SEAT Annual Report 2011 - Volkswagen AG

PROFITAND LOSSSTATEMENTJanuary 1 to December 31 (millions of euros)Continuing operations Note 2011 2010Net sales 19a 5,049.1 4,662.8Change in inventories of finished goods and work in progress 19b 72.1 (16.7)Material, wages and overheads capitalized as assets 166.2 196.3Supplies 19c (3,959.0) (3,451.0)Other operating income 19d 586.8 410.5Personnel costs 19e (528.0) (459.7)Other operating expenses 19f (1,247.8) (1,351.0)Depreciation of fixed assets 6a (301.2) (307.7)Change of subventions from non-financial fixed assets and others 13 4.1 3.0Excess of provisions 68.6 24.8Impairment and result on disposal of fixed assets 6a (142.8) (41.3)Operating result (231.9) (330.0)Financial income 19g 111.1 34.9Financial expenses 19h (19.6) (24.6)Exchange rate differences 17 (7.5) 13.6Impairment and result on disposal of financial instruments 19i (6.3) 36.4Financial result 77.7 60.3Result before tax (154.2) (269.7)Corporation tax 18 92.7 165.8Result for year (61.5) (103.9)PROFIT AND LOSS STATEMENT | ANNUAL REPORT 2011 | 91