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 |
(a) Adjusted results are defined as income at replacement cost, excluding non-recurring items and excluding the impact of fair value changes.
(b) Based on fully-diluted weighted-average number of common shares outstanding during the period.
(c) 2016 dividend is subject to approval at the May 26, 2017 Annual Shareholders’ Meeting.
(d) Ratio of adjusted net operating income to average capital employed between the beginning and the end of the period.
(e) Ratio of adjusted consolidated net income to average adjusted shareholders’ equity (after distribution) between the beginning and the end of the period.
(f) Including acquisitions and increases in non-current loans.
(g) Organic investments = net investments, excluding acquisitions, divestments and other operations with non-controlling interests.