Avon 2004 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2004 Avon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

25
Management’s Discussion
and Analysis of Financial Condition
and Results of Operations
25
Cautionary Statement
25
Overview
27
Critical Accounting Estimates
30
Results of Operations – Consolidated
35
Segment Review
42
Liquidity and Capital Resources
44
Risk Management Strategies and
Market Rate Sensitive Instruments
46
Contingencies
48
Accounting Changes
49
Market For Avon’s Common Stock
50
Consolidated Statements of Income
51
Consolidated Balance Sheets
52
Consolidated Statements of Cash Flows
53
Consolidated Statements of Changes
in Shareholders’ Equity
54
Notes to Consolidated Financial
Statements
88
Management’s Report of Internal
Control Over Financial Reporting
89
Report of Independent Registered
Public Accounting Firm
90
Eleven-Year Review
Contents