APC 2003 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2003 APC annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 145

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145

Consolidated and Parent Company Financial Statements
116
(All amounts in thousands of euros unless
otherwise specified)
Accounting principles
The financial statements for the year ended
December 31, 2003 have been prepared in accor-
dance with French generally accepted accounting
principles.
Significant events of the year
1. Share cancellation
On March 5, 2003, Schneider Electric SA cancelled
12 million shares held in treasury, thereby reducing
shareholders’ equity by € 490.2 million (€ 96 million
from capital stock and € 394.2 million from addition-
al paid-in capital).
2. Bond issue
On October 31, 2003, Schneider Electric SA issued
€ 750 million worth of bonds. Part of the proceeds
will be used to finance the redemption at maturity, in
2004, of a 1999 bond issue in an amount of € 951
million, net of bonds bought back and cancelled in
2003 (€ 49 million).
Notes to the Financial Statements
of Schneider Electric SA
Note 1: Non-current assets
Non-current assets are stated at cost.
1.a. Intangible assets
Intangible rights are amortized over a maximum of
five years.
1.b. Property, plant and equipment
The € 855,000 net decrease in the cost of property,
plant and equipment breaks down as follows:
Additions 5
Disposals (860)
Accumulated depreciation decreased by € 389,000,
corresponding to depreciation for the year of
€51,000 less depreciation written off on disposals in
the amount of € 440,000.
Property, plant and equipment are depreciated by the
straight-line method over their estimated useful lives,
ranging from 3 to 10 years.
Note 2: Investments
Cost at Increases Decreases Cost at
January 1, December 31,
2003 2003
Shares in subsidiaries and affiliates 1,884,610.1 31,060.0 (2,693.6) 1,912,976.5
Other investment securities 774,708.7 113,735.3 (646,447.6) 241,996.4
Advances to subsidiaries and affiliates 2,030,024.5 80.1 (16,983.8) 2,013,120.8
Other 150,887.9 8,276.5 - 159,164.4
Total 4,840,231.2 153,151.9 (666,125.0) 4,327,285.1