Cash outflows related to acquisitions

In 2015, cash outflows relating to acquisitions of companies (net of cash) amounted to €138 million, mainly related to the acquisition of Aranon Corporation in the United States, the holding company of For Eyes. In 2014, cash outflows related to acquisitions of companies (net of cash) amounted to €233 million, mainly resulting from acquisitions in the United Kingdom, Colombia, Germany, Peru, Turkey, China and Italy.