Philips 2006 Annual Report Download - page 114
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Philips Annual Report 2006114
2004 2005 2006
Sales 24,855 25,775 26,976
Cost of sales (16,925 ) (17,834 ) (18,681 )
Gross margin 7,930 7,941 8,295
Selling expenses (4,259 ) (4,455 ) (4,669 )
General and administrative expenses (939 ) (829 ) (1,009 )
Research and development expenses (1,615 ) (1,602 ) (1,668 )
Impairment of goodwill (592 ) − −
Other business income 631 417 234
Income from operations 1,156 1,472 1,183
Financial income and expenses 216 108 34
Income before taxes 1,372 1,580 1,217
Income tax expense (230 ) (506 ) (137 )
Income after taxes 1,142 1,074 1,080
Results relating to equity-accounted investees 1,464 1,754 (157 )
Minority interests (22 ) 3 (4 )
Income from continuing operations 2,584 2,831 919
Discontinued operations 252 37 4,464
Net income 2,836 2,868 5,383
The years 2004 and 2005 are restated to present the Semiconductors division as a discontinued operation.
The accompanying notes are an integral part of these consolidated fi nancial statements.
33 44
55
66
77
11
88
Consolidated statements of income of the Philips Group for the years ended December 31
in millions of euros unless otherwise stated
112 Group fi nancial statements
Consolidated statements of income
172 IFRS information 218 Company fi nancial statements