1995 ANNUAL REPORT
SGS-THOMSON Microelectronics N.V.
Consolidated Statements of Income
| Twelve months ended December 31, | |||
| (Currency--thousands of U.S. dollars except per share amounts) | 1993 | 1994 | 1995 |
| Net sales | 2,007,669 | 2,602,205 | 3,520,670 |
| Other revenues (Note 17) | 29,864 | 42,736 | 33,749 |
| Net revenues | 2,037,533 | 2,644,941 | 3,554,419 |
| Cost of sales | (1,248,420) | (1,528,694) | (2,096,039) |
| Gross profit | 789,113 | 1,116,247 | 1,458,380 |
| Selling, general and administrative | (302,495) | (339,858) | (413,148) |
| Research and development | (270,904) | (338,361) | (440,334) |
| Restructuring costs (Note 19) | (49,900) | (37,032) | (12,975) |
| Other income and expenses (Note 20) | 49,673 | 31,984 | 59,107 |
| Operating profit | 215,487 | 432,980 | 651,030 |
| Net interest expenses (Note 21) | (37,787) | (21,022) | (16,854) |
| Profit before tax | 177,700 | 411,958 | 634,176 |
| Income tax | (17,613) | (49,464) | (108,282) |
| Profit before minority interests | 160,087 | 362,494 | 525,894 |
| Minority interests | -- | -- | 584 |
| Net earnings | 160,087 | 362,494 | 526,478 |
| Net earnings per share (Note 12) | 1.92 | 3.04 | 4.03 |
| Number of shares at the end of the period | 118,997,640 | 128,603,880 | 138,208,680 |
| Number of weighted average shares | 83,537,518 | 119,392,417 | 130,647,079 |
The accompanying notes are an integral
part of these income statements.
