Operating Income

Operating income rose by 42.7% to euro 581.9 million (10.3% of sales). The following table shows a constant rate of growth in every quarter of the year.

(in millions of euro)
 
 		 Q1 Q2 Q3 Q4 TOTAL
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Net sales 1,400.9 1,135.0 1,388.4 1,234.0 1,476.5 1,249.7 1,389.0 1,229.7 5,654.8 4,848.4
Gross operating profit before restructuring expenses 203.4 141.9 207.5 163.3 220.2 174.9 203.5 173.6 834.6 653.7
% of net sales 14.5% 12.5% 14.9% 13.2% 14.9% 14.0% 14.7% 14.1% 14.8% 13.5%
Net operating income (loss) before restructuring expenses 146.5 90.2 151.3 109.6 163.3 119.9 148.6 112.8 609.7 432.5
% of net sales 10.5% 7.9% 10.9% 8.9% 11.1% 9.6% 10.7% 9.2% 10.8% 8.9%
Operating income 143.3 87.6 146.8 104.3 161.1 115.4 130.7 100.5 581.9 407.8
% of net sales 10.2% 7.7% 10.6% 8.5% 10.9% 9.2% 9.4% 8.2% 10.3% 8.4%

Operating income was impacted by non-recurring charges of euro 27.8 million, including euro 17.9 million in the last quarter. Of this amount, euro 4.9 million resulted from the elimination of goodwill for the Pirelli EcoTechnology anti-particulate filter activities. The remainder for restructuring charges mainly tied to streamlining of business units in Europe. Non-recurring charges in the previous year totalled euro 24.7 million.