Philips 2007 Annual Report Download - page 124
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Philips Annual Report 2007130
Consolidated statements of income of the Philips Group for the years ended December 31
in millions of euros unless otherwise stated
2005 2006 2007
Sales 25,445 26,682 26,793
Cost of sales (17,498) (18,432) (17,624)
Gross margin 7,947 8,250 9,169
Selling expenses (4,439) (4,655) (4,980)
General and administrative expenses (774) (969) (854)
Research and development expenses (1,593) (1,659) (1,629)
Other business income 417 234 146
Income from operations 1,558 1,201 1,852
Financial income and expenses 104 28 2,613
Income before taxes 1,662 1,229 4,465
Income tax expense (526) (167) (622)
Income after taxes 1,136 1,062 3,843
Results relating to equity-accounted investees 1,754 (157) 763
Minority interests (11) (4) (5)
Income from continuing operations 2,879 901 4,601
Discontinued operations (11) 4,482 (433)
Net income 2,868 5,383 4,168
The years 2005 and 2006 are restated to present the MedQuist business as a discontinued operation.
The accompanying notes are an integral part of these consolidated nancial statements.
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128 Group nancial statements
Consolidated statements of income
188 IFRS information 240 Company nancial statements