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Welcome to the Royal Philips second quarter and semi-annual 2020 results conference call on Monday 20th of July 2020. During the call, hosted by Mr. Franz Van Houten, CEO, and Mr. Abhijit Bhattacharya, CFO, all participants will be in a listen-only mode. After the introduction, there will be an opportunity to ask questions. If any participant has difficulty hearing the conference at any time, Please press the star followed by the zero on your telephone for operator assistance. Please note that this call will be recorded and replay will be available on the Investor Relations website of Royal Philips. I will now hand the conference over to Mr. Leandro Mazzoni, Head of Investor Relations. Please go ahead, sir.

Good morning, ladies and gentlemen. Welcome to Philips' second quarter results conference call. I'm here with our CEO, Franz Van Houten, and our CFO, Abhijit Bhattacharya. On today's call, Franz will take you through our strategic and financial highlights for the period. Abhijit will then provide more detail on the financial performance. After that, we'll take your questions. Our press release and the related information slide deck were published at 7 a.m. CET this morning. Both documents are available on our investor relations website. A full transcript of this conference call will be made available by end of today on our website. As mentioned in the press release, adjusted EBITDA is defined as income from operations excluding amortization of acquired intangible assets, impairment of goodwill and other intangible assets, restructuring charges, acquisition-related costs, and other significant items. The impact of COVID-19 on our results is not treated as an adjusting item. Finally, comparable growth for sales and orders are adjusted for currency and portfolio changes. With that, I would like to hand over to Frans.

Thanks, Leandro. Good morning to all of you on the call and the webcast. I hope that you and your families are keeping safe and well. The second quarter was marked by the continuing social economic impact of the COVID-19 outbreak across the world. Under the circumstances, I am pleased with how we have performed, as our teams were very focused on delivering against what we refer to as our triple duty of care, meeting critical customer needs, safeguarding the health and safety of our employees and ensuring business continuity. The work that we are doing to support healthcare providers, medical staff and critically ill patients is a top priority for all of us at Philips. Our operations remained fully functional in the course of the quarter. Our sales force is getting used to new ways of working and our field service engineers continue to deliver and install critical equipment and provide maintenance services both physically and remotely. In close collaboration with our suppliers and partners, we are making the necessary investments and we have steeply ramped up the production volumes of products and solutions to help diagnose, treat and monitor and manage COVID-19 patients. We successfully tripled our ventilator production during the quarter, supporting the treatment of patients in the most affected regions of the world, and we are on track to achieve the planned four-fold increase to 4,000 units per week in July. We've also significantly increased the production of patient monitors and created COVID-19-oriented propositions to rapidly respond to customer needs. Moving on to the second quarter financial highlights. As expected, COVID-19 caused a steep decrease in consumer demand and postponement of installations and elective procedures in hospitals, resulting in an overall comparable sales decrease of 6% in the quarter. Our personal health businesses declined 19%, and sales for our diagnosis and treatment businesses declined 9% in Q2. This was partly offset by a strong 14% comparable sales growth in the connected care businesses in the period. Comparable equipment order intake grew a robust 27%, driven by the strong demand for patient monitors, hospital ventilators, computed tomography and portable ultrasound systems across the world, and further building on the growth seen in the first quarter. Customer response to our innovative products and solutions remains very positive, and we expect to have continued increasing market share in the professional healthcare market. Moreover, we see increased interest in telehealth solutions like tele-ICU, teleradiology, telepathology, which can help virtual working and collaboration of care professionals, as well as move care into the community to relieve the tremendous pressure On the physical constraints of the hospitals. Adjusted EBITDA margin was 9.5% in the second quarter compared to 11.8% in Q2 2019. Free cash flow, free cash increased to an inflow of 311 million euros in the quarter compared to 174 million euros in the second quarter of last year. I would like to provide some color on initiatives to respond to customer needs and support healthcare professionals. We have launched several new monitoring solutions for the intensive care unit, the general ward, and the home that feature virtual monitoring capabilities. These include our BioSensor BX100 for early patient deterioration detection in the general ward, and in collaboration with Bio IntelliSense, The Philips Biosensor BX100 is designed to address a new approach to vital signs measurements, supporting surveillance of higher acuity patients, moving from intensive care into the general care areas of a hospital. The lightweight, disposable biosensor is a 5-day, single-use wearable patch which can be integrated with a scalable hub to monitor multiple patients across rooms. The solution has received FDA 510K and CE mark and is currently in use at the OLVG, a top clinical referral and training hospital in the Netherlands, to help manage the triage and surveillance of, among others, COVID-19 patients. In the quarter, we introduced our IntelliView patient monitors, MX750 and MX850, and it Intelliview Active Displays 8075 and 8085 in the United States. These new acute care patient monitoring solutions offer advanced cybersecurity, functionality, and clinical decision support capabilities, such as an expanded real-time view of vital signs to contextualize a patient's condition. Supporting the increased demand for flexible care capacity, we introduced a modular diagnostic imaging cabin We also introduced a mobile intensive care unit solution in India. Each prefabricated ICU will be locally manufactured and capable of being deployed