109 / 266
109
2014 Registration Document
4.1 Sales and earnings performance 110 4.1.1 Main earnings indicators 110 4.1.2 Analysis of the main income statement items 111 4.2 Financial position 115 4.2.1 Shareholders’ equity 115 4.2.2 Net debt 115 4.2.3 Cash flows for the year and cash and cash equivalents at December 31, 2014 116 4.2.4 Financing and liquid resources 117 4.2.5 Restrictions on the use of capital resources 117 4.2.6 Expected sources of funding 117 4.3 Outlook for 2015 118 4.4 Other information 119 4.4.1 Accounting principles 119 4.4.2 Significant events of the period 119 4.4.3 Main related party transactions 122 4.4.4 Subsequent events 122 4.5 Q1 Gross Sales for 2015 123 4.6 Parent company financial review 127 4.6.1 Activities and results 127 4.6.2 Subsidiaries and affiliates 128 4.6.3 Income appropriation 128 4.6.4 Agreements referred to in Article L. 225-38 and seq. of the French Commercial Code 129 4.6.5 Research and development 129 4.6.6 Company earnings performance in the last five fiscal years 130 4.6.7 Auditors’ Special report 131COMMENTS
ON 2014
FISCAL YEAR
4