Five-year financial review

The Group 2014 2015 2016 2017 2018
Sales, EUR M 518.3 521.6 510.5 513.6 497.8
Operating income, EUR M 13.7 26.4 13.7 10.0 9.3
– as % of sales 2.6% 5.1% 2.7% 2.0% 1.9%
Income before taxes, EUR M 32.3 23.2 9.6 6.6 6.5
– as % of sales 6.2% 4.4% 1.9% 1.3% 1.3%
           
Return on equity (ROE) 15.2% 8.5% 3.6% 2.4% 2.4%
Return on investment (ROI) 9.1% 6.8% 3.6% 2.9% 2.9%
Equity/assets ratio 40.0% 42.8% 44.1% 46.2% 49.4%
Debt/equity ratio (gearing) 56.2% 38.5% 35.5% 36.9% 28.3%
           
Gross capital spending, EUR M 7.2 10.0 15.8 34.7 15.9
– as % of sales 1.4% 1.9% 3.1% 6.8% 3.2%
           
Average number of employees 2,797 2,735 2,742 2,746 2,671
– of whom, shipboard employees 2,133 2,066 2,082 2,086 2,037
– of whom, land-based employees 664 669 660 660 634
           
Salaries etc, EUR M 125.6 122.7 123.6 123.5 121.9
           

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