Shareholders’ equity was €5.6 billion at year-end. This decrease of €0.2 billion is mainly due to the net effect of:
- Net income of €724 million
Offset by:
- A decrease in cumulative translation reserves of €413 million due to the stronger euro
- A decrease in cumulative translation reserves of €65 million due to realization of the cumulative translation reserves related to the divested Decorative Paints North America business.
- Actuarial losses (before tax) of €200 million
- Dividend payments of €210 million