Philips 2004 Annual Report Download - page 91

2002 2003 2004
Sales 31,820 29,037 30,319
Cost of sales (21,722) (19,558) (20,155)
Gross margin 10,098 9,479 10,164
Selling expenses (5,201) (4,575) (4,520)
General and administrative expenses (1,404) (1,492) (1,332)
Research and development expenses (3,043) (2,617) (2,534)
Write-off of acquired in-process R&D (12) – –
Impairment of goodwill (19) (148) (596)
Restructuring and impairment charges (484) (407) (288)
Other business income (expense) 485 248 713
O
2Income from operations 420 488 1,607
O
3Financial income and expenses (2,227) (244) 216
Income (loss) before taxes (1,807) 244 1,823
O
4Income tax (expense) benefit (27) 15 (358)
Income (loss) after taxes (1,834) 259 1,465
O
5Results relating to unconsolidated companies
including net dilution gain of EUR 254 million
(2003: gain of EUR 53 million, 2002: loss of
EUR 12 million) (1,346) 506 1,422
O
6Minority interests (26) (56) (51)
Income (loss) before cumulative effect of a
change in accounting principles (3,206) 709 2,836
O
7Cumulative effect of a change in accounting
principles, net of tax – (14) –
O
8Net income (loss) (3,206) 695 2,836
The accompanying notes are an integral part of these consolidated financial statements.
90 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