Shareholders’ equity

Shareholders’ equity decreased from €5.6 billion at year-end 2013 to €5.5 billion at the end of September 2014, mainly due to the net effect of:

• Net income of €539 million
• Positive foreign currency effects of €334 million
• The de-risking of the pension liabilities in the UK, which had an effect on shareholders’ equity of €0.8 billion
• Dividend payments of €163 million