As of the year-end close, the remaining shareholding in Hermès,
after deduction of the shares distributed to shareholders in early January 2015,
amounted to 0.1 billion euros. This amount corresponded to
shares not distributed on account of the existence of fractional
rights. This shareholding will be sold in 2015, pursuant to the
provisions of the Settlement Agreement entered into with
Hermès. Inventories represented 18 % of total assets. Other
current assets grew by 1.1 billion euros, of which 0.9 billion
euros were related to the increased cash balance. Total equity
amounted to 23.0 billion euros as of year-end 2014, representing
a decrease of 4.9 billion euros compared to year-end
2013, and represented 43% of the balance sheet total, compared
to 50% as of year-end 2013. The distribution in kind of
Hermès shares had a negative impact of 6.8 billion euros.