2,054 | 1,318 |
Income (loss) from continuing operations
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 999 | 612 | (1,618) |
Net income (loss)
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 1,195 | 3,323 | (1,605) |
Income from operations as a % of sales
as a of sales | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 6.1% | 10.9% | 4.4% |
Connected Care | 12.7% | (15.8)% | (51.01)% |
Personal Health | 11.3% | 16.8% | 14.2% |
Philips Group | 7.3% | 3.2% | (8.6)% |
Adjusted EBITA as a % of sales
as a of sales | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 10.01% | 12.4% | 8.4% |
Connected Care | 21.5% | 10.9% | 2.2% |
Personal Health | 13.5% | 17.2% | 14.8% |
Philips Group | 13.2% | 12.0% | 7.4% |
[maintitle]
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Total assets | 27,713 | 30,961 | 30,688 |
Total liabilities | 15,812 | 16,486 | 17,405 |
Group equity | 11,901 | 14,475 | 13,283 |
Per share information (in EUR)
in EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Income from continuing operations attributable to shareholders per common share - diluted | 1.08 | 0.67 | (1.84) |
Adjusted income from continuing operations attributable to shareholders per common share - diluted | 1.74 | 1.65 | 0.96 |
Dividend distributed per common share | 0.85 | 0.85 | 0.85 |
Share price information (in EUR)
in EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Share price at year-end | 43.78 | 32.77 | 14.00 |
Price/earnings ratio (basic EPS) | 40.17 | 48.90 | 0.00 |
Total employees at year-end
2020 | 2021 | 2022 | |
---|---|---|---|
Diagnosis & Treatment | 32,193 | 32,390 | 32,904 |
Connected Care | 15,866 | 17,751 | 16,673 |
Personal Health | 10,253 | 10,134 | 9,319 |
Other | 16,689 | 17,913 | 18,337 |
Philips Group | 75,001 | 78,189 | 77,233 |
Engagement index (in % of positive score)
% positive score | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 79 | 79 | 77 |
Female executives (in % of total)
in % of total | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 24 | 25 | 24 |
Lost Workday Injuries (per 100 FTEs)
per 100 FTEs | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 0.27 | 0.28 | 0.21 |
Connected Care | 0.11 | 0.09 | 0.09 |
Personal Health | 0.22 | 0.16 | 0.09 |
Other | 0.06 | 0.12 | 0.08 |
Philips Group | 0.12 | 0.16 | 0.11 |
Total recordable cases (per 100 FTEs)
per 100 FTEs | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 0.45 | 0.53 | 0.41 |
Connected Care | 0.31 | 0.31 | 0.19 |
Personal Health | 0.30 | 0.24 | 0.27 |
Other | 0.16 | 0.21 | 0.17 |
Philips Group | 0.24 | 0.29 | 0.23 |
Fatalities
2020 | 2021 | 2022 | |
---|---|---|---|
Philips Group | 1 | 0 | 0 |
Green Revenues (in millions of EUR)
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 6,373 | 6,702 | 7,245 |
Connected Care | 3,586 | 2,547 | 2,252 |
Personal Health | 2,706 | 2,846 | 3,278 |
Philips Group | 12,665 | 12,095 | 12,775 |
Green Revenues (as a % of total sales)
as a % of total sales | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 78.0 | 77.6 | 79.0 |
Connected Care | 64.7 | 55.7 | 51.1 |
Personal Health | 84.6 | 83.0 | 90.4 |
Philips Group | 73.2 | 70.5 | 71.7 |
Green Innovation (in millions of EUR)
in millions of EUR | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 122 | 96 | 93 |
Connected Care | 51 | 32 | 31 |
Personal Health | 80 | 65 | 40 |
Other | 2 | 4 | 4 |
Philips Group | 255 | 197 | 168 |
Operational Carbon Footprint (in kilotonnes CO2-equivalent)
in kilotonnes CO2-equivalent | 2020 | 2021 | 2022 |
---|---|---|---|
Logistics | 415 | 417 | 327 |
Business travel | 70 | 72 | 86 |
Non-industrial operations | 15 | 14 | 11 |
Manufacturing | 18 | 16 | 14 |
Operational carbon footprint by Greenhouse Gas Protocol scopes (in kilotonnes CO2-equivalent)
in kilotonnes CO2-equivalent | 2020 | 2021 | 2022 |
---|---|---|---|
Scope 1 | 30 | 27 | 23 |
Scope 2 (market based) | 3 | 3 | 2 |
Scope 2 (location based) | 173 | 177 | 167 |
Scope 3 | 485 | 489 | 413 |
Total (scope 1, 2 (market based), and 3) | 518 | 519 | 438 |
Emissions compensated by carbon offset projects | 518 | 519 | 438 |
Net operational carbon emissions in kilotonnes | 0 | 0 | 0 |
Operational energy efficiency (in gigawatt hours per millions of EUR sales)
in terajoules per million EUR sales | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 0.030 | 0.031 | 0.028 |
Total energy consumption in manufacturing (in gigawatt hours)
in terajoules | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 161.1 | 175.3 | 169.9 |
Connected Care | 63.6 | 44.7 | 41.5 |
Personal Health | 114.4 | 130.8 | 126.7 |
Philips Group | 339.2 | 350.8 | 338.1 |
Water withdrawal (in thousands of m3)
in thousands of m3 | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 286 | 337 | 310 |
Connected Care | 116 | 119 | 111 |
Personal Health | 221 | 247 | 257 |
Philips Group | 623 | 703 | 678 |
Zero waste to landfill (in tonnes)
in tonnes | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 480 | 19 | 1 |
Materials repurposed (Circular Materials Management) per total waste (in %)
in % | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 90 | 87 | 91 |
Hazardous substances emissions (in kilos)
in kilos | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 92 | 181 | 175 |
Connected Care | 20 | 1,239 | 863 |
Personal Health | 455 | 1,242 | 510 |
Philips Group | 567 | 2,662 | 1,548 |
VOC emissions (in tonnes)
in tonnes | 2020 | 2021 | 2022 |
---|---|---|---|
Diagnosis & Treatment | 44 | 42 | 38 |
Connected Care | 3 | 3 | 2 |
Personal Health | 32 | 33 | 37 |
Philips Group | 79 | 78 | 77 |
ISO 14001 certification (as a % of all reporting organizations)
as a % of all reporting organizations | 2020 | 2021 | 2022 |
---|---|---|---|
Philips Group | 81 | 92 | 96 |

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