APC 2003 Annual Report Download - page 124

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Note 15: Other information
Pension obligations
The Company is committed to paying supplementary
pension benefits to certain active and retired senior
executives and managers. The related obligations have
been accrued for in the amount of € 11.0 million.
Partnership obligations
Share of the liabilities of "SC" non-trading companies
attributable to Schneider Electric SA as partner of
the companies concerned: Not material.
Share of the liabilities of "SNC" flow-through entities
attributable to Schneider Electric SA as partner of
the entities concerned: Not material.
Financial commitments
Commitments given:
Counterguarantees of bank guarantees: . . . None
Other guarantees given: . . . . . . . . . . .€ 6.8 million
Commitments received:
Bank counterguarantees: . . . . . . . . . . . . . . . None
Off-balance sheet instruments
The Company does not purchase or sell any off-
balance sheet instruments. Hedging transactions are
carried out by the manager of the Group cash pool,
Boissière Finance, a wholly-owned subsidiary of
Schneider Electric Industries SAS which in turn is
wholly-owned by Schneider Electric SA.
Exchange of Legrand shares
As part of its public exchange offer for Legrand SA,
Schneider Electric SA made a commitment to
exchange shares held upon exercise of options
granted by Legrand for Schneider Electric shares.
When Legrand SA was sold to KKR/Wendel
Investissement, Schneider Electric SA set up a call
and put system for the Legrand shares created
through the exercise of said options. These shares
are re-sold to FIMAF, an investment vehicle of the
KKR/Wendel Investissement consortium.
Number of employees
At December 31, 2003, the Company had three
employees.
Consolidated financial statements
Schneider Electric SA is the parent company of the
Group and therefore publishes the consolidated
financial statements of the Schneider Electric Group.
Group relief
Schneider Electric SA is the parent company of the
tax group comprising all French subsidiaries that are
over 95%-owned.
Consolidated and Parent Company Financial Statements
122