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REGISTRATION DOCUMENT 2015
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3.1 BUSINESS HIGHLIGHTS IN 2015 46 Highlights of 2015 46 Other business activities in 2015 47 3.2 CONSOLIDATED NET INCOME REVIEW 50 Sales 50 Trading operating income and trading operating margin 54 Net financial income (expense) 56 Tax rate 56 Recurring net income – Group share and recurring EPS 56 Dividend for the 2015 fiscal year 58 3.3 FREE CASH FLOW 59 Free cash flow 59 Consolidated statement of cash flows 60 3.4 BALANCE SHEET AND FINANCIAL SECURITY REVIEW 61 Simplified consolidated balance sheet 61 Financing structure and financial security 61 Liabilities related to put options granted to non-controlling interests 63 Net debt and net financial debt 64 Shareholder's equity 65 Off-balance sheet commitments 65 3.5 OUTLOOK FOR 2016 66 Material change in financial or trading position 66 Financial outlook for 2016 66 3.6 FINANCIAL INDICATORS NOT DEFINED BY IFRS 67 3.7 DOCUMENTS AVAILABLE TO THE PUBLIC 68