Philips 2005 Annual Report Download - page 199

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Philips Annual Report 2005 199
The fair value of Philips’ shareholdings in the publicly listed companies
TSMC and LG.Philips LCD, based on quoted market prices at
December 31, 2005, is EUR 6,531 million and EUR 4,244 million
respectively.
The investments in unconsolidated companies are mainly included in the
sector Other Activities.
SummarizednancialinformationfortheCompany’sequityinvestments
in unconsolidated companies on a combined basis is presented below:
January-December
2004 2005
Net sales 17,349 20,180
Income before taxes 3,218 2,289
Income taxes (126) 120
Income after taxes 3,092 2,409
Net income 3,086 2,317
Total share in net income of unconsolidated
companies recognized in the consolidated
statements of income 912 440
December 31,
2004 20051)
Current assets 8,918 11,627
Non-current assets 15,220 17,780
24,138 29,407
Current liabilities (5,458) (5,882)
Non-current liabilities (3,544) (4,043)
Net asset value 15,136 19,482
Investments in and loans to unconsolidated
companies included in the consolidated balance
sheet 5,361 5,463
1) Excluding LG.Philips Displays
In December 2005, the investment in LG.Philips Displays was written off
and Philips decided to stop funding the Company. As a result, the book
value of the investment was reduced to zero and equity accounting was
terminated. Philips is unable to determine and disclose the value of the
LG.Philips Displays equity per December 31, 2005.
46
Minority interests
The share of minority interests in the income of Group companies
in 2005 amounted to EUR 31 million (2004: EUR 53 million).
Minority interests in consolidated companies, totaling EUR 353 million
(2004: EUR 285 million), are based on the third-party shareholding in
the underlying assets.
4646