Philips 2006 Annual Report Download - page 193

Philips Annual Report 2006 193
3939
Witt Biomedical
On April 26, 2006, Philips completed its acquisition of Witt Biomedical,
the largest independent supplier of hemodynamic monitoring and clinical
reporting systems used in cardiology catheterization laboratories.
Witt Biomedical has been consolidated within the Medical Systems
sector.
The condensed balance sheet of Witt Biomedical determined in
accordance with IFRS, immediately before and after acquisition date:
before
acquisition date
after
acquisition date
Assets
Goodwill − 83
Other intangible assets − 29
Property, plant and equipment 1 1
Working capital 13 17
Provisions (4 ) (24 )
Deferred tax − 4
Cash 5 5
15 115
Financed by
Group equity 15 115
Loans − −
15 115
Other intangible assets comprised of the following:
amount
amortization
period in years
In-process research
and development 4 3
Developed and core technology 11 4
Customer relationships 6 10
Backlog 7 1
Other 1 3
29
Avent
As of August 31, 2006, Philips completed its acquisition of Avent,
a leading provider of baby and infant feeding products in the United
Kingdom and the United States. Philips acquired Avent for EUR 689
million, which was paid in cash upon completion of the transaction.
As of the date of acquisition Avent has been consolidated within the
Domestic Appliances and Personal Care sector.
The condensed balance sheet of Avent determined in accordance
with IFRS, immediately before and after acquisition date:
before
acquisition date
after
acquisition date
Assets
Goodwill 367 344
Other intangible assets − 392
Property, plant and equipment 36 35
Working capital 26 40
Deferred tax liabilities − (122 )
Cash 23 22
452 711
Financed by
Group equity (35 ) 711
Loans 487
1) −
452 711
1) Includes preference share capital
The allocation of the purchase price to the net assets acquired had
not yet been fi nalized as of December 31, 2006, as further information
related to intangible asset valuations remained outstanding.
Other intangible assets comprise:
amount
amortization
period in years
Trademarks and trade names 242 indefi nite
Customer relationships and patents 150 5- 18
392
226 Corporate governance224 Reconciliation of
non-US GAAP information
234 The Philips Group
in the last ten years
236 Investor information