ECONOMIC INDICATORS

Unit 2016 2017 2018 2019 2020

Consolidated sales MUSD 149.743 171.493 209.363 200.316 140.685
Adjusted net operating income from business segments (a) MUSD 9.41 11.936 15.997 14.554 6.404
Adjusted net income (Group share) (a) MUSD 8.287 10.578 13.559 11.828 4.059
Adjusted fully-diluted earnings per share (a)(b) USD 3.38 4.12 5.05 4.38 1.43
(c)
Dividend per share € 2.45 2.48 2.56 2.68 2.64
(d)
Gearing ratio (as of December 31) % 14.3 16.7 21.7
(e)
Return on Average Capital Employed (ROACE) % 7.5 9.4 11.8 9.8 4.0
Return on equity (ROE) % 8.7 10.1 12.2 10.4 3.7
Cash flow from operations MUSD 16.521 22.319 24.703 24.685 14.803
Net investments(f) MUSD 17.757 11.636 15.568 17.449 12.989
Organic Investments(g) MUSD 17.484 14.395 12.427 13.397 10.339
Net acquisitions(h) MUSD 273 -2.759 3.141 4.052 2.650

(a)
Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value.
(b)
 Based on fully diluted weighted-average number of common shares outstanding during the fiscal year. In accordance with IFRS standards, adjusted fully diluted
earnings per share is calculated from the adjusted net income less the perpetual subordinated bond.
(c)
2020 dividend: subject to approval at the Annual Shareholders’ Meeting on May 28th, 2021.
(d)
Net Debt/(Net debt + shareholders equity Group share + Non-controlling interests). Excluding the impact of leases.
(e)
 Based on adjusted net operating income and average capital employed at replacement cost.
(f)
Net investments = organic investments + net acquisitions.
(g)
 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
(h)
Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interest.

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