Philips 2010 Annual Report Download - page 169

13 Group financial statements 13.11 - 13.11
Annual Report 2010 169
impact of the Genlyte acquisition on Philips’ net cash position in 2008,
excluding the pay-off of debt, was EUR 1,805 million. As of the
acquisition date, Genlyte is consolidated as part of the Lighting sector.
The condensed balance sheet of Genlyte, immediately before and after
the acquisition date was as follows:
before acquisition date1) after acquisition date
Assets and liabilities
Goodwill 254 1,024
Other intangible assets 102 860
Property, plant and
equipment 129 191
Working capital 134 160
Other current financial
assets − 3
Deferred tax liabilities (12) (300)
Provisions (18) (36)
Cash 57 57
646 1,959
Financed by
Group equity 568 1,951
Loans 78 8
646 1,959
1) Unaudited figures
The goodwill recognized is related to the complementary technological
expertise and talent of the Genlyte workforce and the synergies
expected to be achieved from integrating Genlyte into the Lighting
sector.
Other intangible assets are comprised of the following:
amount amortization
period in years
Core technology and designs 81 1-8
In-process R&D 11 5
Group brands 142 2-14
Product brands 5 2-5
Customer relationships and patents 614 9-17
Order backlog 6 0.25
Software 1 3
860
For the period from January 22 to December 31, 2008, Genlyte
contributed EUR 1,024 million to Sales and EUR 34 million to Income
from operations.
Respironics
On March 10, 2008, Philips acquired 100% of the shares of Respironics,
a leading provider of innovative solutions for the global sleep and
respiratory markets. Respironics designs, develops, manufactures and
markets medical devices used primarily for patients suffering from
Obstructive Sleep Apnea (OSA) and respiratory disorders. The
acquisition of Respironics added new product categories in OSA and
home respiratory care to the existing Philips business. This acquisition
formed a solid foundation for the Home Healthcare Solutions business
of the Company. Philips acquired Respironics’ shares for a net cash
consideration of EUR 3,196 million. As of the acquisition date,
Respironics is consolidated as part of the Healthcare sector.
The condensed balance sheet of Respironics, immediately before and
after the acquisition date was as follows:
before acquisition date1) after acquisition date
Assets and liabilities
Goodwill 165 2,162
Other intangible assets 39 1,186
Property, plant and
equipment 123 137
Working capital 214 215
Other non-current
financial assets 11 10
Provisions (27) (27)
Deferred tax assets/
liabilities 35 (439)
Cash 135 135
695 3,379
Financed by
Group equity 647 3,331
Loans 48 48
695 3,379
1) Unaudited figures
The goodwill recognized is related to the complementary technical
skills and talent of the Respironics workforce and the synergies
expected to be achieved from integrating Respironics into the
Healthcare sector.
Other intangible assets are comprised of the following:
amount amortization
period in years
Core technology 355 9-13
Developed non-core technology 21 4-7
In-process R&D 3 3
Trade name 72 6
Customer relationships 732 16-18
Other 3 1-3
1,186
For the period from March 10 to December 31, 2008, Respironics
contributed Sales of EUR 831 million and EUR 10 million to Income
from operations.
VISICU
On February 20, 2008, Philips acquired 100% of the shares of VISICU, a
leading IT company which develops remote patient monitoring systems.
The acquisition of VISICU will facilitate the creation of products to
provide increased clinical decision support to hospital staff, while
allowing them to monitor a greater number of critically ill patients.
Philips paid a total net cash consideration of EUR 198 million. As of the
acquisition date, VISICU is consolidated as part of the Healthcare
sector.