Five-year financial review

The Group 2013 2014 2015 2016 2017
Sales, EUR M 549.4 527.4 530.5 519.6 522.7
Operating income, EUR M 34.7 13.7 26.4 13.7 10.0
– as % of sales 6.3% 2.6% 5.0% 2.6% 1.9%
Income before taxes, EUR M 27.7 32.3 23.2 9.6 6.6
– as % of sales 5.0% 6.1% 4.4% 1.8% 1.3%
           
Return on equity (ROE)
15.6% 15.2% 8.5% 3.6% 2.4%
Return on investment (ROI) 10.4% 9.1% 6.8% 3.6% 2.9%
Equity/assets ratio 35.6% 40.0% 42.8% 44.1% 46.2%
Debt/equity ratio (gearing)
74.1% 56.2% 38.5% 35.5% 36.9%
           
Gross capital spending, EUR M 172.3 7.2 10.0 15.8 34.7
– as % of sales 31.4% 1.4% 1.9% 3.0% 6.6%
           
Average number of employees 3,104 2,797 2,735 2,742 2,746
– of whom, shipboard employees 2,407 2,133 2,066 2,082 2,086
– of whom, land-based employees 697 664 669 660 660
           
Salaries etc, EUR M 135.5 125.6 122.7 123.6 123.5
           

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