Philips 2004 Annual Report Download - page 130
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O
6Minority interests
The share of minority interests in the income of Group companies in 2004 amounted to
EUR 51 million, compared with their share in the 2003 income of EUR 56 million and their
share in the 2002 income of EUR 26 million.
The Singapore-based venture SSMC, in which Philips has a 48% shareholding, was consolidated
as of January 1, 2004. As a result, third-party share in SSMC’s income is included in minority
interests.
Minority interests in consolidated companies, totaling EUR 283 million (2003: EUR 175 million),
are based on the third-party shareholding in the underlying net assets.
O
7Cumulative effect of a change in accounting principles, net of
tax
In 2004, there were no changes in accounting principles.
In 2003, the Company adopted SFAS No. 143 ‘Accounting for Asset Retirement Obligations’.
The cumulative effect of this change in accounting principle related to prior years was a
one-time, non-cash charge to income of EUR 14 million (net of taxes).
129Philips Annual Report 2004