Shareholders’ equity

Shareholders’ equity increased from €5.8 billion at year-end 2014 to €6.5 billion at year-end 2015, mainly due to the net effect of:

  • Net income of €979 million
  • Positive currency effect of €124 million
  • Actuarial impact of post-retirement benefits of €193 million, including €384 million for de-risking of pension liabilities as well as assumption and triennial valuation remeasurements
  • Dividend payments of €222 million