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Key operating and financial data

1st half statutory
In millions of Euro 2011 2010 2010
    
Data on financial position
Net revenues 830.0 820.8 1,485.4
Gross industrial margin 253.2 265.0 462.3
Operating income 75.0 74.6 111.1
Earnings before tax 61.8 62.8 83.8
Net income 33.3 33.1 42.8
 - Non-controlling interests 0.0 0.1 0.0
 - Group 33.3 33.0 42.8
    
Data on financial performance
Net employed capital (NEC) 774.3 780.7 792.8
Consolidated net debt (332.1) (341.7) (349.9)
Shareholders’ equity 442.2 439.0 442.9
 
Balance sheet figures and financial ratios
Gross margin as a percentage of net revenues  (%) 30.5% 32.3% 31.1%
Net income as a percentage of net revenues (%) 4.0% 4.0% 2.9%
ROE (Net income/shareholders' equity) (%) 7.5% 7.5% 9.7%
ROI (Operating income/NEC)  (%) 9.7% 9.6% 14.0%
ROS (Operating income/net revenues) (%) 9.0% 9.1% 7.5%
EBITDA 120.3 117.5 197.1
EBITDA/net revenues (%) 14.5% 14.3% 13.3%
 
Other information
Sales volumes (unit/000) 346.5 340.8 628.4
Investments in property, plant and equipment and intangible assets 48.5 34.8 96.2
Research and Development 1 37.1 36.8 62.9
Employees at the end of the period (number) 7,954 7,741 7,529
1 The item Research and Development includes investments recognised in the statement of financial position and costs recognised in income statement.