APC 2011 Annual Report Download - page 170

168 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC
CONSOLIDATED FINANCIAL STATEMENTS
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2.2 – Other acquisitions during the year
The total amount of acquisitions during the year came to EUR2,873million, net of cash and cash equivalents acquired.
2011 2010
Acquisitions (2,873) (1,762)
Cash and cash equivalents paid (2,953) (1,800)
Cash and cash equivalents paid acquired 80 38
Disposals 68
Other operations (6) -
NET FINANCIAL INVESTMENT (2,873) (1,754)
It is mainly related to the acquisition of Telvent (August30, 2011),
Leader & Harvest (June 9, 2011), Luminous (May 30, 2011),
Summit Energy (March24, 2011), Steck (July22, 2011) and Digilink
(March31, 2011).
The temporary valuation of assets acquired at their fair value
principally led to the recognition of intangible assets in the amount
of EUR432 million (technology, backlog, customer relationships)
and to revaluation of property, plant and equipment in the amount
of EUR4million; these assets were valued by independent experts.
Contingent liabilities and indemnifi cation assets were recognized
respectively for a total amount of EUR93million and EUR47million.
These amounts are before deferred tax impacts.
On December 31, 2011, the main elements of the provisional
computation are:
•contingent liabilities, for the identifi cation of risks is not completed;
•tangible assets, because the estimated fair value of these assets
is in progress;
•intangible assets, because the assumptions used to value these
assets will be refi ned in 2012.
Note3 Segment information
The new divisions are organised by business (Power, Infrastructure,
Industry, IT, Buildings).
The fi ve Businesses are:
•Power, which includes the activities of Low Voltage (electrical
distribution), LifeSpace (wiring devices and associated interface
devices) and Renewables (conversion and connection to the grid)
further to the transfer of Medium Voltage to the Energy business in
2011 (see below); the business is in charge of the end-customer
segments Residential and Marine when it relates to solutions
integrating the offers of several activities from the Group;
•Infrastructure, created in 2011 and previously named Energy,
combines all Medium Voltage activities including those from
Areva Distribution, as well as Telvent; the business is in charge
of the end-customer segments Oil and Gaz and Utilities when it
relates to solutions integrating the offers of several activities from
the Group;
•Industry, which includes Automation & Control and three end-
customer segments: OEMs, Water Treatment and Mining,
Minerals & Metals when it relates to solutions integrating the offers
of several activities from the Group, as well as Custom Sensors &
Technologies business (Sensors & Automatives), grouped under
Industry from 2011;
•IT, which covers Critical Power & Cooling Services and two
end- customer segments: Data Centers and Financial Services
when it relates to solutions integrating the offers of several
activities from the Group;
•Buildings, which includes Building Automation and Security and
four end-customer segments: Hotels, Hospitals, Offi ce Buildings
and Retail Buildings.
Data concerning General Management that cannot be allocated to
a particular segment are presented under “Corporate costs”.
Operating segment data is identical to that presented to the
Management Board, which has been identifi ed as the main decision-
making body for allocating resources and evaluating segment
performance. Performance assessments used by the Management
Board are notably based on Adjusted EBITA. Share-based payment
is presented under “Corporate costs”. The Management Board
does not review assets and liabilities by Business.
The same accounting principles governing the consolidated
fi nancial statements apply to segment data.
Details are provided in Chapter 4 of the Registration Document
(Business Review).