Related-party transactions

In the normal course of business, Philips purchases and sells goods and services from/to various related parties in which Philips typically holds a 50% or less equity interest and has significant influence. These transactions are generally conducted with terms comparable to transactions with third parties.

Philips Group
Related-party transactions in millions of EUR
2012 - 2014
 
2012
2013
2014
Sales of goods and services
288
305
215
Purchases of goods and services
130
143
85
Receivables from related parties
13
39
14
Payables to related parties
4
4
4

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Non-recourse financing of third-party receivables provided by an associate amounted to EUR 103 million in 2014 (2013: EUR 84 million; 2012: EUR 52 million).

In light of the composition of the Executive Committee, the Company considers the members of the Executive Committee and the Supervisory board to be the key management personnel as defined in IAS 24 ‘Related parties’.

For remuneration details of the Executive Committee, the Board of Management and the Supervisory Board see note (29) Information on remuneration.

For employee benefit plans see note (20) Post-employment benefits.

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