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Net income from recurring
operations, Group share
(in €M)
–17.3% vs 2014
Recurring
operating income
(in €M)
+7.0%at constant exchange rates
Adjusted net income,
Group share
(in €M)
+7,1%at current exchange rates
Recurring operating income
by geographic region
(in €M)
France
1,191
Latin
America
705
Global
functions
–31
Asia
13
Other
European
countries
567
2014
2015
2,387
2,445
2014
2015
1,040
1,113
2014
2015
1,182
977
Net debt
(in €M)
–€408 million
2014
2015
4,954
4,546
Investments
(in €M)
2014
2015
2,411
2,378
Investments
With€2.4billionin2015,theGroup
continued to invest in order to
upgrade its assets, modernise, and
developitsnetwork.TheGroupsigni-
ficantlystrengtheneditsmulti-local
andmulti-format presence, which
contributedtothecurrentbalanceof
itscountryandactivityportfolio.
Netdebt
Ne t f i nanc i a l deb t wa s a t
€4.546billionin2015.Atthesame
time, the cost of net financial debt
continued to drop, showing a
reduction of €52 million versus
2014. The ratio of net financial
debt/EBITDA was 1.1 x (1.3 x in
2014).
Adjustednet income,Groupshare
The adjusted net income, Group share, is €1.113 billion,
up 7.1% compared with 2014 at current exchange rates.
Net income from recurring operations – Group share was
€977 million, a decrease of 17.3% compared with 2014.
Net income fromnon-recurring operations – Group share
was€4million.
Recurringoperatingincome
Recurringoperatingincomestands
at €2.445 billion, an increase of
7.0% at constant exchange rates,
and by 2.4% at current exchange
rates.Thisrepresents3.2%ofsales,
unchanged compared with 2014.
In France, the recurring operating
incomewasdownby6.4%over the
year, but increasedwhenexcluding
theintegrationofDia,ataxincrease
onsalesarea,andtransfertoCarmila
of the rent for shopping centres.
The other European countries saw
their profits increase by 33.4%
at constant exchange rates, while
emergingcountriessawtheirrecur-
ring operating income increase by
9.2% at constant exchange rates.
TheresultsharplyincreasedinBrazil
and remained stable in Argentina.
InAsia,thecommercialmarginheld
steady throughout the year in the
contextofChina’seconomicdown-
turn.ActivityheldupwellinTaiwan.
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