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As filed with the Securities and Exchange Commission on February 23, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 20-F


(Mark one)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report . . . . . . . . . . . . . . . . . . . 

For the transition period from ___________________________ to ___________________________

Commission file number 001-05146-01

KONINKLIJKE PHILIPS NV

(Exact name of Registrant as specified in its charter)

ROYAL PHILIPS

(Translation of Registrant's name into English)

The Netherlands

(Jurisdiction of incorporation or organization)

Philips Center, Amstelplein 2, 1096 BCAmsterdam, The Netherlands

(Address of principal executive offices)

Marnix van Ginneken, Chief Legal Officer

+31 2059 77232, marnix.van.ginneken@philips.com, Philips Center, Amstelplein 2, 1096 BCAmsterdam, The Netherlands

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares - par value PHG New York Stock Exchange
Euro (EUR) 0.20 per share    

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

(Title of class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

Class Outstanding at December 31, 2020
KONINKLIJKE PHILIPS NV 905,128,293 shares
Common Shares par value EUR 0.20 per share  

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒Yes ☐ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No

Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,"accelerated filer,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.
7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Contents

1Introduction

This document contains information required for the Annual Report on Form 20-F for the year ended December 31, 2020 of Koninklijke Philips N.V. (the 2020 Form 20-F). Reference is made to the Form 20-F cross reference table herein. Only (i) the information in this document that is referenced in the Form 20-F cross reference table, (ii) this introduction and the cautionary statement “forward-looking statements” on the next two pages and (iii) the Exhibits shall be deemed to be filed with the Securities and Exchange Commission for any purpose. Any additional information in this document which is not referenced in the Form 20-F cross reference table, or the Exhibits themselves, shall not be deemed to be so incorporated by reference, shall not be part of the 2020 Form 20-F and is furnished to the Securities and Exchange Commission for information only.

References to Philips

References to the Company or company, to Philips or the (Philips) Group or group, relate to Koninklijke Philips N.V. and its subsidiaries, as the context requires. Royal Philips refers to Koninklijke Philips N.V.

IFRS based information

The audited consolidated financial statements as of December 31, 2020 and 2019, and for each of the years in the three-year period ended December 31, 2020, included in the 2020 Form 20-F have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU). All standards and interpretations issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee effective 2020 have been endorsed by the EU; consequently, the accounting policies applied by Philips also comply with IFRS as issued by the IASB. These accounting policies have been applied by group entities.

Use of non-IFRS information

In presenting and discussing the Philips financial position, operating results and cash flows, management uses certain financial measures that are not measures of financial performance or liquidity under IFRS (‘non-IFRS’). These non-IFRS measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Reference is made in Reconciliation of non-IFRS information.

Third-party market share data

Statements regarding market share, contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Where full year information regarding 2020 is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management's estimates of rankings are based on order intake or sales, depending on the business.

Documents on display

Philips’ SEC filings are publicly available through the SEC’s website at www.sec.gov. The SEC website contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Philips’ internet address is www.philips.com/investor. The contents of any websites referred to herein shall not be considered a part of or incorporated by reference into this document.

For definitions and abbreviations reference is made in Definitions and abbreviations

2Forward-looking statements

Pursuant to provisions of the United States Private Securities Litigation Reform Act of 1995, Philips is providing the following cautionary statement.

This document, including the information referred to in the Form 20-F cross reference table, 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, in particular, among other statements, certain statements in Item 4 “Information on the Company” with regard to management objectives, market trends, market standing, product volumes, business risks, the statements in Item 5 “Operating and financial review and prospects” with regards to trends in results of operations, margins overall market trends, risk management, exchange rates, the statements in Item 8 “Financial Information” relating to legal proceedings and goodwill and statements in Item 11 “Quantitative and qualitative disclosure about market risks” relating to risk caused by derivative positions, interest rate fluctuations and other financial exposure are forward-looking in nature. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. 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.

These factors include but are not limited to: changes in industry or market circumstances; economic, political and societal changes; Philips’ increasing focus on health technology and solutions; the successful completion of divestments such as the disentanglement and divestment of our Domestic Appliances businesses; the realization of Philips’ objectives in growth geographies; business plans and integration of acquisitions; securing and maintaining Philips’ intellectual property rights and unauthorized use of third-party intellectual property rights; COVID-19 and other pandemics; breach of cybersecurity; IT system changes or failures; the effectiveness of our supply chain; challenges to drive operational excellence, productivity and speed in bringing innovations to market; attracting and retaining personnel; future trade arrangements following Brexit; compliance with regulations and standards including quality, product safety and data privacy; compliance with business conduct rules and regulations; treasury risks and other financial risks; tax risks; costs of defined-benefit pension plans and other post- retirement plans; reliability of internal controls, financial reporting and management process. 

