Philips 2009 Annual Report Download - page 212

12.5 Notes
All amounts in millions of euros unless otherwise stated
AReceivables
2008 2009
Trade accounts receivable 104 95
Affiliated companies 613 721
Other receivables 87 11
Advances and prepaid expenses 42 33
Derivative instruments - assets 478 183
1,324 1,043
BInvestments in affiliated companies
The investments in affiliated companies (including goodwill) are
presented in the balance sheet based on either their net asset value in
accordance with the aforementioned accounting principles of the
consolidated financial statements, or at amortized cost.
Group
companies
and associates loans total
Balance as of January 1, 2009 12,728 5,229 17,957
Changes:
Transferred to other non-
current financial assets (43) − (43)
Acquisitions/additions 352 564 916
Sales/redemptions (6) (251) (257)
Net income from affiliated
companies 155 − 155
Dividends received (759) − (759)
Translation differences (24) (132) (156)
Other (1,060) − (1,060)
Balance as of December 31,
2009 11,343 5,410 16,753
A list of subsidiaries and affiliated companies, prepared in accordance
with the relevant legal requirements (Dutch Civil Code, Book 2,
Sections 379 and 414), is deposited at the office of the Commercial
Register in Eindhoven, Netherlands.
The EUR 43 million reported under ‘Transferred to other non-current
financial assets’ relates to our interest in Prime Technology Ventures III
(Prime) and various other smaller equity interests. As Philips is no
longer able to exercise significant influence with respect to these
entities, the book value was transferred to Other non-current financial
assets effective January 1, 2009.
The line Other especially reflects actuarial gains and losses related to
defined-benefit plans of group companies.
COther non-current financial assets
investments
other
receivables total
Balance as of January 1, 2009 893 53 946
Changes:
Transferred from Investments
in affiliated companies 28 − 28
Acquisitions/additions 9 − 9
Sales/redemptions (719) − (719)
Value adjustments/
impairments 128 14 142
Balance as of December 31,
2009 339 67 406
Other non-current financial assets include available-for-sale financial
assets that generate income unrelated to the normal business
operations.
The item ‘Transferred from Investments in affiliated companies’ relates
to our interest in Prime Technology Ventures III (Prime) and various
other smaller equity interests.
Sales/redemptions reflect the sale of Philips’ interest in LG Display and
Pace Micro Technology.
Value adjustments/impairments mainly relate to valuation adjustments
on available-for-sale financial assets.
DOther current liabilities
2008 2009
Income tax payable 12 −
Other short-term liabilities 107 23
Accrued expenses 209 252
Derivative instruments - liabilities 706 368
1,034 643
EShort-term debt
Short-term debt includes the current portion of outstanding external
and intercompany long-term debt of EUR 675 million (2008: EUR 844
million) and other debt to group companies totaling EUR 1,886 million
(2008: EUR 2,074 million). Short-term bank borrowings amounted to
EUR 57 million (2008: EUR 61 million).
A B C D E 12 Company financial statements 12.5 - 12.5
212 Philips Annual Report 2009