Consolidated Income Statement (Nature of Expense Method) Net sales 27 1,530.3 1,274.0 Cost of sales 27 -736.4 -654.0 Gross profit 27 794.0 620.0 Royalty and commission income 43.7 40.3 837.7 660.4 Personnel expenses 21 -157.5 -126.6 Advertising and selling costs 22 -186.5 -158.7 General and administrative expenses 22 -171.4 -145.9 Other operating income 22 62.0 54.1 Total selling, general and administrative expenses, net 22 -453.4 -377.1 Depreciation -19.3 -20.1 -472.7 -397.2 Profit from operations 27 365.0 263.2 Financial result 23 5.7 0.9 Earnings before taxes 370.7 264.1 Income tax 24 -111.7 -84.2 Net earnings before minority interest 259.0 179.9 Minority interest 18 -1.7 -0.6 Net earnings 257.3 179.3 Net earnings per share (€) 25 16.06 11.26 Net earnings per share (€) - diluted  25 15.74 10.90 Weighted average shares outstanding 25 16.025 15.932 Weighted average shares outstanding, diluted 25 16.350 16.449 2004 2003 Notes € million € million Foreword | Mission | Management Report | Share | Marketing |  Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 61