As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, reference is made to the information in Risk factors.

3Form 20-F cross reference table

Only (i) the information in this document that is referenced in the Form 20-F cross reference table, (ii) the Introduction and the cautionary statements concerning forward-looking statements of this report on pages 5-6, and (iii) the Exhibits shall be deemed to be filed with the Securities and Exchange Commission for any purpose. The content of Philips’ websites and other websites referenced herein should not be considered to be a part of or incorporated into the 2020 Form 20-F. Any additional information which is not referenced in the Form 20-F cross reference table or the Exhibits themselves shall not be deemed to be so incorporated by reference, shall not be part of the 2020 Form 20-F and is furnished to the Securities and Exchange Commission for information only.

The table below sets out the location in this document of the information required by SEC Form 20-F. The exact location is included in the column ‘Location in this document’. The column “Page” refers to the starting page of the section for reference only (and is not intended to refer to the starting page of the specific subsection, if applicable).

ItemForm 20-F captionLocation in this document
Part 1  
1Identity of directors, senior management and advisorsNot applicable
2Offer statistics and expected timetableNot applicable
3Key information 
 A Selected financial dataChapter 7.1.8 – Shareholders’ equity
  Chapter 7.1.10 – Dividend - Proposed distribution
  Chapter 14.3 – Five-year overview
   
 B Capitalization and indebtednessNot applicable
   
 C Reason for the offer and use of proceedsNot applicable
   
 D Risk factorsChapter 9.2 – Risk factors
  Chapter 9.3 – Strategic risks
  Chapter 9.4 – Operational risks
  Chapter 9.5 – Compliance risks
  Chapter 9.6 – Financial risks
4Information on the Company 
 A History and development of the companyChapter 1 – Introduction - Documents on display
  Chapter 6.3 – Our businesses - Our reporting structure in 2020
  Chapter 7.1.1 – Results of operations - Discontinued operations
  Chapter 7.1.2 – Restructuring and acquisition-related charges and goodwill impairment charges
  Chapter 7.1.3 – Acquisitions and divestments
  Chapter 7.1.4 – Changes in cash and cash equivalents, including cash flows
  Chapter 12.1 – Introduction
  Chapter 12.9 – Corporate information
  Chapter 14.4.3 – Investor contact- How to reach us
  Note 4 – Discontinued operations and assets classified as held for sale
  Note 5 – Acquisitions and divestments
  Note 31 – Subsequent events
   
 B Business OverviewChapter 1 – Introduction - Third-party market share data
  Chapter 6.1 – Driven by purpose – Helping our customers address their healthcare challenges
  Chapter 6.3 – Our businesses - Our reporting structure in 2020
  Chapter 6.3.1 – Diagnosis & Treatment businesses
  Chapter 6.3.2 – Connected Care businesses
  Chapter 6.3.3 – Personal Health businesses
  Chapter 6.3.4 – Other
  Chapter 6.4 – Our geographies - 6.4.1 and 6.4.3
  Chapter 6.5.1 – Supply chain
  Chapter 6.5.2 – Procurement
  Chapter 7.1 – Performance review -from 7.1.1 to 7.16
  Chapter 8.5.3 – Quality & Regulatory 
  Note 3 – Information by segment and main country
   
 C Organizational structureChapter 6.3 – Our businesses - Our reporting structure in 2020
  Note 3 – Information by segment and main country
  Note 6 – Interests in entities
  Index of exhibits - Exhibit 8
   
