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FINANCIAL
HIGHLIGHTS - U.K. Pound Sterling
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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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£12,027
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£14,422
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£17,307
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£19,763
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£20,512
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Operating
income
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6,097
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6,914
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8,019
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8,298
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8,423
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Income
before accounting change
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4,742
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5,919
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5,283
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5,455
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6,368
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Net
income
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4,742
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5,919
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5,026
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5,455
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6,368
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Diluted
earnings per share before
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accounting change (1)
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0.43
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0.53
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0.47
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0.49
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0.59
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Diluted
earnings per share (1)
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0.43
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0.53
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0.45
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0.49
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0.59
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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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0.05
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Cash and
short-term investments
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10,934
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15,751
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22,356
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25,327
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29,294
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Total
assets
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24,311
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34,214
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41,620
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44,326
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47,524
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Stockholders'
equity
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18,041
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27,380
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33,455
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34,192
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36,444
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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 £256 million or £0.02 per diluted share, reflecting the adoption of
SFAS No. 133, and £3.28 billion (pre-tax) in impairments of certain
investments, primarily cable and telecommunication investments.
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(3)
Fiscal year 2002 includes £3.00 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 £871 million (pre-tax) gain on the sale of Expedia, Inc.
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(4)
Fiscal year 2003 includes £732 million (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 British
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 Company's 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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