text: STATEMENTS OF FINANCIAL PERFORMANCE 
  
  for the year ended 31 December 2004 
  
  **Consolidated** **Santos Ltd**
  
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              [html]<thead><tr><td></td><td></td><tdcolspan="2">Note</td><tdcolspan="2">Co2004Smillion</td></tr><tr><td></td><td></td><td>2003 $ million</td><td>S2004Smillion</td><td>Ltd2003 $ million</td><td>Product sales</td></tr><tr><td></td><td>2</td><td>1.500.9</td><td>1.465.0</td><td>568.8</td><td>616.3</td></tr></thead><tbody><tr><td>Cost of sales</td><td>3</td><td>( 1.049.8 )</td><td>( 974.4 )</td><td>( 414.5 )</td><td>( 356.6 )</td></tr><tr><td>Gross profit</td><td>451.1</td><td>490.6</td><td>154.3</td><td>259.7</td><td>Other revenue</td></tr><tr><td>2</td><td></td><td>252.3</td><td>154.4</td><td>858.0</td><td>126.2</td></tr><tr><td>Other expenses</td><td>3</td><td>( 129.0 )</td><td>( 179.5 )</td><td>( 221.0 )</td><td>( 108.3 )</td></tr><tr><td>Borrowing costs</td><td>4</td><td>( 33.6 )</td><td>( 34.6 )</td><td>( 91.1 )</td><td>( 84.0 )</td></tr><tr><td>Profit from ordinary activities before income tax expense</td><td>540.8</td><td>430.9</td><td>700.2</td><td>193.6</td><td>Income tax expense relating to ordinary activities</td></tr><tr><tdcolspan="2">6</td><td>( 160.9 )</td><td>( 103.9 )</td><td>( 57.1 )</td><td>( 10.7 )</td></tr><tr><td>Net profit after income tax attributable to the shareholders of Santos Ltd</td><td>379.9</td><td>327.0</td><td>643.1</td><td>182.9</td><td>Net exchange differences relating to self - sustaining foreign operations</td></tr><tr><tdcolspan="2">19</td><td>( 0.2 )</td><td>( 4.7 )</td><td>–</td><td>–</td></tr><tr><td>Total changes in equity from non - owner related transactions attributable</td><td>to the shareholders of Santos Ltd</td><td>379.7</td><td>322.3</td><td>643.1</td><td>182.9</td></tr><tr><tdcolspan="2">Earnings per share ( cents )</td><td>Basic</td><td>21</td><td>58.6</td><td>52.1</td></tr><tr><tdcolspan="2">Diluted</td><td>21</td><td>58.5</td><td>51.5</td></tr><tr><tdcolspan="2"<td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr></tbody>
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