Michelin couv courteGB
Michelin couv courteGB
Michelin couv courteGB
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Consolidated<br />
Statement of Income<br />
(In € thousand)<br />
2004 2003<br />
French Gaap<br />
Operating revenue<br />
Net sales 15,688,781 15,369,820<br />
Reversals of allowances 96,872 28,208<br />
Other operating revenue 510,613 576,621<br />
16,296,266 15,974,649<br />
Operating expenses<br />
Purchases used in production 5,561,206 5,372,669<br />
Payroll costs 4,871,909 4,996,925<br />
Other operating expenses 3,445,627 3,360,310<br />
Taxes other than on income 237,865 244,355<br />
Depreciation and amortization 797,586 818,526<br />
Charges to allowances and provisions 82,946 38,792<br />
(14,997,139) (14,831,577)<br />
Operating income 1,299,127 1,143,072<br />
Net interest expense (213,217) (224,887)<br />
Operating income from ordinary activities 1,085,910 918,185<br />
Net non-recurring income and expense (206,055) 18,679<br />
Income taxes (315,798) (261,435)<br />
Net income of fully-consolidated companies 564,057 675,429<br />
Income (losses) from companies accounted for by the equity method (1,310) (8,750)<br />
Amortization of goodwill (35,584) (337,817)<br />
Net income before minority interests 527,163 328,862<br />
Net income 515,138 317,532<br />
Minority interests 12,025 11,330<br />
Basic earnings per share (in euros) 3.59 2.23<br />
Diluted earnings per share (in euros) 3.59 2.23
Change language