Consolidated financial statements Consolidated Income Statement For the year ended 31 December in millions of Swiss francs, except for earnings per share data 2021 2020 Sales 6,684 6,322 Cost of sales (3,829) (3,663) Gross profit 2,855 2,659 as % of sales 42.7% 42.1% Selling, marketing and distribution expenses (921) (848) Research and product development expenses (562) (536) Administration expenses (239) (218) Share of results of joint ventures and associates 2 3 Other operating income 35 45 Other operating expense (81) (109) Operating income 1,089 996 as % of sales 16.3% 15.8% Financing costs (94) (86) Other financial income (expense), net (30) (34) Income before taxes 965 876 Income taxes (144) (133) Income for the period 821 743 Attribution Income attributable to non-controlling interests – – Income attributable to equity holders of the parent 821 743 as % of sales 12.3% 11.8% Earnings per share − basic (CHF) 89.03 80.59 Earnings per share − diluted (CHF) 88.37 79.96 Givaudan – 2021 Integrated Annual Report 136 Consolidated statements Co nsolidated financial statements