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NORTEL NETWORKS S.A.
(a Subsidiary of Nortel Networks Limited)
Consolidated Statements of Operations for the years ended December 31
*Seenote3
The accompanying notes are an integral part of these financial statements
182
(thousands of Euros) 2003 2002 2001
As restated* As restated*
Revenues — external 344,008 356,316 767,713
—
related
p
arties 515,478 458,918 439,072
859,486 815,234 1,206,785
Cost of revenues 657,128 600,367 1,116,766
Gross profit 202,358 214,867 90,019
Selling, general and administrative expense 70,274 69,482 175,433
Research and development expense 236,967 264,275 249,603
Amortization of intangibles
Acquired technology and other 255 – –
Goodwill – – 3,434
Special charges
Goodwill impairment ––20,607
Other special charges 24,563 83,427 74,772
(Gain) loss on sale of businesses and assets 13,883 16,171 (10,243)
Operating earnings (loss) (143,584) (218,488) (423,587)
Other income (expense) — net 2,015 23,038 53,998
Forei
g
nexchan
g
e
g
ain (loss) 1,043 (5,531) (1,710)
Interest expense (3,221) (9,885) (11,286)
Earnin
g
s (loss) before income taxes and minorit
y
interes
t
(143,747) (210,866) (382,585)
Minority interest (756) 3,052 8,973
Income tax benefit 5,614 1,640 34,073
Net earnings (loss) (138,889) (206,174) (339,539)