Philips 2004 Annual Report Download - page 110
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Arcadyan venture
In July, the Arcadyan Technology Corporation was established between Accton Technology
Corporation of Taiwan (52% ownership) and the Company (48% ownership).
Philips and Accton each hold three seats on the board. Both companies are customers and
development partners of the venture for wireless connectivity products. Both parents
contributed their Wireless businesses to the venture, mainly consisting of intangible assets
including intellectual property and to a lesser extent tangible assets including cash, which were
recorded by the venture at their carrying values. The carrying value of Philips’ contribution was
EUR 6 million. The Company’s investment in the venture is accounted for using the equity
method.
TSMC
In November, Philips sold 100 million American Depository Shares, each representing 5
common shares of TSMC. As a result of this transaction, Philips’ shareholding in TSMC was
reduced from 21.5 % to 19.1%. Philips will continue to account for its investment using the
equity method of accounting because it continues to have significant influence. Please refer to
note 5 for a discussion of the result on the sale of the TSMC shares.
2002
In 2002 the Company engaged in a number of transactions, each of which was relatively small.
The business combinations relating to entities in which the Company obtained control and
which were completed during 2002 are accounted for using the purchase method of accounting
and were individually and in the aggregate immaterial with regard to the SFAS No. 141
disclosure requirements.
Sales and income from operations related to the activities divested in 2002, for the period
included in the consolidation, amounted to EUR 1,115 million and a loss of EUR 85 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
acquired
other intangible
assets
goodwill
Ishoni Networks 24 5 10 9
Medical glassware business of Richardson
Electronics 7 7 – –
Philips Medical Capital 22 22 – –
Systemonic 31 7 – 24
109Philips Annual Report 2004