Skip to article navigation Skip to content

20 Loans and borrowings

A page refresh occures when a subject is selected.

Skip article navigation.

EUR 000

30 September 2021

30 September 2020

Non-current loans and borrowings

  

Loans payable to Coöperatie KPMG U.A. (partners)

42,185

32,952

Loans payable to Coöperatie KPMG U.A. (former partners)

1,568

1,771

Lease liability

111,346

116,641

Total non-current loans and borrowings

155,099

151,364

   

Current loans and borrowings

  

Employee Bonds

2,531

1,874

Loans payable to Coöperatie KPMG U.A. (partners)

93,794

49,605

Loans payable to Coöperatie KPMG U.A. (former partners)

4,051

9,548

Lease liability

22,173

25,967

Total current loans and borrowings

122,549

86,994

 

277,648

238,358

20.1 Employee Bonds

Since the financial year 2018/2019, employees have had the opportunity to participate in short‑term employee bonds with a maturity of one year, a one-year EURIBOR + 3% base rate interest and a variable surplus based on the realised profit before tax of KPMG N.V. In 2021, 2,568 bonds with a nominal value of EUR 1 were issued, of which 86 bonds were redeemed early (2020: 1,865 bonds with a nominal value of EUR 1, of which 27 bonds were redeemed early).

20.2 Loans payable to Coöperatie KPMG U.A. relating to partners

The interest charged on current accounts included in loans is 1.2% (2019/2020: 3.1%). Partners participate in a mandatory loan programme totalling EUR 23.9 million as at 30 September 2021 (30 September 2020: EUR 22.6 million), bearing an interest of 8.0% (2019/2020: 8.0%). Partners also have the opportunity to subscribe to deposits with a duration varying between one and five years. The total amount subscribed as at 30 September 2021 was EUR 37.6 million with an interest rate of 4.5 to 7.0% depending on the duration of the loan (30 September 2020: EUR 31.1 million with an interest rate of 3.0 to 8.0%).

Movements in financing by partners:

EUR 000

2020/2021

2019/2020

Balance at 1 October

82,557

73,998

Fees to partners under management agreements

110,215

60,884

Interest due to Coöperatie KPMG U.A. relating to partners

4,127

4,631

Other movements (net withdrawal)

-60,920

-56,956

Balance at 30 September

135,979

82,557

Other movements refer mainly to amounts withdrawn by partners.

20.3 Loans payable to Coöperatie KPMG U.A. relating to former partners

Non-current loans payable to Coöperatie KPMG U.A. relating to former partners comprise early retirement liabilities to former partners and have an average term of 3.3 years (2019/2020: 3.2 years). These liabilities are not interest bearing. The average interest on current loans payable to former partners is 0.9% (2019/2020: 2.4%).

20.4 Lease liability

Lease liabilities are payable as follows:

EUR 000

30 September 2021

30 September 2020

 

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

24,460

2,287

22,173

28,707

2,739

25,968

Between one and five years

64,407

4,873

59,534

64,471

5,303

59,168

More than five years

56,052

4,241

51,811

62,623

5,151

57,472

       
 

144,919

11,401

133,518

155,801

13,193

142,608