Philips 2004 Annual Report Download - page 187
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O
41 Goodwill – consolidated companies
See note 17 to the consolidated financial statements based on US GAAP.
The EUR 521 million difference in goodwill in 2004 between Dutch and US GAAP (2003:
EUR 395 million) results from the accumulated effect of amortization of goodwill under Dutch
GAAP and from differences in the amount of goodwill impairment charges that have been
recognized under both GAAPs.
For the Company’s investment in MedQuist, goodwill impairment charges were recognized in
the US GAAP accounts in 2004 and 2003. For Dutch GAAP these impairment charges were
reduced by the goodwill amortization recognized in previous years, accumulating to EUR 143
million at the end of 2004.
goodwill
relating to
consolidated
companies
Balance as of January 1, 2004:
Acquisition cost 2,954
Accumulated amortization (855)
Book value 2,099
Changes in book value:
Acquisitions 46
Amortization and write-downs (220)
Impairment losses (548)
Translation differences (80)
Total changes (802)
Balance as of December 31, 2004:
Acquisition cost 2,769
Accumulated amortization (1,472)
Book value 1,297
O
42 Stockholders’ equity
Stockholders’ equity determined in accordance with Dutch GAAP amounted to EUR 14,016
million as of December 31, 2004 (2003: EUR 12,168 million), compared to EUR 14,860 million
(2003: EUR 12,763 million) under US GAAP. The deviation is mainly caused by the fact that
under Dutch GAAP goodwill has to be amortized and charged to income. Furthermore,
accumulated currency translation differences additionally increased equity by EUR 178 million
under Dutch GAAP compared with US GAAP.
186 Philips Annual Report 2004
Dutch GAAP information