Michelin couv courteGB
Michelin couv courteGB
Michelin couv courteGB
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17. Research and development costs (in € thousand)<br />
Research and development costs amount to:<br />
– 2004: 673,774<br />
– 2003: 710,475<br />
18. Impairment charges<br />
(in € thousand)<br />
2004 2003<br />
Net charges for impairment of:<br />
– inventories 12,515 (645)<br />
– receivables (15,190) 9,668<br />
Impairment charges related to inventories are included in “Purchases used in production” and charges related to receivables are included<br />
in “Other operating expenses” in the consolidated statement of income.<br />
19. Interest income and expense<br />
(in € thousand)<br />
2004 2003<br />
Interest income and expense (195,413) (211,901)<br />
Exchange gains (losses) (3,947) (1,880)<br />
Amortization and net movements in allowances for impairment of financial assets (6,621) (4,501)<br />
Net change in provisions (7,236) (6,605)<br />
Total (213,217) (224,887)<br />
20. Non-recurring income and expense<br />
(in € thousand)<br />
2004 2003<br />
Reorganization costs (55,263) (192,365)<br />
Other non-recurring items (150,792) 211,044<br />
Total (206,055) 18,679<br />
Restructuring costs break down as follows: (in € million)<br />
– Europe (48.5)<br />
– Other regions (6.8)<br />
Other non-recurring items break down as follows : (in € million)<br />
– Europe (131.0) (1)<br />
– North America (10.2)<br />
– Other regions (9.6)<br />
(1) Of which €108 million with respect to probable loss to the Group of contemplated transfer of <strong>Michelin</strong> Wheel operations (see note 11).
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