APC 2011 Annual Report Download - page 152

150 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC
BUSINESS REVIEW
4REVIEW OF THE PARENT COMPANY FINANCIAL STATEMENTS
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3. Review of the parent company
financial statements
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4. Review of subsidiaries
Schneider Electric SA posted total portfolio revenues of
EUR1,436  million in 2011 compared with EUR691 million the
previous year. Schneider Electric Industries SAS, the main
subsidiary, paid dividends of EUR1,300million in 2011 compared
with EUR672 million in 2010. Interest expense net of interest
income amounted to EUR80 million versus EUR177 million the
year before. Non-recurring income amounted to EUR1,336million
versus EUR497million in 2010.
On December30, 2011, Schneider ElectricSA invoiced Schneider
Electric IndustriesSAS a fi nancial compensation for the use of the
trademark Schneider Electric for EUR1.2billion.
Net profi t stood at EUR2,604million compared with EUR703million
in 2010.
Equity before appropriation of net profi t amounted to
EUR11,701million at December31, 2011 versus EUR9,738million
at the previous year-end, after taking into account 2011 profi t,
dividend payments of EUR856 million and share issues in an
amount of EUR215million.
All trade payables are due before end-January.
Schneider ElectricSA proceed to several bond issuances during
the year for a total nominal amount of EUR1.7 billion euros and
repaid the 2006 bond of EUR500 million at the maturity date
(July18, 2011).
Schneider Electric IndustriesSAS
Revenue totaled EUR3.6billion versus EUR3.4billion in 2010.
The subsidiary posted an operating loss of EUR88million compared
with an operating profi t of EUR22million in 2010.
Net profi t came to EUR992million compared with EUR1,502million
in 2010.
Cofibel
Cofi bel posted a net profi t of EUR2 million, compared with
EUR154million in 2010 (out of which EUR152million of capital gain
on sale of Schneider ElectricSA shares).
Cofimines
Cofi mines posted a net profi t of EUR16 million, compared with
EUR34million in 2010 (out of which EUR29million of capital gain
on sale of Schneider ElectricSA shares).
Remuneration and benefits of corporate officers
The remuneration and other benefi ts paid to corporate offi cers are disclosed in Chapter 3, “Corporate Governance”, paragraph 8,
“Management interests and compensation” (page124 and following).
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5. Outlook
For 2012, the uncertainty surrounding the global economy limits
visibility. While the Group sees continued strength in new economies
and opportunities from a recovering North America, Western
Europe is expected to weigh on growth.
In this context and assuming no major change in economic
conditions, the Group expects fl at to slightly positive organic growth
for sales and an adjusted EBITA margin between 14% and 15%.