APC 2009 Annual Report Download - page 112
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Please find page 112 of the 2009 APC annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.2009 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC110
BUSINESS REVIEW
4REVIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS
totalled EUR 351million, of which EUR 34million to minority interests,
compared with EUR 832million in 2008, of which EUR 36million to
minority interests. This sharp decline was attributable to the dividend
reinvestment programme , which attracted the vast majority of
shareholders over payment in cash.
At December 31, 2009, net debt totalled EUR 2,812million or 23.7%
of equity attributable to equity holders of the parent. This represents
a decrease of EUR 1,741million from the year before.
The Group ended the year with cash and cash equivalents of
EUR 3,512million, of which EUR 808million in cash, EUR 2,681million
in marketable securities and EUR 23million in short-term instruments
such as commercial paper, money market mutual funds and
equivalents.
Total current and non-current financial liabilities amounted to
EUR 6,324million. Of this, bonds represented EUR 4,508million
and bank loans EUR 1,386million. Three new bond issues, in an
aggregate amount of EUR 1,150million, were launched in 2009 and
EUR 110million worth of bonds were redeemed.
Equity
Equity attributable to equity holders of the parent came to
EUR 11,757million, or 46% of the balance sheet total. The
EUR 851million increase over the period was the net result of the
following:
•profi t for the year of EUR 852million;
•payment of the 2008 dividend, in an amount of EUR 837million;
•share issues, for EUR 633million, of which EUR 520million in
connection with the dividend reinvestment programme ;
•the exercise of stock options, for EUR 46million;
•changes in treasury stock, for EUR 25million;
•fair value adjustments to hedging instruments and available-for-
sale fi nancial assets, in an amount of EUR 141million;
•changes in actuarial gains and losses on employee benefit
obligations, which reduced equity by EUR 14million.
Minority interests amounted to EUR 131million, virtually on a par with
2008, refl ecting the EUR 42million profi t for the year and dividend
payments of EUR 35million.
Provisions for contingencies
Current and non-current provisions totalled EUR 2,526million, or
10% of the balance sheet total. Of this, EUR 773million covered
items that are expected to be paid out in less than one year. This item
primarily comprises provisions for pensions and health care costs
in an amount of EUR 1,378million. The EUR 223million increase
over the year corresponds to higher provisions for restructuring
(up EUR 78million) and reclassifi cation of tax provisions that were
previously recorded under tax liabilities (EUR 85million).
Other provisions excluding employee benefits totalled
EUR 1,148million at December 31, 2009. These provisions cover
product risks (warranties, disputes over identifi ed defective products),
for EUR 264million, economic risks (tax risks, fi nancial risks generally
corresponding to seller’s warranties), for EUR 418million, customer
risks (customer disputes and losses on long-term contracts), for
EUR 80million, and restructuring, for EUR 210million.
Deferred taxes
Deferred tax assets came to EUR 1,001million, refl ecting unused
tax losses, in an amount of EUR 387million, future tax savings on
provisions for pensions, in an amount of EUR 448million, and non-
deductible provisions and accruals in an amount of EUR 312million.
Deferred tax liabilities totalled EUR 916million and primarily comprised
deferred taxes recognised on trademarks, customer lists and patents
acquired in connection with business combinations.