Kraft 2006 Annual Report Download - page 60
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KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS of EARNINGS
for the years ended December 31,
(in millions of dollars, except per share data)
2006
2005
2004
Net revenues $ 34,356 $ 34,113 $ 32,168
Cost of sales 21,940 21,845 20,281
Gross profit 12,416 12,268 11,887
Marketing, administration and research costs 7,249 7,135 6,658
Asset impairment and exit costs 1,002 479 603
Gain on redemption of United Biscuits investment (251)
(Gains) losses on sales of businesses, net (117) (108) 3
Amortization of intangibles 7 10 11
Operating income 4,526 4,752 4,612
Interest and other debt expense, net 510 636 666
Earnings from continuing operations before income taxes and minority interest 4,016 4,116 3,946
Provision for income taxes 951 1,209 1,274
Earnings from continuing operations before minority interest 3,065 2,907 2,672
Minority interest in earnings from continuing operations, net 5 3 3
Earnings from continuing operations 3,060 2,904 2,669
Loss from discontinued operations, net of income taxes (272) (4)
Net earnings $ 3,060 $ 2,632 $ 2,665
Per share data:
Basic earnings per share:
Continuing operations $ 1.86 $ 1.72 $ 1.56
Discontinued operations (0.16)
Net earnings $ 1.86 $ 1.56 $ 1.56
Diluted earnings per share:
Continuing operations $ 1.85 $ 1.72 $ 1.55
Discontinued operations (0.17)
Net earnings $ 1.85 $ 1.55 $ 1.55
See notes to consolidated financial statements.
56
Source: KRAFT FOODS INC, 10-K, March 01, 2007