Shareholders’ equity

Shareholders’ equity increased from €5.8 billion at year-end 2014 to €6.2 billion at the end of March 2015, mainly due to the net effect of:

  • Positive currency effects of €535 million
  • Net income of €160 million
  • An adverse actuarial impact of €300 million reported in Other comprehensive income, including €110 million for de-risking of pension liabilities