APC 2002 Annual Report Download - page 60

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59
10 - Company Financial Statements
Schneider Electric SA posted total portfolio revenues of 545
million in 2002 compared with 558.1 million the previous
year. Income from continuing operations before tax came to
563.8 million versus 589.8 million in 2001.
In 2002, the Company had an income tax benefit of 158.1
million compared with 29.2 million the previous year, taking
into account tax consolidation and the carryback credit. This
item reflects the effect of the loss realized on the divestment of
Schneider Electric’s interest in Legrand SA.
Net income stood at 221.1 million versus a net loss of
811.2 million in 2001.
Shareholders’ equity before appropriation of net income
declined to 7,043.3 million at December 31, 2002 from
7,082.8 million at the previous year-end. This reflects 2002
income, changes stemming from the recognition of the 2001
loss, income appropriation decided by the AGM and premiums
on shares issued on the exercise of options and conversion of
bonds.
11 - Subsidiaries
Schneider Electric Industries SAS
Sales declined 5% to 3.02 billion from 3.19 billion in
2001. Operating income decreased by 17.7% to 235.7
million from 286.5 million and represented 7.8% of sales.
Net income came to 398.9 million compared with 485.2
million the year before.
Cofibel
Cofibel’s portfolio consists entirely of Schneider Electric SA
shares. Income from continuing operations before tax came to
4.37 million compared with 6.52 million in 2001. Income
after tax stood at 3.70 million versus 5.40 million the year
before.
Cofimines
In 2002, income from continuing operations before tax
amounted to 1.93 million compared with 1.84 million in
2001. After taking into account corporate income tax, net
income stood at 1.34 million versus 1.18 million in 2001.