APC 2009 Annual Report Download - page 191

2009 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 189
COMPANY FINANCIAL STATEMENTS
6
NOTES TO THE FINANCIAL STATEMENTS
At December 31, 2009, 997,077 Schneider Electric SA shares
were recorded under “Other investment securities” at a total
cost of EUR 49 million. The EUR 28 million decrease from the
previous year-end refl ects share purchases and sales within the
framework of the liquidity contract and the contract’s termination
on December31, 2009.
“Other” shares primarily consist of AXA shares, in an amount of
EUR 111million versus EUR 101million in 2008. Schneider Electric
SA subscribed AXA’s November2009 share issue for EUR 10million.
Investments other than treasury stock and AXA shares classifi ed
under this item have been fully written down.
2.3 - Advances to subsidiaries and affiliates
Advances to subsidiaries and affi liates Dec. 31, 2008 Increases Decreases Dec. 31, 2009
Cost 3,928,972 92,646 (882,450) 3,139,168
Provisions (164) - 103 (61)
NET 3,928,808 92,646 (882,347) 3,139,107
At December31, 2009, this item mainly comprised two loans
granted to Schneider Electric Industries SAS
due 2011 and 2015,
in an aggregate amount of EUR 3billion, as well as accrued interest
of EUR 39million. Loans granted in 2007 to Schneider Electric
HoldingInc. and Boissière Finance SNC, totalling EUR 752million,
were repaid on January15, 2009, together with accrued interest of
EUR 9million.
The decrease in provisions refl ects the June2009 decision to write
off an unrecoverable advance that was fully written down.
2.4 - Other
Other Dec. 31, 2008 Increases Decreases Dec. 31, 2009
Cost 10,366 132,667 (143,033) 0
Provisions ----
NET 10,366 132,667 (143,033) 0
The balance of this item, corresponding to the cash transferred to
the manager of the liquidity contract (see note2.2) and invested in
mutual funds, was reduced to zero at December31, 2009. A slight
capital gain was recorded with respect to the invested funds at the
year-end.
Note3 Other receivables
Other receivables Dec. 31, 2009 Dec. 31, 2008
Cost 47,671 89,533
Provisions (45,277) (45,595)
NET 2,394 43,938
This item primarily corresponds to interest receivable on interest rate
swaps and amounts receivable from other members of the Schneider
Electric tax Group in France under group relief agreements.
As of December31, 2009, this item still included receivables related
to a contract under dispute, in an amount of EUR 45million. These
receivables have been fully written down.