150 / 302
Management’s discussion and analysis as of December 31, 2015
Parent company financial review
Regulated agreements referred to in article L. 225-38
et seq.
4.6.4
of the French commercial code
We inform you that four new regulated agreements governed by
These regulated agreements will be submitted for approval to the
articles
L.
225-38
et seq.
of the French commercial code were Shareholders’ Meeting.
authorised by the Board of Directors during the past year, as it will be At its meeting on March
9, 2016, the Board of Directors reviewed the
set out in the Statutory Auditors’ special report in accordance with regulated agreements entered into and authorised in previous fiscal
article
L.
225-40 of said code, which must mention any regulated years that were still being carried out in 2015.
agreements authorised during the fiscal year and these have continued
during the fiscal year.
Research and development
4.6.5
The Company does not implement any research and development policy.
Company earnings performance in the last five fiscal years
4.6.6
2015
2014
2013
2012
2011
(in millions of euros)
I – Capital at year-end
Share capital
1,846
1,837
1,810
1,773
1,698
Issue and merger premiums
16,023
15,930
15,672
15,419
15,094
Number of existing ordinary shares
738,470,794 734,913,909 723,984,192 709,214,653 679,336,000
II – Results of operations for the fiscal year
Income before tax, employee profit-sharing and
depreciation, amortization and provisions
626
2,166
1,758
473
582
Income tax
193
238
222
375
404
Employee profit-sharing payable for the fiscal year
Income after tax and employee profit-sharing and
depreciation, amortization and provisions
831
4,440
1,804
5 (1,077)
Distributed income
(1)
517
500
449
411
363
III – Net income per share
Income after tax and employee profit-sharing but before
depreciation, amortization and provisions
1.11
3.27
2.73
1.20
1.45
Income after tax, employee profit-sharing and
depreciation, amortization and provisions
1.13
6.04
2.49
0.01
(1.59)
Net dividend allocated to each share
(1)
0.70
0.68
0.62
0.58
0.52
IV – Employees
Average number of employees during the fiscal year
7
8
9
9
12
Amount of payroll for the fiscal year
21
22
15
19
20
Amount paid as employee benefits for the fiscal year
(social security, social services)
5
7
5
6
6
For 2015, this has been set by the Board of Directors and will be submitted to the Shareholders’ Meeting for approval.
(1)
In 2011, the distributed earnings shown in this table do not include the distribution of Dia shares in the form of a dividend-in-kind on July 5, 2011,
amounting to 2,310 million euros.
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2015 REGISTRATION DOCUMENT