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Management’s
discussion and analysis
as of December 31, 2015
Consolidated sales and 4.1 Other information 4.4 143 earnings performance 134 Accounting principles 4.4.1 143 Significant events of the period 4.4.2 143 Main earnings indicators 4.1.1 134 Main related party transactions 4.4.3 144 Analysis of the main income statement 4.1.2 items 135 Subsequent events 4.4.4 144 Group financial position 4.2 139 First quarter 2016 sales 4.5 145 Shareholders’ equity 4.2.1 139 Net debt 4.2.2 139 Parent company 4.6 financial review 148 Cash flows for the year and cash 4.2.3 and cash equivalents at December 31, 2015 140 Activities and results 4.6.1 148 Financing and liquid resources 4.2.4 141 Subsidiaries and affiliates 4.6.2 148 Restrictions on the use of capital 4.2.5 resources 141 Income appropriation 4.6.3 149 Regulated agreements referred to in 4.6.4 article L. 225-38 et seq. of the French commercial code 150 Expected sources of funding 4.2.6 141 Research and development 4.6.5 150 Outlook for 2016 4.3 142 Company earnings performance 4.6.6 in the last five fiscal years 1502015 REGISTRATION DOCUMENT
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