Philips 2006 Annual Report Download - page 211
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Philips Annual Report 2006 211
5353
54
Long-term debt
range of
interest rates
average rate of
interest
amount
outstanding due in 1 year due after 1 year
due after
5 years
average
remaining term
(in years)
amount
outstanding
2005
Eurobonds 5.8 - 7.1 6.0 2,445 − 2,445 − 2.3 2,447
USD bonds 7.2 - 7.8 7.4 307 − 307 307 14.7 429
USD putable
bonds 7.1 - 7.1 7.1 77 − 77 77 18.4 224
Convertible
debentures − 0.0 136 136 − − − 155
Private fi nancing 2.0 - 9.0 5.2 8 1 7 − 3.7 8
Bank
borrowings 2.0 - 20.1 5.5 119 2 117 − 3.6 416
Liabilities arising
from capital
lease
transactions 1.4 - 19.0 4.2 68 31 37 19 6.4 122
Other long-
term debt 1.7 - 13.6 4.7 62 45 17 2 3.9 116
3,222 215 3,007 405 3,917
Corresponding
data of previous
year 5.9 3,917 578 3,339 1,214 4,070
The following amounts of long-term debt as of December 31, 2006
are due in the next fi ve years:
2007 215
2008 1,709
2009 12
2010 128
2011 753
2,817
Corresponding amount of previous year 2,809
As of December 31, 2006, Philips had outstanding public bonds of
EUR 2,829 million denominated in USD or EUR. One of the USD bonds
with a total outstanding amount of USD 103 million as of December
2006 carrying a coupon of 7.125%, due 2025, carries an option of each
holder to put the bond to the Company on May 15, 2007 upon giving
notice to the Company between March 15 and April 15, 2007.
If the put option is exercised by investors, the redemption value would
be equal to the principal amount, plus accrued interest until the date
of redemption. Assuming that investors require full repayment at the
relevant put date, the average remaining tenor of the total outstanding
long-term debt at the end of 2006 was 3.7 years, compared to 3.8 years
in 2005. However, assuming that the ‘putable’ bonds will be repaid at
maturity, the average remaining tenor at the end of 2006 was 4.1 years,
compared to 5.0 years at the end of 2005.
5454
226 Corporate governance224 Reconciliation of
non-US GAAP information
234 The Philips Group
in the last ten years
236 Investor information