APC 2004 Annual Report Download - page 99

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97
Note 23 - Net Financial Expense
(in millions of euros)
Dec. 31, 2004 Dec. 31, 2003
Interest income 36.1 46.3
Interest expense (126.5) (117.2)
Net gains (losses) on sales of marketable securities 26.0 42.7
Cost of net debt (64.4) (28.2)
Dividend income 5.9 6.3
Exchange gains and losses, net 3.8 (9.4)
Valuation allowances (long and short-term investments) 1.1 (7.4)
Other (12.3) (14.4)
Other financial income and expense, net (1.5) (24.9)
Total (65.9) (53.1)
Breakdown by business:
Sales Dec. 31, 2004 Dec. 31, 2003
Electrical Distribution 6,515 6,101
Automation & Control 2,725 2,679
Growth Platforms 1,125 N/A
Total 10,365 8,780
Operating margin (in %) Dec. 31, 2004 Dec. 31, 2003
Electrical Distribution 13.0 12.3
Automation & Control 12.2 9.6
Growth Platforms 11.7 N/A
Average operating margin 12.6 11.5
Growth platforms include recently acquired businesses that have not been integrated into
Schneider Electric’s core businesses, i.e., building automation, secured power and sensors and detectors
for repetitive machines.
Note 24 - Exceptional Items
(in millions of euros)
Dec. 31, 2004 Dec. 31, 2003
Restructuring costs (88.0) (135.2)
Valuation allowances 1.7 5.1
Recaptures of reserves for tax litigation - 3.1
Net gains (losses) on disposal of assets 0.3 (5.2)
Other (10.3) (31.7)
Total (96.3) (163.9)
In 2004 as in 2003, net exceptional expense primarily concerned the Group’s restructuring programs.
Consolidated financial statements