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Economic value
generated and distributed

These data indicate how we have created wealth for our stakeholders.

Economic value generated and distributed (€ millions)
Item 2010 2011
Economic value generated 59,927 62,883
Sales and other operating income 56,710 62,503
Financial income 159 261
Earnings from disposal of fixed assets 3,058 119
Economic value distributed 53,571 58,731
Purchases and other operating and training expenses 37,422 45,395
Staff expenses (excluding training) 2,392 2,556
Public Administrations: Tax accrued in the financial year and included as expenses in the consolidated statements of the Group, including Corporate Income Tax and Excise Duties. (30) 11,437 9,073
Dividend and financial expenses (31) 2,320 1,678
Resources invested in the community 30 29
Retained economic value 6,356 4,152
(30) This includes excise duties and others of a similar nature amounting to €5,390 million in 2011
(31) 2011 results are limited solely to the interim dividend on the results of said year amounting to €635 million. Upon the formulation of the 2011 Annual Accounts, the Board of Directors has approved proposing to the General Shareholders Meeting a new remuneration system for shareholders under which the company would offer them an alternative of free shares in Repsol YPF, S.A., without limiting their option to receive cash remuneration.