APC 2004 Annual Report Download - page 52

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50
Financing activities
Long-term debt and other borrowings showed a net
decrease of 1,351 million, reflecting the repayment
of a 951 million bond issue in April 2004, 328 mil-
lion in MGE UPS debt replaced by intra-Group financ-
ing and various bank loans held by subsidiaries.
Schneider Electric bought back Company shares in
an amount of 278 million versus 112 million in
2003. It also cancelled shares worth 347 million,
without any impact on cash.
A total of 61 million in common stock was issued on
the exercise of stock options and to serve the world-
wide employee stock purchase plan.
Dividends paid totaled 357 million (including the
précompte equalization tax), of which 23 million to
minority interests.
Over the year, financing activities used a total of
1,956 million versus 102 million in 2003.
Cash and cash equivalents
At December 31, cash and cash equivalents
decreased by 1,956 million compared with 168
million the year before.
Company Financial Statements
Schneider Electric SA posted total portfolio revenues
of 463.3 million in 2004 compared with 457.7 mil-
lion the previous year. Income from continuing opera-
tions before tax came to 543.3 million versus
542.8 million in 2003.
Net income stood at 558.8 million versus 474.7
million in 2003.
Shareholders' equity before appropriation of net
income declined to 6,780.6 million at December 31,
2004 from 6,813.4 million at the previous year-end.
This reflects 2004 income, changes stemming from
the cancellation of 7 million shares in an amount of
347.1 million, dividends paid, and premiums on
shares issued on the exercise of options and as part
of the worldwide employee stock purchase plan.
Subsidiaries
Schneider Electric Industries SAS
Sales rose 7.9% to 3.13 billion from 2.90 billion in
2003.
Operating income increased by 112.6% to 172.6
million from 81.2 million and represented 5.5% of
sales.
Net income came to 221.8 million compared with
494.6 million the year before.
Cofibel
Cofibel's portfolio consists entirely of Schneider
Electric SA shares.
Income from continuing operations before tax came to
2.04 million compared with 3.04 million in 2003.
Income after tax stood at 1.69 million versus 2.54
million the year before.
Cofimines
In 2004, income from continuing operations before tax
amounted to 1.06 million compared with 1.15 mil-
lion in 2003.
After taking into account corporate income tax, net
income stood at 0.81 million versus 0.86 million in
2003.