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Income Statement

Income statement
(x € million)
2015 2014 2013R *) 2012 2011
Net sales 8,935 9,283 9,429 9,131 9,193
Operating profit plus depreciation and amortization EBITDA 1,170 1,166 1,312 1,109 1,325
Operating profit (EBIT) 650
617 773 635 895
Net finance costs (159) (118)  (137)  (109) (82)
Income tax expense (125) (89)  (111)  (91) (155)
Share of the profit of associates 54 7  (19)  2 3
           

Net profit before exceptional items

420 417  506

437

661
Net profit exceptional items (328) (318) (237)  (149) 199
           

Profit for the year

92 99 269 288 860
profit attributable to non-controlling interest (4) 46  2  (10) (46)
           

Net profit attributable to equity holders of Royal DSM N.V.

88 145 271 278 814
Net profit attributable to holders of cumulative preference shares (10) (10) (10)  (10) (10)
           

Net profit used for calculating earnings per share

78 135 261

268

804

Key figures and ratios

         
           
capital employed **) 7,553 8,105 8,060 8,084 6,581
capital expenditure:          
intangible assets and property, plant and equipment 570 616 694 715  528
acquisitions 106 - 424  1,265  974
disposals 307 93 78 46 742
depreciation and amortization 520 549 539 474 474
net debt (2,321) (2,420) (1,841)  (1,668) (318)
dividend (x € million) 297 296 297 263 247
Workforce at 31. December, headcount 20,750 21,351  23,485  23,498 22,224
           
Employee-benefits costs (x € million) 1,778 1,713  1,822 1,761 1,655
Ratios**)          
ROCE in % 8.2 7.8 9.6 8.9 14.3
net sales/average capital employed 1.13 1.17 1.18 1.29 1.53
current assets / current liabilities 1.62 1.21  1.49  1.53 2.24
equity / total assets 0.48 0.49  0.51 0.54 0.53
Gearing (net debt / equity plus net debt) 0.29 0.29  0.23 0.22 0.05
EBIT / Net sales in % 7.3 6.6  8.2  7.0 9.7
Net profit / average Royal DSM N.V. shareholders'equity available to holders of ordinary shares in % 1.4 2.4  4.5  5.0 4.9
EBITDA / net finance costs 7.4 9.9 9.6 10.2 16.2

*Application of IFRS 11 'Joined Arrangements' that came into effect from 1 January 2014, 2013 has been restated. The years 2010 till 21012 have not been restated.
**Before reclassification to held for sale