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62 TOSHIBA Annual Report 2014
Toshiba Corporation and Subsidiaries
March 31, 2014
Notes to Consolidated Financial Statements
27. BUSINESS COMBINATIONS
NuFlare Technology, Inc.
On December 26, 2012, the Company increased its ownership in NuFlare Technology Inc. (“NFT”) by acquiring an
additional 8.8% stake to more than 50% totaling approximately ¥5,886 million in cash and consequently acquired a
controlling financial interest of NFT.
NFT manufactures and sells advanced semiconductor manufacturing equipment and has a close relationship with the
Company in development of related technologies. The Company decided to acquire additional shares in consideration of
the need to extend its support to NFT in technological and management operations and to retain its advanced
technologies, so that NFT will continue its supply of technologically advanced equipment to the market.
The Group allocated the purchase price to the assets acquired and liabilities assumed in accordance with ASC No.805
"Business Combinations" (“ASC No.805”).
The following table summarizes the allocation of the purchase price, the fair value of previously held equity interest,
and the fair value of noncontrolling interests to the identifiable assets acquired and liabilities assumed as of the
acquisition date:
As of the acquisition date Millions of yen
Purchase price ¥ 5,886
Previously held equity interest 25,886
Noncontrolling interests 31,439
Total ¥ 63,211
Current assets ¥ 53,194
Non-currentassets 4,880
Intangibleassetssubjecttoamortization 26,839
Current liabilities 22,796
Non-currentliabilities 16,687
Total identifiable net assets acquired ¥ 45,430
Identifiable intangible assets acquired mainly consist of core and current technologies. The Group is amortizing the
intangible assets over a weighted-average estimated life of 8.9 years.
The excess of the purchase price, the fair value of previously held equity interest, and the fair value of noncontrolling
interests over the fair value of the identifiable assets acquired and liabilities assumed, amounted to ¥17,781 million, which
was recorded as goodwill and allocated to Electronic Devices. The book value of equity interest that the Company held
before acquiring the additional stake was ¥9,466 million, and the difference between the book value and the fair value
remeasured after acquiring the additional stake is included in the statement of income for the year ended March 31, 2013.
Operating results of NFT are included in the Company's consolidated statement of income from the acquisition date.
NFT's net sales and net income included in the Company's consolidated statement of income for the year ended March
31, 2013 were ¥13,319 million and ¥2,579 million, respectively.