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23 / 32

2005 Full Year Results

Sales

$ 12,643

$

-

$ 12,643

Operating Income

553

(18)(a)

535

Net Interest and Securitization

231

-

231

Loss on Retirement of Debt

7

(7)(b)

-

Equity in affiliates

(20)

-

(20)

Minority Interest

7

-

7

Income Taxes

124

17(c)

141

2005

Adjusting

2005

Full Year

Items

Full Year

Net Earnings

$

204

Share Count

102.3

Earnings Per Diluted Share

$

1.99

(dollars in millions)

Adjusted

$

$

176

(28)

$

102.3

1.72

$ 12,011

$

-

$ 12,011

580

-

580

252

(6)

246

167

(167)

-

(15)

-

(15)

12

-

12

135

29

164

2004

Adjusting

2004

Full Year

Items(d)

Full Year

Adjusted

$

29

100.5

$

0.29

144

$

$

173

100.5

$

1.72

Effective Tax Rate

38%

44%

82%

49%

Adjusting Items

  • (a)

    $18 million for one-time adjustment to reserves for litigation.

  • (b)

    $7 million of premiums and associated fees related to bond redemption transaction.

  • (c)

    $17 million one-time tax benefit from a tax law change in Poland.

  • (d)

    Represents $167 million loss on retirement of debt and $6 million of refinancing related expenses

associated with capital transactions completed during 2004 and $29 million for the assumed tax impact.

23

© TRW Automotive Holdings Corp. 2006

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