Five-year financial review

The Group 2011 2012 2013 2014 2015
Sales, EUR M 504.3 516.1 549.4 527.4 530.5
Operating income, EUR M 9.8 2.4 34.7 13.7 26.4
– as % of sales 1.9% 0.5% 6.3% 2.6% 5.0%
Income before taxes, EUR M 7.9 1.6 27.7 32.3 23.2
– as % of sales 1.6% 0.3% 5.0% 6.1% 4.4%
           
Return on equity (ROE)
4.6% 0.6% 15.6% 15.2% 8.5%
Return on investment (ROI) 3.9% 1.3% 10.4% 9.1% 6.8%
Equity/assets ratio 46.5% 46.2% 35.6% 40.0% 42.8%
Debt/equity ratio (gearing)
20.7% 22.5% 74.1% 56.2% 38.5%
           
Gross capital spending, EUR M 36.9 49.7 172.3 7.2 10.0
– as % of sales 7.3% 9.6% 31.4% 1.4% 1.9%
           
Average number of employees 3,060 3,014 3,104 2,797 2,735
– of whom, shipboard employees 2,305 2,299 2,407 2,133 2,066
– of whom, land-based employees 755 715 697 664 669
           
Salaries etc, EUR M 124.9 128.2 135.5 125.6 122.7
           

Return on equity (ROE), % =
(Income before taxes - income taxes) / Equity including minority interest (average for the year)

Return on investment (ROI), % = 
(Income before taxes + interest and other financial expenses) / (Total assets - interest-free liabilities (average for the year))

Equity/assets ratio, % = Equity including minority interest / (Total assets - advances received)

Debt/equity ratio (gearing), % =
(Interest-bearing liabilities - cash and cash equivalents) / Equity including minority interest