APC 2009 Annual Report Download - page 114

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2009 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC112
BUSINESS REVIEW
4REVIEW OF SUBSIDIARIES
>
4. Review of subsidiaries
Schneider Electric Industries SAS
Revenue totalled EUR 2.8billion versus EUR 3.5billion in 2008.
The subsidiary posted an operating loss of EUR 58million compared
with an operating profi t of EUR 124million in 2008.
Net profi t came to EUR 672million compared with EUR 550million
in 2008.
Cofibel
Cofi bel’s portfolio consists entirely of Schneider Electric SA shares.
Profit before tax came to EUR 5.6 million compared with
EUR 5.2million in 2008.
Cofi bel posted an after-tax profi t of EUR 6.7million, compared with
an after-tax profi t of EUR 5.2million in 2008.
Cofimines
After taking into account corporate income tax, net profi t stood at
EUR 1.4million versus EUR 1.6million in 2008.
>
5. Outlook
Business trends
The industry and data centre end markets should be the fi rst to
return to growth, while stronger demand in the renovation market
should partially offset the slowdown in non-residential buildings. The
new economies should have a very positive impact on sales as the
more mature markets remain sluggish.
Profitability
The Group should continue to achieve industrial productivity and
reduce overhead s. Raw material prices are likely to increase.
Restructuring costs should amount to between EUR 150 and
EUR 200million for the year.
Outlook for 2010
Assuming current economic conditions, Schneider Electric
anticipates for 2010 :
•a return to topline growth at low single-digit (on organic basis);
•an improvement of profi tability with an EBITAR of around 14%
( before any impact of integration of Areva Distribution ).