APC 2004 Annual Report Download - page 85
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83
12.4 - Tax effect of tax loss carryforwards in France
In 2003, the Group had deferred tax assets of 486.3 million corresponding to tax loss carryforwards arising
primarily from the loss incurred on the sale of Legrand in 2002. In 2004, the use of tax loss carryforwards and
a change in the tax rate used to calculate deferred taxes reduced the total by 47.7 million to 438.6 million.
The Group expects to recover these deferred tax assets within six to ten years but cannot reliably forecast the
periods in which the tax loss carryforwards will be used. As a result, deferred taxes are not discounted.
Note 13 - Cash and Cash Equivalents
(in millions of euros)
At Dec. 31, 2004 At Dec. 31, 2003
Mutual funds and equivalent 355.2 2,405.3
Other 63.9 65.8
Short-term investments at cost 419.1 2,471.1
Schneider Electric shares
(intended to stabilize the share price) (1) - 39.9
Schneider Electric shares
(intended to cover stock option exercises), net 87.0 50.7
Schneider Electric shares, net 87.0 90.6
Money market instruments and short-term deposits 11.9 13.7
Cash 544.8 512.1
Total cash and cash equivalents 1,062.8 3,087.5
Short-term bank loans and overdrafts (28.0) (93.3)
Schneider Electric shares, net (87.0) (90.6)
Other (1.3) (1.2)
Net cash and cash equivalents 946.5 2,902.4
(1) In compliance with Article 241-8 of the AMF general guidelines, on December 9, 2004 the Board of Directors reallocated these
shares to cover stock option exercises (see Note 14.3).
Consolidated financial statements