Koninklijke Philips N.V. (PHIA) Earnings Call Transcript & Summary

[Interpreted] Ladies and gentlemen, hereby, I open the extraordinary general meeting of shareholders in Koninklijke Philips N.V. The outbreak of the coronavirus still affects the way we need to organize our meetings. In order to protect the health and safety of all participants in the meeting, we have decided to allow our shareholders to follow the meeting virtually only via webcast. This means that we are using the temporary legislative measures imposed in April of this year. Also in view of the limited agenda of this meeting, we are present here with a small number of persons only. Next to me, from left to right, you see Marnix van Ginneken, our Chief Legal Officer; Frans van Houten, our CEO; and Abhijit Bhattacharya, our CFO. The other supervisory directors have to be excused from attending the meeting. But our Vice President, Ms. Christine Poon, is virtually participating in this meeting. Before getting down to the discussion of the only agenda item, I would like to pass on the formal confirmation of the notary. From the preparation to this meeting, it has become evident to the notary that the legal requirements and the requirements of the Articles of Association have been duly observed, so that this meeting has been duly convened and is authorized to adopt legally valid resolutions about all the items on the agenda. The count by the notary has shown that upon the commencement of the meeting, a capital was represented of, rounded off, EUR 121 million. This means that 603 million votes -- 103 million votes are entitled to vote. Having regard to the number of shares in the company outstanding on the record date, this means that 68% of the issued voting capital is present or represented at the meeting. Finally, I can inform you that the Board of management and the Supervisory Board have not received any agenda proposals from shareholders. This brings me to the only agenda item for today; the proposal to adopt a dividend of EUR 0.85 per common share in the form of common shares only. Let me give you some more background information. In March of this year, when convening the Annual General Meeting of Shareholders, we still intended to propose an optional dividend to you. Before the AGM took place, that proposal was amended to the dividend proposal presented to you today. The present proposal is in line with our reservation and dividend policy of the past few years. For further details, I would like to refer you to the explanatory note that has been published. There are no shareholders who have responded to our call if desired to submit questions in advance. This completes the intrinsic treatment of the dividend proposal. I now proceed to announcing the results of the votes cast during this meeting on behalf of the shareholders who have provided their voting instructions prior to the meeting. For practical reasons, I shall only mention the rounded off percentages of the votes cast. The more detailed results of the vote will be published on our website after this meeting and will be included in the report later. So the agenda item, proposal to adopt a dividend for 2019. You see on the screen that 97.13%, so more than 97% have voted in favor of the proposal. Therefore, I confirm that the proposal has been carried and that the dividend for 2019 has hereby been adopted. I hereby close this general meeting of shareholders. Thank you for your attention. Thank you for being present, whether virtually or in -- here in the flesh. The meeting is closed. [Statements in English on this transcript were spoken by an interpreter present on the live call.]