Vertical Analysis of Income Statement 2006 2007 2008 2009 2010

Sales 100.00% 100.00% 100.00% 100.00% 100.00%

Cost of goods sold 69.49% 71.16% 71.88% 72.72% 74.11%
Gross profit 30.51% 28.84% 28.12% 27.28% 25.89%
Operating costs
Selling and distribution 10.99% 9.38% 9.55% 9.23% 8.39%
R&D 0.97% 1.74% 1.94% 2.70% 2.66%
Administration 3.67% 4.02% 4.95% 5.81% 5.71%
Amortization 3.83% 3.48% 4.77% 5.12% 5.37%
Operating profit 11.06% 10.22% 6.90% 4.42% 3.76%
Interest expense 1.49% 1.50% 2.42% 2.82% 3.22%
Earnings before taxes 9.56% 8.72% 4.49% 1.59% 0.54%
Taxes 3.35% 3.05% 1.57% 0.56% 0.19%
Net income 6.22% 5.67% 2.92% 1.04% 0.35%