Philips 2004 Annual Report Download - page 107
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Reclassifications
Certain balance sheet items previously reported under specific financial statement captions have
been reclassified to conform with the 2004 presentation.
O
1Acquisitions and divestments
2004
During 2004, the Company completed several disposals of businesses. Also a number of
acquisitions and ventures have been completed. All business combinations have been accounted
for using the purchase method of accounting. However, both individually and in the aggregate
these business combinations were deemed immaterial in respect of the SFAS No. 141
disclosure requirements.
Sales and income from operations related to activities divested in 2004 for the period included
in the consolidation, amounted to EUR 190 million and a profit of EUR 60 million respectively.
The most significant acquisitions and divestments are summarized in the next two tables and
described in the section below.
Acquisitions
cash outflow net assets
acquired1)
other intangible
assets
goodwill
Industriegrundstuecks-Verwaltungs GmbH 12 12 – –
Philips-Neusoft Medical Systems 59 11 5 43
Gemini Industries 49 33 8 8
1) Including cash acquired
Divestments
cash inflow net assets
divested1)
recognized gain
(loss)
Philips HeartCare Telemedicine Services (8) (6) (2)
Atos Origin 552 401 151
NAVTEQ 730 95 635
Philips Consumer Electronics Industries Poland 12 12 –
1) Including cash divested
Philips HeartCare Telemedicine Services
In January 2004 the Company sold its 80% interest in the Philips HeartCare Telemedicine
Services venture to the other owner, SHL Telemedicine International Ltd, an Israeli company in
which the Company holds a 18.6% interest. The investment in SHL Telemedicine is accounted
for by the cost method. The transaction resulted in a cash outflow of EUR 8 million and a loss of
EUR 2 million in 2004. Accordingly, the PHTS entity was deconsolidated in January.
106 Philips Annual Report 2004
Notes to the consolidated financial statements of the Philips Group
all amounts in millions of euros unless otherwise stated