Philips 2004 Annual Report Download - page 137

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O
17 Goodwill
The changes during 2004 were as follows:
2003 2004
Book value as of January 1 3,192 2,494
Changes in book value:
Acquisitions 44 46
Impairment losses (148) (596)
Translation differences (594) (126)
Book value as of December 31 2,494 1,818
In 2004, Philips recognized impairment charges of EUR 590 million for its subsidiary in the US,
MedQuist (please refer to note 2).
Please refer to note 35 for a specification of goodwill by product sector.
Acquisitions represent the goodwill paid on the acquisitions of Philips-Neusoft Medical Systems
Co., Ltd. in China and Gemini Industries, Inc. in the USA.
136 Philips Annual Report 2004
Financial statements of the Philips Group