CONSOLIDATED STATEMENTS OF INCOME
Year ended December 31,
| (in thousands of US dollars except per share amounts) | 1995 | 1996 | 1997 |
| Net sales | 3,520,670 | 4,078,246 | 3,969,773 |
| Other revenues | 33,749 | 44,114 | 49,372 |
| Net revenues | 3,554,419 | 4,122,360 | 4,019,145 |
| Cost of sales | (2,096,039) | (2,414,706) | (2,457,386) |
| Gross profit | 1,458,380 | 1,707,654 | 1,561,759 |
| Selling, general and administrative | (413,148) | (421,012) | (454,311) |
| Research and development | (440,334) | (532,294) | (610,847) |
| Restructuring costs | (12,975) | -- | -- |
| Other income and expenses | 59,107 | 45,074 | 23,218 |
| Operating income | 651,030 | 799,422 | 519,819 |
| Net interest expenses | (16,854) | (11,169) | (2,646) |
| Gain on disposal of investment | -- | 7,263 | -- |
| Income before income taxes & minority interests | 634,176 | 795,516 | 517,173 |
| Income tax expense | (108,282) | (171,638) | (113,017) |
| Income before minority interests | 525,894 | 623,878 | 404,156 |
| Minority interests | 584 | 1,666 | 2,398 |
| Net income | 526,478 | 625,544 | 406,554 |
| Earnings per share (Basic) | 4.03 | 4.50 | 2.92 |
| Earnings per share (Diluted) | 4.01 | 4.49 | 2.91 |
The accompanying notes are an integral part of these financial statements
