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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
Variable
Value
Weighted average share price
6.22
Strike price
EUR 5.83
Expected volatility
37%
Life of option
27/7/2014-26/7/2016
Expected dividends
5,5%
Risk-free interest rate
1.93% (yield on German bond)
18. INCOME AND EXPENSES
a) Breakdown of revenue
The distribution of revenue from continuing operations corresponding to the Company’s ordinary activities, broken
down by category, is as follows:
Thousands of euros
2011
2010
Business segment
Advertising revenue
822,756
663,989
Rendering of services
8,172
7,422
Total
830,928
671,411
The Company’s most impor tant client continues to be Publiespaña, S.A.U. Revenue from adver tising sales to this client,
EUR 815,705 thousand, accounts for approximately 98% of the Company’s total revenue (EUR 661,794 thousand, or
98% of the total, in 2010).
b) Consumption of goods for resale
The breakdown of consumption of goods for resale and consumption of raw materials and other consumables for the
years ended 31 December 2011 and 2010 is as follows:
Thousands of euros
2011
2010
Consumption of goods for resale
Changes in inventories
8
4,226
8
4,226
Goods for resale
Purchases in Spain
208,948
232,259
EU acquisitions
16,541
3,038
Cost of sales
225,489
235,297