Volkswagen Group - Annual Report 2011


€ million	Note	2011	2010
Sales revenue	1	159,337	126,875
Cost of sales	2	–131,371	–105,431
Gross profit		27,965	21,444
Distribution expenses	3	–14,582	–12,213
Administrative expenses	4	–4,384	–3,287
Other operating income	5	9,727	7,648
Other operating expenses	6	–7,456	–6,450
Operating profit		11,271	7,141
Share of profits and losses of equity-accounted investments	7	2,174	1,944
Finance costs	8	–2,047	–2,144
Other financial result	9	7,528	2,053
Financial result		7,655	1,852
Profit before tax		18,926	8,994
Income tax income/expense	10	–3,126	–1,767
current		–4,351	–2,963
deferred		1,225	1,196
Profit after tax		15,799	7,226
Noncontrolling interests		391	392
Profit attributable to shareholders of Volkswagen AG		15,409	6,835

Basic earnings per ordinary share in €	11	33.10	15.17
Diluted earnings per ordinary share in €	11	33.10	15.17
Basic earnings per preferred share in €	11	33.16	15.23
Diluted earnings per preferred share in €	11	33.16	15.23

Income Statement