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CHAPTER 8 Further information Economic, financial information

Profitability and Equity Ratios (At December 31)

2015 2014 (Restated)*

2013 2012 2011

Return on Average Capital Employed (R.O.A.C.E.)(1) 7.6% 6.4% 5.9% 8.4% 6.8%

Return on average equity (R.O.A.E.)(2) -21.0% -6.5% 8.5% 9.2% 9.4%

Adjusted Return on Average Equity(3) 10.8% 8.4% 6.8% 9.6% 10.5%

Net income attributable to the parent company / Average number of shares

(3.9) (1.5) 2.0 2.2 2.2

Adjusted net income attributable to the parent company / Average number of shares

2.2 1.7 1.4 1.9 2.1

Net income attributable to the parent company / Net sales revenues(4)

-6.0% -1.7% 2.1% 2.3% 2.1%

Adjusted net income attributable to the parent company / Net sales revenues(5)

-24.4% -20.2% 1.5% 2.0% 2.1%

Average financial debt / Cash flows from operating activities

1.8 1.3 0.7 1.8 1.7

Net interest-bearing debt (includes internal allowances) / Shareholders' equity (GEARING)

66.5% 53.3% 12.8% 24.2% 24.2%

(1) Net Income before interest, deducting operating taxes / Adjusted average capital employed. (2) Net income attributable to the parent company / Average shareholders equity. (3) Adjusted net income attributable to the parent company / Adjusted average shareholders equity. (4) Net Income attributable to the parent company / Net sales revenues excluding excise tax on oil and gas charged to sales . (5) Adjusted net income attributable to the parent company / Net sales revenues excluding excise tax on oil and gas charged to sales.

* Financial year 2014 has been restated for comparison purposes with financial year 2015.