 D Property, plant and equipmentChapter 6.3.4 – Other- Real estate
  Note 3 – Information by segment and main country
  Note 11 – Property, plant and equipment
  Note 20 – Provisions - Environmental provisions
  Note 25 – Contingent assets and liabilities - Contingent liabilities - Environmental remediation
4AUnresolved staff commentsNot applicable
5Operating and financial review and prospects 
 A Operating resultsChapter 6.3.1 – Diagnosis & Treatment businesses
  Chapter 6.3.2 – Connected Care businesses
  Chapter 6.3.3 – Personal Health businesses
  Chapter 6.3.4 – Other
  Chapter 6.5.1 – Supply chain
  Chapter 6.5.2 – Procurement
  Chapter 7.1 – Performance review - The Year 2020 and Coronavirus disease 2020 (COVID-19) outbreak
  Chapter 7.1 – Performance review - from 7.1.1 to 7.1.5
  Chapter 7.1.7 – Liquidity position
  Chapter 7.2 – Critical accounting policies
  Chapter 8.3.3 – Sustainable Operations - Carbon Footprint and energy efficiency 
  Chapter 8.3.3 – Sustainable Operations - Waste
  Chapter 8.4.1 – Improving people’s lives
  Chapter 14.1 – Reconciliation of non-IFRS information
  Chapter 14.2 – Other Key Performance Indicators
  Chapter 14.3 – Five-year overview 
  Note 1 – Significant accounting policies - Foreign currencies
  Note 4 – Discontinued operations and assets classified as held for sale
  Note 5 – Acquisitions and divestments
  Note 7 – Income from operations
  Note 8 – Financial income and expenses
  Note 9 – Income taxes - Deferred tax assets and liabilities
  Note 12 – Goodwill
  Note 13 – Intangible assets excluding goodwill
  Note 21 – Post-employment benefits
  Note 25 – Contingent assets and liabilities
  Note 30 – Details of treasury and other financial risks
  Note 31 – Subsequent events
   
 B Liquidity and capital resourcesChapter 7.1 – Performance review - from 7.1.1 to 7.1.7, 7.1.9 and 7.1.11
  Chapter 8.5.6 – Risk management approach - second paragraph
  Note 18 – Equity
  Note 19 – Debt
  Note 24 – Cash flow statement supplementary information
  Note 30 – Details of treasury and other financial risks
   
 C Research and development, patents and licenses, etc.Chapter 6.3.4.1 – About Other
   
 D Trend informationChapter 6.5.1 – Supply chain
  Chapter 6.5.2 – Procurement
  Chapter 7.1 – Performance review
  Chapter 8.3.3 – Sustainable Operations - Carbon Footprint and energy efficiency 
  Chapter 8.3.3 – Sustainable Operations - Waste
  Chapter 8.4.1 – Improving people’s lives
  Chapter 14.1 – Reconciliation of non-IFRS information
  Chapter 14.2 – Other Key Performance Indicators
  Chapter 14.3 – Five-year overview
   
 E Off-balance sheet arrangementsChapter 7.1.9 – Cash obligations
  Note 25 – Contingent assets and liabilities
  Note 30 – Details of treasury and other financial risks
   
 F Tabular disclosure of contractual obligationsChapter 7.1.9 – Cash obligations
   
 G Safe HarborChapter 2 – Forward-looking statements
6Directors, senior management and employees 
   
 A Directors and senior managementChapter 5 – Board of Management and Executive Committee - Members of the Board of Management
  Chapter 10 – Supervisory Board
  Chapter 12.2 – Board of Management and Executive Committee
  Chapter 12.3 – Supervisory Board - Introduction 
  Chapter 12.3 – Supervisory Board - Appointment and composition
   
 B CompensationChapter 11.2 – Report of the Remuneration Committee - Remuneration Report 2020
  Chapter 12.10 – Additional information - Equity compensation plans
  Note 27 – Share-based compensation
  Note 28 – Information on remuneration
   
 C Board practicesChapter 5 – Board of Management and Executive Committee - Members of the Board of Management
  Chapter 10 – Supervisory Board 
  Chapter 11 – Supervisory Board report - Supervisory Board Committees
  Chapter 11.3 – Report of the Audit Committee - first paragraph
  Chapter 11.2 – Report of the Remuneration Committee The composition of the Remuneration Committee and its activities (first and second paragraphs)
  Chapter 11.2 – Report of the Remuneration Committee - Service agreements and Contract terms for current members
  Chapter 12.2 – Board of Management and Executive Committee
  Chapter 12.3 – Supervisory Board
  Chapter 12.6 – Annual financial statements and external audit
   
 D EmployeesChapter 8.4.6 – Employment
  Note 7 – Income from operations - Employees
   
 E Share ownershipChapter 11.2 – Report of the Remuneration Committee
  Chapter 12.10 – Additional information - Equity compensation plans
  Chapter 12.4 – Other Board-related matters - Remuneration and share ownership
  Note 18 – Equity
  Note 27 – Share-based compensation
  Note 28 – Information on remuneration
   
