Philips 2004 Annual Report Download - page 179
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2004 2003
Sales 30,319 29,037
Cost of sales (20,375) (19,841)
Gross margin 9,944 9,196
Selling expenses (4,520) (4,575)
General and administrative expenses (1,332) (1,492)
Research and development expenses (2,534) (2,617)
Impairment of goodwill (548) (27)
Restructuring and impairment charges (288) (407)
Other business income 713 248
O
36 Income from operations 1,435 326
O
37 Financial income and expenses 33 (26)
Income before taxes 1,468 300
O
38 Income tax (expense) benefit (322) 47
Income after taxes 1,146 347
O
39 Results relating to unconsolidated companies 1,241 428
Group income 2,387 775
O
6Minority interests (51) (56)
Income before cumulative effect of a change in accounting
principles 2,336 719
O
7Cumulative effect of a change in accounting principles, net of tax –(14)
Net income 2,336 705
The accompanying notes are an integral part of these consolidated financial statements.
178 Philips Annual Report 2004
Consolidated statements of income of the Philips Group
for the years ended December 31
in millions of euros unless otherwise stated