APC 2003 Annual Report Download - page 122

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Note 10: Bonds
1. On April 14, 1999, Schneider Electric SA issued
€750 million worth of 3.75% bonds due April 14,
2004. On May 28, 1999, it issued €250 million worth
of 3.75% bonds also due April 14, 2004. The second
bond issue was treated as being fungible with the
first issue and was partially redeemed in 2003, in an
amount of €49 million. The bonds were issued at a
price corresponding to 99% of par.
The bonds are traded on the Paris and Luxembourg
markets.
2. On October 19 and 20, 2000, Schneider Electric
issued €400 million and €50 million worth of
6.1275% bonds due October 19, 2007. The bonds
were issued at a price corresponding to 99.77% of
par.
The bonds are traded on the Paris and Luxembourg
markets.
3. On October 31, 2003, Schneider Electric SA
issued €750 million worth of 3.875% bonds due
October 31, 2008. The bonds were issued at a price
corresponding to 99.643% of par.
The bonds are traded on the Luxembourg market.
Call premiums are being amortized over the life of
the bonds.
Note 11: Other borrowings
Other borrowings at December 31, 2003 include
commercial paper issued on the market by
Schneider Electric SA on behalf of the Group in the
amount of €60 million (2002: €395 million) and
accrued interest on bonds of €35.8 million
Short-term bank loans and overdrafts and other debt
of €4.3 million include bank overdrafts of €2.1 mil-
lion and miscellaneous debts of €2.2 million.
Note 12: Accrued taxes
and payroll costs
2003 2002
Accrued taxes 108.9 353.9
Accrued payroll costs 200.6 432.7
Total 309.5 786.6
The income tax benefit for 2003 breaks down as fol-
lows:
2003 group relief gain 32,225.4
2002 carryback (6,218.9)
Income tax benefit 26,006.5
The tax expense of €5,835.4 thousand recognized
in the Statement of Income mainly corresponds to
long-term capital gains tax on intra-Group transac-
tions.
Timing differences are not material.
Note 13: Other liabilities
Other liabilities can be analyzed as follows:
2003 2002
Amounts due to companies
in the tax group 25,038.2 54,152.5
Accrued expenses 1,155.5 3,519.7
Reimbursement of the
précompte
equalization tax 23,105.8 -
Current account advances
and other 12,628.5 969.7
Total 61,928.0 58,641.9
Consolidated and Parent Company Financial Statements
120