Shareholders’ equity increased from €5.8 billion at year-end 2012 to €6.2 billion, mainly due to the effect of:
- Net income of €518 million
- IAS19 actuarial gains (net of tax) of €194 million
- Dividend payments of €158 million
- Decrease in cumulative translation reserves of €127 million due to the stronger euro
- Decrease in cumulative translation reserves of €64 million due to the recycling to the statement of income of the cumulative translation reserves related to the divested Decorative Paints North America business.