Value added Audited

Value added is a measure of the economic strength of a company and indicates how the corporate result is achieved and for what it is used. Our corporate result, meaning the sum of total revenues, other income and financial income, amounted to € 10,685 million in 2011 (2010: € 9,552 million). After deducting the costs of materials as well as other purchased services and expenses, gross value added amounted to € 5,769 million compared to € 5,008 million in 2010. Following the deduction of depreciation and amortization, net value added in 2011 amounted to € 4,169 million (2010: € 3,750 million). With a share of 71%, the majority of value added amounting to € 2,974 million benefited employees in the form of personnel expenses. Financial expenses increased over 2010 to € 344 million. At € 222 million, income taxes remained virtually unchanged. Profit after tax decreased to € 629 million from € 642 million in 2010.