LG 2003 Annual Report Download - page 53

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LG Electronics Inc._Annual Report 2003 53
Non-Consolidated Statements of Income
Year Ended December 31, 2003 and Nine-Month Period From April 1, 2002 (Spin-Off Date) to December 31, 2002
(in millions of Won, except per share amounts)
2003 2002
Sales (Notes 25 and 26) ￦20,176,910 ￦13,905,098
Cost of sales (Note 25) 15,350,719 10,731,086
Gross profit 4,826,191 3,174,012
Selling and administrative expenses 3,763,998 2,512,339
Operating income 1,062,193 661,673
Non-operating income
Interest income 40,057 35,506
Dividend income 5,395 -
Rent income 12,216 6,648
Foreign exchange gains 263,375 235,662
Gain on disposal of property, plant and equipment 5,347 1,364
Gain on disposal of intangible assets 52 60
Gain on disposal of investment securities (Note 9) 503,536 10,403
Gain on valuation of securities using the equity method (Note 9) - 26,666
Refund of income taxes 3,069 2,493
Gain on business transfer - 579
Gain on settlement of derivatives (Note 17) 9,049 23,222
Gain on valuation of derivatives (Note 17) 654 2,110
Reversal of allowance for doubtful accounts 119,578 6,302
Others 161,095 122,695
1,123,423 473,710
Non-operating expenses
Interest expense 208,600 171,567
Foreign exchange losses 286,625 167,769
Loss from transfer of trade accounts and notes receivable 96,871 72,121
Loss from disposal of property, plant and equipment 67,097 59,815
Loss from disposal of investment securities 2,616 7,448
Loss on impairment of investment securities (Note 8) 29,273 -
Loss on valuation of securities using the equity method (Note 9) 584,571 -
Loss from redemption of debentures - 1,302
Donations (Note 29) 8,271 5,731
Additional payment of income taxes 202 6,388
Other bad debt expense 184 85,605
Loss on settlement of derivatives (Note 17) 6,022 11,506