Daimler Annual Report 2011 - Alle jaarverslagen

3 | Management Report | Profitability
Statement of income
The Group’s total revenue improved by 9.0% to €106.5
billion in 2011; adjusted for negative exchange-rate effects,
it increased by 9.9%. Higher unit sales were the decisive factor
for the revenue growth. Further information on the development
of revenue is provided in the “Business development” section
of this Management Report. 3.23
Cost of sales amounted to €81.0 billion in the year under
review, increasing by approximately 8.0% compared with the
prior year (2010: €75.0 billion). The increase in cost of
sales was caused by higher business volumes and, as the main
result, higher material costs. The higher material costs also
reflect increased prices of raw materials. There were opposing
effects from lower expenses for risk provisions and lower
refinancing costs at Daimler Financial Services. Overall, cost
of sales increased at a slightly lower rate than revenue, so
gross profit in relation to revenue rose to 24.0% (2010: 23.3%).
Further information on cost of sales is provided in Note 5 of
the Notes to the Consolidated Financial Statements. 3.23
Due to the growth in unit sales, selling expenses increased
by €1.0 billion to €9.8 billion. The main factors here were
higher expenses for commission, marketing, IT services and
personnel. As a percentage of revenue, selling expenses were
slightly higher than the prior-year level at 9.2% (2010: 9.1%).
3.23
General administrative expenses increased to €3.9 billion
in 2011 (2010: €3.5 billion). The increase was partially due
to higher expenses for purchased services such as IT and
consulting services, as well as increased personnel expenses.
As a percentage of revenue, general administrative expenses
were 3.6%, as in the prior year. 3.23
Research and non-capitalized development costs
amounted to €4.2 billion in 2011 (2010: €3.5 billion). The
increase was mainly related to advance expenditure for our
product offensives. As a proportion of revenue, research and
development costs increased slightly from 3.6% to 3.9%.
Further information on the Group’s research and development
costs is provided in the “Research and development, environmental
protection” section of this Management Report.
3.23
Other operating income increased to €1.4 billion (2010: €1.0
billion). Higher income from services charged to third parties
led to this increase. Another factor was the insurance compensation
received in connection with the natural disaster
in Japan. 3.23
3.22
Net assets of the Daimler Group at year-end
In millions of euros
2011 2010 11/10
% change
Net assets of the industrial
business
Intangible assets 8,174 7,444 +10
Property, plant and equipment 19,129 17,544 +9
Leased assets 10,849 9,611 +13
Inventories 16,575 14,056 +18
Trade receivables 7,580 6,964 +9
Less provisions for other risks -11,967 -12,078 +1
Less trade payables -9,233 -7,429 -24
Less other assets and liabilities -13,954 -12,031 -16
Assets and liabilities from
income taxes 24 718 -97
Total equity of
Daimler Financial Services 5,373 4,865 +10
Net assets 32,550 29,664 +10
3.23
Consolidated statement of income
In millions of euros
2011 2010 11/10
% change
Revenue 106,540 97,761 +9
Cost of sales -81,023 -74,988 +8
Gross profit 25,517 22,773 +12
Selling expenses -9,824 -8,861 +11
General administrative expenses -3,855 -3,474 +11
Research and non-capitalized
development costs -4,174 -3,476 +20
Other operating income 1,381 971 +42
Other operating expense -355 -660 -46
Share of profit/loss from investments
accounted for using the
equity method, net 273 -148 .
Other financial income/expense,
net -208 149 .
Earnings before interest
and taxes (EBIT) 1 8,755 7,274 +20
Interest income 955 825 +16
Interest expense -1,261 -1,471 -14
Profit before income taxes 8,449 6,628 +28
Income taxes -2,420 -1,954 +24
Net profit 6,029 4,674 +29
thereof
Profit attributable to
non-controlling interest 362 176 +106
thereof
Profit attributable to
shareholders of Daimler AG 5,667 4,498 +26
1 EBIT includes expenses from the compounding of provisions and
effects from changes in the discount rate (2011: minus €225 million;
2010: minus €240 million).
91