Philips 2004 Annual Report Download - page 111
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Divestments
cash inflow net assets
divested
recognized gain
Fax business 12 9 3
TechnoFusion 60 19 41
SMATV 9 9 –
Heat and Surface Treatment 6 6 –
X-ray Analytical 150 65 85
Philips Broadband Networks 75 26 49
Payer shavers 11 11 –
Communication, Security and Imaging business 156 85 71
Philips Contract Manufacturing Services 170 87 83
Health Care Products Group 85 85 –
Marantz 40 37 3
Ishoni Networks
In February, the Company acquired a 51% majority interest in Ishoni Networks, a company
based in Santa Clara, California, United States, at a purchase price of EUR 24 million.
Based upon an independent appraisal, EUR 10 million was assigned to specific intangible assets
acquired. Of this amount, EUR 4 million, representing the value of in-process R&D that had not
yet reached technological feasibility and had no alternative use, was charged to expense as of
the date of acquisition. Additionally, EUR 9 million, representing the excess of cost over the fair
value of the net assets acquired, was recorded as goodwill. Ishoni has been consolidated in the
Semiconductors segment as from February 2002. In the first quarter of 2003 the entity was
dissolved and the net book value of the goodwill and other intangible assets of EUR 13 million
was written off.
Medical glassware business of Richardson Electronics
In February, the Company completed the acquisition of 100% of Richardson Electronics’
medical glassware business. Under the terms of the agreement, Philips acquired the net assets
and the employees of the business. The medical glassware business has been consolidated in the
Medical Systems segment as from March 2002.
Fax business
In March, Philips sold its Fax business to Groupe SAGEM of France. The main activities of this
business were located in Vienna.
TechnoFusion
In May, the Company completed the sale of TechnoFusion GmbH, a leading manufacturer of
power generation systems for automotive electronics, to International Rectifier for EUR 60
million in cash.
SMATV
In May, the Company sold its business unit Satellite Master Antenna Television to Fracarro
France.
110 Philips Annual Report 2004
Financial statements of the Philips Group