Press Information
November 6, 2015
Philips to hold Extraordinary General Meeting of Shareholders on December 18, 2015 to appoint
Abhijit Bhattacharya to the Board of Management
Amsterdam, the Netherlands Royal Philips (NYSE: PHG, AEX: PHIA) today convened an
Extraordinary General Meeting of Shareholders (EGM) to be held on Friday December 18, 2015 at the
Hilton Amsterdam hotel. At the EGM, the only agenda item is the proposal to appoint Abhijit
Bhattacharya as a member of the Board of Management with effect from December 18, 2015 (voting
item). As per the announcement made on October 12, 2015, Abhijit Bhattacharya has become a member
of Philips Executive Committee and he will fulfill the role of CFO of Royal Philips.
Abhijit Bhattacharya (Indian, 1961) joined Philips in 1987 and has held various senior leadership
roles in the company in Asia Pacific, Europe and the U.S. He chaired the team responsible for the
overall planning and execution of the separation process to create two winning companies focused on
the HealthTech and Lighting opportunities. In 2014, he was the CFO of Philips Healthcare, Philips
largest sector, and he headed Philips Investor Relations from 2010 to 2013. Abhijit Bhattacharyas
previous position was CFO of Philips Lighting.
Click on this link to view the agenda and explanatory note of the EGM. Philips EGM will be
held at the Hilton Amsterdam hotel, Apollolaan 138, in Amsterdam on Friday December 18, 2015, and
will begin at 9:30 hours am CET.
For further information, please contact:
Philips Group Communications
Steve Klink
Tel.: +31 6 1088 8824
E-mail: steve.klink@philips.com
Philips Investor Relations
Leandro Mazzoni
Tel.: +31 20 5977055
E-mail: leandro.mazzoni@philips.com
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on
improving peoples lives through meaningful innovation in the areas of Healthcare, Consumer
Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2014 sales of EUR 21.4
billion and employs approximately 106,000 employees with sales and services in more than 100
countries. The company is a leader in cardiac care, acute care and home healthcare, energy
efficient lighting solutions and new lighting applications, as well as male shaving and grooming
and oral healthcare. News from Philips is located at www.philips.com/newscenter.
Press Information
November 5, 2015
Philips signs agreement resulting in the settlement of its entire U.K. pension plan
obligations
Amsterdam, the Netherlands Royal Philips (NYSE: PHG, AEX: PHIA) today announced that the
Trustees of the Philips U.K. Pension Fund have entered into an agreement with Pension Insurance
Corporation plc (PIC) to purchase a group annuity contract that will transfer payment
responsibility for retirement benefits owed to approximately 26,000 current and former U.K.
employees and their beneficiaries. The transaction with PIC will involve the transfer of EUR 2.6
billion* of the Funds defined benefit obligations to the insurer.
As part of this transaction, Philips expects to make a final pension contribution of approximately
GBP 225 million (approximately EUR 314 million) in cash to PIC in the fourth quarter of 2015.
Philips expects to recognize a pension settlement charge that is currently estimated at
approximately EUR 314 million before tax, which will be reported within EBITA in the fourth quarter
of 2015.
The U.K. Pension Funds defined benefit obligations are currently EUR 3.9 billion* in total, which
includes EUR 1.3 billion* of defined benefit obligations covered by existing buy-in policies,
purchased by the Fund in 2013 and 2014 from different insurance companies.
Philips has given notice to the Trustees of the U.K. Pension Fund to start the process of winding
up the Fund. During the wind up of the U.K. Pension Fund, the buy-in policies purchased from PIC
and the other insurance companies are converted into buy-out policies. As a result, the settlement
of the U.K. Pension Fund reduces Philips total defined benefit obligations by EUR 3.9 billion to
approximately EUR 4.5 billion.*
This transaction is in line with Philips objective to mitigate the companys financial exposure to
its defined benefit pension plans and follows the October 1, 2015 agreements to transfer the U.S.
pension plan obligations for a large group of former employees to three insurance companies.
Estimated financial numbers according to IFRS accounting and discount rates per November 1, 2015.
For further information, please contact:
Philips Group Communications
Steve Klink
Tel.: +31 6 1088 8824
E-mail: steve.klink@philips.com
Philips Investor Relations
Leandro Mazzoni
Tel.: +31 20 5977055
E-mail: leandro.mazzoni@philips.com
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on
improving peoples lives through meaningful innovation in the areas of Healthcare, Consumer
Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2014 sales of EUR 21.4
billion and employs approximately 106,000 employees with sales and services in more than 100
countries. The company is a leader in cardiac care, acute care and home healthcare, energy
efficient lighting solutions and new lighting applications, as well as male shaving and grooming
and oral healthcare. News from Philips is located at www.philips.com/newscenter.
Forward-looking statements
This release may contain 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. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future
and there are many factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements.
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