Question

On the following page are the Consolidated Statements of Income and Parent Company Profit and Loss Statement of Vantaa Corporation (Finland) from the company’s 2009 annual report.

Vantaa Corporation Consolidated Statements of Income June 30, 2009
	2009 FIM million
Net sales	12,795
Cost of goods sold	(9,178)
Gross profit	3,617
Selling, marketing, and administrative expenses	(1,328)
Other income and expenses, net	204
Operating profit	2,493
Share in results of associated companies	2
Interest and other financial expenses, net	(78)
Profit before extraordinary items and income taxes	2,417
Extraordinary items	-
Profit before income taxes	2,417
Income taxes	(962)
Profit before minority interest	1,455
Minority interests	-
Net profit	1,455
Earnings per share, FIM	15.47

Vantaa Corporation Parent Company Profit and Loss Statement June 30, 2009
	2009 FIM million
Net sales	20
Cost of goods sold	(29)
Gross margin	(9)
Administrative expenses	(50)
Other income and expenses, net	125
Operating profit	66
Interest and other financial expenses, net	(173)
Loss before contribution, untaxed reserves and income taxes	(107)
Group contributions	470
Decrease in untaxed reserves	-
Increase in accelerated depreciation	(1)
Profit before income taxes	362
Income taxes	(108)
Net profit	254

Compare the net income and other important items in the two financial statements. Does this influence your opinion about the operating performance of the company? In your opinion, which statement is more informative from 1) a user perspective, 2) a management perspective?