7Major shareholders and related party transactions 
   
 A Major shareholdersChapter 12.5 – General Meeting of Shareholders - Share capital; issue and repurchase of (rights to) shares
  Chapter 12.7 – Stichting Preferente Aandelen Philips – Sixth paragraph
  Chapter 12.8 – Major shareholders
  Chapter 12.10 – Additional information - Voting Rights
  Chapter 12.10 – Additional information - Major shareholders as filed with SEC
   
 B Related party transactionsChapter 12.4 – Other Board-related matters - Conflicts of interest
  Note 6 – Interests in entities
  Note 26 – Related-party transactions
  Note 28 – Information on remuneration - Supervisory Board members’ and Board of Management members’ interests in Philips shares
   
 C Interests of experts and counselNot applicable
   
8Financial information 
   
 A Consolidated statements and other financial informationChapter 7.1.10 – Dividend - Dividend policy
  Chapter 13 – Group financial statements - from 13.5 to 13.10
  Chapter 13.2 – Report of the independent auditor
   
 B Significant changesNote 31 – Subsequent events
   
9The offer and listing 
   
 A Offer and listing detailsChapter 14.4.1 – Share information
   
 B Plan of distributionNot applicable
   
 C MarketsChapter 14.4.1 – Share information
   
 D Selling shareholdersNot applicable
   
 E DilutionNot applicable
   
 F Expense of the issueNot applicable
   
10Additional information 
   
 A Share capitalNot applicable
   
 B Memorandum and articles of associationChapter 12.2 – Board of Management and Executive Committee - Appointment and composition
  Chapter 12.3 – Supervisory Board - Appointment and composition
  Chapter 12.4 – Other Board-related matters - Conflicts of interest
  Chapter 12.5 – General Meeting of Shareholders - Meetings
  Chapter 12.5 – General Meeting of Shareholders - Main powers of the General Meeting of Shareholders
  Chapter 12.10 – Additional information - Articles of association
  Index of exhibits - Exhibit 1
  Index of exhibits - Exhibit 2
   
 C Material contractsChapter 11.2 – Report of the Remuneration Committee - Services agreements
  Note 27 – Share-based compensation
  Note 28 – Information on remuneration
   
 D Exchange controlsChapter 12.10 – Additional information- Exchange controls
  Note 30 – Details of treasury and other financial risks - Liquidity risk
   
 E TaxationChapter 7.3 – Taxation - Dividend withholding tax
   
 F Dividends and paying agentsNot applicable
   
 G Statements by expertsNot applicable
   
 H Documents on displayChapter 1 – Introduction - Documents on display
   
 I Subsidiary informationNot applicable
   
11Quantitative and qualitative disclosure about market risk 
   
 A Quantitative information about market riskNote 30 – Details of treasury and other financial risks
   
 B Qualitative information about market riskNote 30 – Details of treasury and other financial risks
   
 C Interim periodsNot applicable
   
 D Safe harborChapter 2 – Forward-looking statements
  Note 30 – Details of treasury and other financial risks
   
 E Small business issuersNot applicable
   
12Description of securities other than equity securities 
   
 A Debt securitiesNot applicable
   
 B Warranty and rightsNot applicable
   
 C Other securitiesNot applicable
   
 D American depository sharesChapter 14.4.4 – New York Registry Shares
   
Part 2  
13Defaults, dividend arrearages and delinquenciesNot applicable
14Material modifications to the rights of security holders and use of proceedsNot applicable
15Controls and procedures 
   
 A Disclosure controls and proceduresChapter 13.1.1 – Disclosure controls and procedures
   
 B Management Annual Report on internal control over financial reportingChapter 13.1 – Management’s report on internal control
   
 C Attestation report of the registered public accounting firmChapter 13.3 – Independent auditor’s report on internal control over financial reporting
   
 D Changes in internal control over financial reportingChapter 13.1.2 – Changes in internal control over financial reporting
   
16AAudit Committee Financial ExpertChapter 12.3 – Supervisory Board - Introduction - second paragraph
  Chapter 12.3 – Supervisory Board – Supervisory Board Committees – fourth and fifth paragraphs
16BCode of EthicsChapter 9.1 – Our approach to risk management - Philips General Business Principles, last paragraph
16CPrincipal Accountant Fees and ServicesChapter 11.3 – Report of the Audit Committee
  Chapter 12.6 – Annual financial statements and external audit