LONDON (S&P Global Ratings) Feb. 3, 2020--S&P Global Ratings said today that the preliminary results announced by Koninklijke Philips N.V. (Philips; BBB+/Stable/A-2) for fourth-quarter and full-year 2019 leave it with enough ratings headroom to withstand operational headwinds. Beyond reported comparable revenue growth of 4%, Philips' S&P Global Ratings-adjusted EBITDA improved only slightly to about €2.8 billion in 2019 from €2.7 billion in 2018, as operating efficiencies continue to be eaten up by restructuring and acquisition-related charges, trade duties, and increased capitalized costs. A significant working capital outflow of about €800 million, capital expenditure of about €1 billion, and share buybacks of about €1.4 billion led to a negative discretionary cash outflow of about $1 billion, adjusted debt of about €4.7
