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FINANCIAL
HIGHLIGHTS - EURO
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(In
millions, except earnings per share)
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Year
Ended June 30
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1999
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2000
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2001 (2)
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2002 (3)
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2003 (4)
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Revenue
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19,068
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22,467
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28,041
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32,003
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31,334
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Operating
income
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9,666
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10,771
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12,992
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13,438
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12,867
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Income
before accounting change
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7,517
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9,220
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8,559
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8,833
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9,728
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Net
income
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7,517
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9,220
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8,143
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8,833
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9,728
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Diluted
earnings per share before
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accounting change (1)
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0.69
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0.83
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0.76
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0.79
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0.90
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Diluted
earnings per share (1)
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0.69
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0.83
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0.73
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0.79
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0.90
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Cash
dividends per share
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-
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-
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-
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-
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0.08
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Cash and
short-term investments
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16,713
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25,159
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36,748
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39,031
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42,400
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Total
assets
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37,158
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54,651
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68,415
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68,309
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68,785
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Stockholders'
equity
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27,575
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43,734
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54,994
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52,691
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52,749
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(1)
Earnings per share have been restated to reflect a two-for-one stock
split in February 2003.
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(2)
Fiscal year 2001 includes an unfavorable cumulative effect of accounting change
of 416 million or 0.03 per diluted share, reflecting the adoption of SFAS
No. 133, and 5.32 billion (pre-tax) in impairments of certain investments,
primarily cable and telecommunication investments.
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(3) Fiscal year 2002 includes 4.87 billion
(pre-tax) in impairments of certain investments, primarily related to our
AT&T investment and further declines in the fair values of European cable
and telecommunications holdings, and a 1.41 billion (pre-tax) gain on the
sale of Expedia, Inc.
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(4) Fiscal year 2003 includes 1.12 billion
(pre-tax) in impairments of certain investments.
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* Cash
and short-term investments, Total assets, and Stockholder's equity are
translated using the June 30 exchange rate.
All other items have been translated using the average rate for the
fiscal year.
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This
Consolidated Financial Highlights table has been converted into EU currency.
This presentation is intended only to provide additional information.
These financial highlights are not a complete presentation of the Company's
financial position and results of operations. A complete set of the
Companys primary financial statements prepared in accordance with generally
accepted accounting principles in the United States of America, and
included in filings with the United States Securities and Exchange
Commission, can be found in The Microsoft 2003 Annual Report to Shareholders
(including Form 10-K) which is available on this Web site. Copies may also be
obtained by writing to the Company.
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