APC 2004 Annual Report Download - page 62

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1
60
Consolidated Statement of Income
(in millions of euros, except for earnings per share)
2004 2003 2002
Sales 10,365.3 8,780.3 9,060.5
Cost of sales (5,965.1) (5 063.1) (5,305.2)
Gross margin 4,400.2 3,717.2 3,755.3
Research and development expenses (535.2) (494.0) (472.7)
Selling, general and administrative expenses (2,554.3) (2,215.8) (2,242.9)
Operating income 1,310.7 1,007.4 1,039.6
Financial expense, net
(note 23)
(65.9) (53.1) (157.8)
Income from continuing operations before tax 1,244.8 954.3 881.9
Exceptional items
(note 24)
(96.3) (163.9) (509.2)
Income tax
(note 12)
(333.1) (127.3) 295.0
Net income of fully consolidated companies
before amortization of goodwill 815.4 663.1 667.7
Amortization of goodwill
(note 3)
(217.1) (190.7) (192.6)
Group's share of losses of equity investments
(note 6)
(3.6) (18.1) (28.2)
Net income before minority interests 594.7 454.3 446.9
Minority interests (30.1) (21.5) (24.9)
Net income (attributable to Schneider Electric SA) 564.6 432.8 422.0
Earnings per share (in euros)
(note 14.6)
2.56 1.94 1.85
Diluted earnings per share (in euros) 2.55 1.94 1.84
The accompanying notes are an integral part of the consolidated financial statements
Consolidated financial statements