Philips 2004 Annual Report Download - page 185
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O
39 Unconsolidated companies
See note 5 to the consolidated financial statements based on US GAAP.
Results relating to unconsolidated companies
The difference of EUR 181 million in results relating to unconsolidated companies between
Dutch and US GAAP in 2004 (2003: EUR 78 million) is caused by the fact that goodwill is no
longer amortized under US GAAP.
2004 2003
Results relating to unconsolidated companies:
Company’s participation in income and loss 1,003 209
Results on sales of shares 227 715
Gains and losses arising from dilution effects 274 53
Impairment charges (8) (193)
Amortization of goodwill (255) (356)
Total 1,241 428
Results relating to unconsolidated companies in 2004 include a reversal of EUR 20 million
(2003: EUR 40 million) related to goodwill impairment recorded by LG.Philips Displays in
connection with a lower book value due to the continued amortization of goodwill under Dutch
GAAP.
Results on sales of shares in 2004 were EUR 34 million higher due to the lower book value
under Dutch GAAP of the Atos Origin shares sold.
Gains and losses arising from dilution effects in 2004 include EUR 20 million in connection with
the higher dilution gain from the inital public offering of LG.Philips LCD, due to the continued
amortization of goodwill under Dutch GAAP.
For the Company’s investment in LG.Philips Displays, impairment charges were recognized in
the US GAAP accounts in 2003. For Dutch GAAP the related impairment charge was reduced
by the goodwill amortization recognized in the course of the year and over previous periods
amounting to EUR 238 million.
Amortization of goodwill includes the amortization of the excess of the Company’s investment
over its underlying equity in the net assets of unconsolidated companies of EUR 111 million in
2004 (2003: EUR 265 million) and the Company’s share of amortization recorded by the
unconsolidated companies of EUR 144 million in 2004 (2003: EUR 91 million).
184 Philips Annual Report 2004
Dutch GAAP information