in one day. The self-sufficient units only require on-site electricity and a water connection to become operational. and come pre-equipped with critical care infrastructure. They can be furnished with a range of medical equipment including ventilators, defibrillators, a central monitoring station and CPAP machines. We continue to drive market share in our core businesses through deeper, more comprehensive customer partnerships to enhance patient care and improve care provider productivity. During the second quarter, we signed 14 new large-scale strategic partnerships. For example, we entered a 10-year agreement with the U.S. Department of Veterans Affairs, the VA, to expand their telecritical care program. With the VA managing 1,800 ICU beds nationwide, this will create the world's largest system to provide virtual access to intensive care expertise. Our tele-ICU program, which combines AV technology, predictive analytics, data visualization, and advanced technology, Reporting Capabilities enables a co-located team of specially trained critical care physicians and nurses to virtually monitor patients in the ICU. In personal health, while driving reduction of discretionary cost and managing manufacturing capacity, we are safeguarding innovation and keeping new product introductions on track to be prepared to capitalize on recovery opportunities. We have a strong new product introduction roadmap, including products to further broaden our leading portfolio of power toothbrushes, with more entry-level propositions to attract a wider consumer population. Moreover, complementing Sonicare's existing teledentistry services for patients, in the second quarter we announced a new teledentistry platform for dental professionals together with dental technology company Toothpick. The multi-services platform provides a tool to build direct patient engagement, acquisition and retention while improving office efficiency in chair time and virtual care. Let me now also give you an update on the current status of the divestment of the domestic appliances business. The separation process is on track and expected to be completed in the third quarter of 2021. We will provide more information about upcoming milestones over the next quarters and currently estimate total separation costs to be in the range of 120 to 140 million euro, of which 50 to 60 million euro will be incurred in 2020. As mentioned before, this is fundamentally a solid business with market leading positions and we expect to engage with interested parties after the summer. Effective August 1, Henk de Jong, current chief of international markets, has been designated as the CEO of the domestic appliances business. Henk held various business roles in floor care, coffee and kitchen appliances in the past and also led our former consumer lifestyle sector in Europe and Asia. He has also successfully led Philips Latin America business market for five years before becoming chief of international markets in 2017. With a strong combination of deep consumer knowledge as well as a passion for bringing out the best in his team, I'm convinced that Henk is the right leader for domestic appliances as the business embarks on a new chapter in its journey to thrive and grow independently of Philips. In view of Henk's new role, I'm pleased to announce that Edwin Paalvast will join us as Chief of International Markets, effective August 1. Edwin comes from Cisco Systems, Where he was Senior Vice President, Global Specialist, leading a global sales force in specialist areas, including the Internet of Things, networking, data center, cloud, collaboration, cybersecurity, and other services. He possesses a strong informatics and solutions expertise. I'm also pleased to announce the appointment of Deep Thakana as the Chief Business Leader of the Personal Health Businesses, effective July 20th. Deepta brings rich consumer health and digital experience and joins us from Johnson & Johnson, where she held leadership positions in Asia and globally. Prior to this, Deepta spent 17 years at Procter & Gamble. Both Edwin and Deepta will become members of the Philips Executive Committee. A progress update on regulatory matters. Our emergency care and resuscitation business resumed manufacturing and shipping of external defibrillators for the United States market, following the notification from the FDA that the injunction prohibiting those activities was lifted. We continue to comply with the terms of the consent decree, which remains in effect, and includes ongoing regulatory compliance monitoring and facility inspections by the FDA. In connection with the emergency care resuscitation portfolio, We received FDA pre-market approval, PMA, for the HeartStart FR3 and the HeartStart FRX automated external defibrillators and their supporting accessories. We also received an industry-first 510K clearance from the FDA to market a wide range of ultrasound solutions including the CX50 and the Lumify for the management of COVID-19 related lung and cardiac complications. Portable ultrasound solutions in particular have become valuable tools for clinicians treating COVID-19 patients due to their imaging capabilities, portability, but also the ease of disinfection. Let me conclude. As anticipated, the second quarter has seen the largest adverse impact on revenue and margins from the effects of the COVID-19 pandemic. At the same time, our teams have been working very hard to ramp up production to meet increased demand for COVID-19-related modalities. As a result, we expect to return to growth and improved profitability for the group in the second half of the year, assuming that we can convert our existing order book for the diagnosis and treatment and connected care businesses. Elective procedures will normalize and consumer demand gradually improves. Consequently, for the full year 2020, we continue to aim for a modest comparable sales growth and adjusted EBITDA margin improvement. Looking ahead, we remain focused on innovating with purpose, improving operational excellence and delivering on our transformation. Our mission is more relevant than ever and our strategy to transform care along the health continuing, leveraging informatics and remote care capabilities, Next to our innovative systems and services has been validated during this crisis. I'm convinced that Philips is well positioned to serve the current and future needs of hospitals and health systems and the growth profile of our portfolio should be very well supported post-pandemic. And with that, I'd like to turn the call to Abhijit.