Philips 2015 Annual Report Download - page 140

Group nancial statements 12.9 14 15 16 17
140 Annual Report 2015
14 Other assets
Other non-current assets
Other non-current assets in 2015 are comprised of
prepaid pension costs of EUR 3 million (2014: EUR 2
million) and prepaid expenses of EUR 65 million (2014:
EUR 67 million).
For further details see note 20, Post-employment
benets.
Other current assets
Other current assets include prepaid expenses of EUR
444 million (2014: EUR 411 million).
15 Inventories
Inventories are summarized as follows:
Philips Group
Inventories in millions of EUR
2014 - 2015
2014 2015
Raw materials and supplies 962 1,068
Work in process 481 475
Finished goods 1,871 1,920
Inventories 3,314 3,463
The write-down of inventories to net realizable value
amounted in 2015 to EUR 170 million (2014: EUR 217
million). The write-down is included in cost of sales.
16 Receivables
Non-current receivables
Non-current receivables are associated mainly with
customer nancing in Healthcare and insurance
receivables in Innovation, Group & Services. The
balance as per December 31, 2015 includes an
allowance for doubtful accounts of EUR 1 million (2014:
EUR 2 million).
Current receivables
The accounts receivable, net, per sector are as follows:
Philips Group
Accounts receivables-net in millions of EUR
2014 - 2015
2014 2015
Healthcare 2,112 2,343
Consumer Lifestyle 791 853
Lighting 1,438 1,442
Innovation, Group & Services 135 89
Accounts receivable-net 4,476 4,727
The aging analysis of accounts receivable, net, is set out
below:
Philips Group
Aging analysis in millions of EUR
2014 - 2015
2014 2015
current 3,719 4,003
overdue 1-30 days 251 237
overdue 31-180 days 335 337
overdue > 180 days 171 150
Accounts receivable-net 4,476 4,727
The above net accounts receivable represent current
and overdue but not impaired receivables.
The changes in the allowance for doubtful accounts
receivable are as follows:
Philips Group
Allowance for doubtful accounts receivable in millions of EUR
2013 - 2015
2013 2014 2015
Balance as of January 1 230 204 227
Additions charged to expense 29 48 78
Deductions from allowance1) (33) (46) (25)
Other movements (22) 21 21
Balance as of December 31 204 227 301
1) Write-os for which an allowance was previously provided
The allowance for doubtful accounts receivable has
been primarily established for receivables that are past
due.
Included in above balances as per December 31, 2015
are allowances for individually impaired receivables of
EUR 272 million (2014: EUR 200 million; 2013: EUR 172
million).
17 Equity
Common shares
As of December 31, 2015, the issued and fully paid share
capital consists of 931,130,387 common shares, each
share having a par value of EUR 0.20.
In June 2015, Philips settled a dividend of EUR 0.80 per
common share, representing a total value of EUR 730
million. Shareholders could elect for a cash dividend or
a share dividend. Approximately 59% of the
shareholders elected for a share dividend, resulting in
the issuance of 17,671,990 new common shares. The
settlement of the cash dividend resulted in a payment
of EUR 298 million including tax and service charges.