Berkshire Hathaway 2004 Annual Report Download - page 31

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30
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per share amounts)
Year Ended December 31,
2004 2003 2002
Revenues:
Insurance and Other:
Insurance premiums earned.............................................................. $21,085 $21,493 $19,182
Sales and service revenues ............................................................... 43,222 32,098 16,958
Interest, dividend and other investment income ............................... 2,816 3,098 2,943
Investment gains............................................................................... 1,746 2,914 340
68,869 59,603 39,423
Finance and Financial Products:
Interest income ................................................................................. 1,202 1,093 1,497
Investment gains............................................................................... 1,750 1,215 578
Other................................................................................................. 2,561 1,948 737
5,513 4,256 2,812
74,382 63,859 42,235
Costs and expenses:
Insurance and Other:
Insurance losses and loss adjustment expenses ................................ 14,823 14,927 15,256
Insurance underwriting expenses...................................................... 4,711 4,848 4,324
Cost of sales and services................................................................. 35,882 25,737 11,971
Selling, general and administrative expenses ................................... 4,989 4,228 3,033
Interest expense ................................................................................ 137 153 192
60,542 49,893 34,776
Finance and Financial Products:
Interest expense................................................................................ 584 319 533
Other................................................................................................. 2,557 2,056 926
3,141 2,375 1,459
63,683 52,268 36,235
Earnings before income taxes and equity in earnings of
MidAmerican Energy Holdings Company................................... 10,699 11,591 6,000
Equity in earnings of MidAmerican Energy Holdings Company........ 237 429 359
Earnings before income taxes and minority interests .................... 10,936 12,020 6,359
Income taxes..................................................................................... 3,569 3,805 2,059
Minority shareholders’ interests ....................................................... 59 64 14
Net earnings ....................................................................................... $ 7,308 $ 8,151 $ 4,286
Average common shares outstanding * ............................................ 1,537,716 1,535,405 1,533,294
Net earnings per common share *.................................................... $ 4,753 $ 5,309 $ 2,795
* Average shares outstanding include average Class A common shares and average Class B common
shares determined on an equivalent Class A common stock basis. Net earnings per common share
shown above represents net earnings per equivalent Class A common share. Net earnings per Class B
common share is equal to one-thirtieth (1/30) of such amount or $158 per share for 2004, $177 per
share for 2003 and $93 per share for 2002.
See accompanying Notes to Consolidated Financial Statements