Philips elaborates on financial performance during General Meeting of Shareholders

Philips elaborates on financial performance during General Meeting of Shareholders

Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that at its Annual General Meeting of Shareholders, to be held in Amsterdam on March 29, Mr. Gerard Kleisterlee, President & CEO, and Mr. Pierre-Jean Sivignon, Chief Financial Officer, will elaborate on the financial results for 2006, which the company reported on January 22, 2007.

During the meeting, Philips will also re-confirm financial targets earlier communicated to the financial markets, and state the company is actively reviewing its capital structure and how it can best return excess cash to shareholders in the future. In this context Mr. Kleisterlee will say: “We will continue to redeploy capital in a disciplined way through value-creating acquisitions, share buybacks and dividends.

This means that we will end up with an appropriately leveraged balance sheet probably in no more than two to three years. Let me be more specific: we are currently reviewing a number of possible acquisitions and it is our clearly stated policy and practice to return excess cash to shareholders.”

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