Philips 2007 Annual Report Download - page 208

Philips Annual Report 2007214
Divestments
cash inow1)
net assets
divested2)
recognized
gain
CryptoTec 30 4 26
Philips Enabling
Technologies (ETG) 45 38 7
Philips Sound Solutions
(PSS) 53 41 12
FEI Company 154 51 103
1) Net of cash divested
2) Includes the release of cumulative translation differences
Lifeline
On March 22, 2006, Philips completed its acquisition of Lifeline, a leader
in personal emergency response services. Philips acquired a 100%
interest in Lifeline by paying USD 47.75 per share in cash. As of the
date of acquisition, Lifeline is consolidated as part of Consumer
Healthcare Solutions, within the Innovation & Emerging Business sector.
The condensed balance sheet of Lifeline determined in accordance
with IFRS, immediately before and after acquisition date:
before
acquisition date
after
acquisition date
Assets and liabilities
Goodwill 15 341
Other intangible assets 18 319
Property, plant and equipment 34 20
Other non-current nancial assets 22 19
Working capital 27 8
Deferred tax liabilities (6) (124)
Cash 17 14
127 597
Financed by
Group equity 84 597
Loans 43 −
127 597
Other intangible assets comprise:
amount
amortization
period in years
Trademarks and trade names 114 indenite
Software 9 3-5
Customer relationships 196 5-20
319
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.
As of the date of acquisition, 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 and liabilities
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
15 115
Other intangible assets comprise:
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 and liabilities
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 4871) −
452 711
1) Includes preference share capital
128 Group nancial statements 188 IFRS information
Notes to the IFRS nancial statements
240 Company nancial statements