Philips 2014 Annual Report Download - page 182

Company nancial statements 13.4 H I J K L
182 Annual Report 2014
HDebt
Long-term debt
Koninklijke Philips N.V.
Long-term debt in millions of EUR, unless otherwise stated
2013 - 2014
(range of)
interest
rates
average
interest rate
amount
outstanding
in 2014
amount due
in 1 year
amount due
after 1 year
amount due
after 5 years
average
remaining
term (in
years)
amount
outstanding
2013
USD bonds 3.8 - 7.8% 5.6% 3,355 – 3,355 2,333 12.7 2,958
Intercompany
nancing 0.0 - 4.1% 0.8% 3,025 3,025 – – – 2,296
Bank borrowings 1.3 - 1.6% 1.5% 200 – 200 200 7.0 450
Other long-term debt 2.5 - 7.0% 4.5% 43 43 – – 1.0 47
6,623 3,068 3,555 2,533 5,751
Corresponding data
previous year 5,751 2,593 3,158 2,259 4,153
The following amounts of the long-term debt as of
December 31, 2014, are due in the next ve years:
Koninklijke Philips N.V.
Long-term debt due in the next ve years in millions of EUR
2014
2015 3,068
2016 –
2017 –
2018 1,022
2019
Long -term debt 4,090
Corresponding amount previous year 3,492
Short-term debt
Short-term debt includes the current portion of
outstanding external and intercompany long-term debt
of EUR 3,068 million (2013: EUR 2,593 million), other
debt to group companies totaling EUR 10,929 million
(2013: EUR 10,976 million) and short-term bank
borrowings of EUR 63 million (2013: EUR 76 million).
IOther current liabilities
Koninklijke Philips N.V.
Other current liabilities in millions of EUR
2013 - 2014
2013 2014
Income tax payable 4 –
Other short-term liabilities 53 63
Accrued expenses 174 138
Derivative instruments - liabilities 471 1,009
Other current liabilities 702 1,210
JEmployees
The number of persons employed by the Company at
year-end 2014 was 10 (2013: 10) and included the
members of the Board of Management and certain
leaders from functions, businesses and markets,
together referred to as the Executive Committee. For the
remuneration of past and present members of both the
Board of Management and the Supervisory Board, please
refer to note 29, Information on remuneration, which is
deemed incorporated and repeated herein by reference.
KContractual obligations and contingent
liabilities not appearing in the balance sheet
The Company has entered into a contract with a venture
capitalist where it committed itself to make, under certain
conditions, capital contributions to its investment funds
to an aggregated amount of EUR 35 million (2013: EUR 40
million) until June 30, 2021. As at December 31, 2014
capital contributions already made to this investment
fund are recorded as available-for-sale financial assets
within Other non-current financial assets. Furthermore,
the Company made commitments to third parties in 2014
of EUR 10 million (2013: EUR 16 million) with respect to
sponsoring activities. The amounts are due before 2016.
General guarantees as referred to in Section 403, Book 2,
of the Dutch Civil Code, have been given by the Company
on behalf of several group companies in the Netherlands.
The liabilities of these companies to third parties and
investments in associates totaled EUR 1,546 million as of
year-end 2014 (2013: EUR 1,255 million).
Guarantees totaling EUR 636 million (2013: EUR 613
million) have also been given on behalf of other group
companies and credit guarantees totaling EUR 4 million
(2013: EUR 15 million) on behalf of unconsolidated
companies and third-parties. The Company is the head
of a fiscal unity that contains the most significant Dutch
wholly-owned group companies. The Company is
therefore jointly and severally liable for the tax liabilities
of the tax entity as a whole. For additional information,
please refer to note 26, Contingent assets and
liabilities, which is deemed incorporated and repeated
herein by reference.
LSubsequent events
For subsequent events please refer to the Group Financial
Statements,
note 32, Subsequent events , which is deemed
incorporated and repeated herein by reference.