Contractual obligations

Philips Group
Contractual cash obligations1) in millions of EUR
2014
 
 
payments due by period
 
total
less than 1 year
1-3 years
3-5 years
after 5 years
Long-term debt2)
3,665
94
6
1,030
2,535
Finance lease obligations
232
61
80
37
54
Short-term debt
244
244
Operating lease obligations
986
236
293
159
298
Derivative liabilities
860
353
166
253
88
Interest on debt3)
2,617
198
387
299
1,733
Purchase obligations4)
131
70
51
10
Trade and other payables
2,499
2,499
Contractual cash obligations
11,234
3,755
983
1,788
4,708
1)
Obligations in this table are undiscounted
2)
Long-term debt includes short-term portion of long-term debt and excludes finance lease obligations
3)
Approximately 15% of the debt bears interest at a floating rate. Majority of the interest payments on variable interest rate loans in the table above reflect market forward interest rates at the period end and these amounts may change as market interest rate changes
4)
Philips has commitments related to the ordinary course of business which in general relate to contracts and purchase order commitments for less than 12 months. In the table, only the commitments for multiple years are presented, including their short-term portion
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The Company entered into contracts with several venture capitalists where it committed itself to make, under certain conditions, capital contributions to investment funds for an aggregated remaining amount of EUR 35 million (2013: EUR 40 million) until June 30, 2021. As at December 31, 2014 capital contributions already made to these investment funds are recorded as available-for-sale financial assets within Other non-current financial assets.

The operating lease obligations are mainly related to the rental of buildings. A number of these leases originate from sale-and-leaseback arrangements. Operating lease payments under sale-and-leaseback arrangements for 2014 totaled EUR 42 million (2013: EUR 42 million).

The remaining minimum payments under sale-and-leaseback arrangements included in operating lease obligations above are as follows:

Philips Group
Operating lease - minimum payments under sale-and-leaseback arrangements in millions of EUR
2014
2015
36
2016
36
2017
35
2018
33
2019
33
Thereafter
142

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Finance lease liabilities

Philips Group
Finance lease liabilities in millions of EUR
2013 - 2014
 
2013
2014
 
future minimum lease payments
interest
present value of minimum lease payments
future minimum lease payments
interest
present value of minimum lease payments
Less than one year
61
7
54
61
7
54
Between one and five years
112
20
92
117
19
98
More than five years
68
15
53
54
11
43
Finance lease
241
42
199
232
37
195

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SF6 (Sulfur hexafluoride) is used in the electrical industry as a gaseous dielectric medium.

CO2-equivalent or carbon dioxide equivalent is a quantity that describes, for a given mixture and amount of greenhouse gas, the amount of CO2 that would have the same global warming potential (GWP), when measured over a specified timescale (generally 100 years).