Economic indicators

  Unit 2016 2015 2014 2013 2012
Sales MUSD 149,743 165,357 236,122 251,725 257,037
Adjusted operating income from business segments (a) MUSD 8,928 12,672 21,604 27,618 31,946
Adjusted net operating income from business segments (a) MUSD 9,420 11,362 14,247 15,861 17,153
Adjusted net income (Group share) (a) MUSD 8,287 10,518 12,837 14,292 15,772
Adjusted fully-diluted earnings per share (a) (b) USD 3.38 4.51 5.63 6.29 6.96
Dividend per share (c) 2.45 2.44 2.44 2.38 2.34
Net-debt-to-equity ratio (as of December 31) % 27.1 28.3 31.3 23.3 21.9
Return on Average Capital Employed (ROACE) (d) % 7.5 9.4 11.1 13.0 15.5
Return on Equity (ROE) (e) % 8.7 11.5 13.5 14.9 17.7
Cash flow from operations MUSD 16,521 19,946 25,608 28,513 28,858
Gross investments (f) MUSD 20,530 28,033 30,509 34,431 29,475
Organic Investments (g) MUSD 17,484 22,976 26,430 28,309 23,789
Divestments MUSD 2,877 7,584 6,190 6,399 7,543