Philips 2004 Annual Report Download - page 192
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The following amounts of the long-term debt as of December 31, 2004 are due in the next five
years:
2005 1,387
2006 329
2007 82
2008 1,708
2009 –
3,506
Corresponding amount previous year 4,517
Included in convertible debentures are Philips personnel debentures, for which the reader is
referred to the related note in the Group accounts.
O
JStockholders’ equity
See the Group financial statements and related notes under Dutch GAAP.
No legal reserve for undistributed income from affiliated companies is required on the basis of
the ‘collective method’.
Priority shares
There are ten priority shares, which are currently held by a foundation called the Dr. A.F.
Philips-Stichting. The self-electing Board of the Dr. A.F. Philips-Stichting consists of the
Chairman, the Vice-Chairman and the Secretary of the Supervisory Board, certain other
members of the Supervisory Board and the President of the Company. The approval of the
Meeting of Priority Shareholders is required for resolutions of the General Meeting of
Shareholders of the Company regarding the issue of ordinary shares of the Company or rights
to such shares, the cancellation of the shares, amendments to the Articles of Association, and
the liquidation of the Company. The Supervisory Board of the Company and the Meeting of
Priority Shareholders also make binding recommendations to the General Meeting of
Shareholders for the appointment of the members of the Board of Management and the
Supervisory Board of the Company. A proposal shall be made to the 2005 Annual General
Meeting of Shareholders to amend the current Articles of Association of the Company. Upon
the General Meeting of Shareholders approving this proposal, the priority shares will be
cancelled.
Preference shares
The ‘Stichting Preferente Aandelen Philips’ has been granted the right to acquire preference
shares in the Company. Such right has not been exercised. As a means to protect the Company
and its stakeholders against an unsolicited attempt to (de facto) take over control of the
Company, the General Meeting of Shareholders in 1989 adopted amendments to the
Company’s Articles of Association that allow the Board of Management and the Supervisory
Board to issue (rights to) preference shares to a third party.
191Philips Annual Report 2004