APC 2011 Annual Report Download - page 232

2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC230
COMPANY FINANCIAL STATEMENTS
6NOTES TO THE FINANCIAL STATEMENTS
Schneider ElectricSA has made a series of bond issues as part of
its Euro Medium Term Notes (“EMTN”) program over the past few
years. The issues that had not matured as of December31, 2011
were as follows:
•JPY12 and JPY10billion for a total amount of EUR225million
worth of respectively 0.849% and 0.84625% bonds issued in
Novemberand December2011 and maturing on November18,
2016 and December8, 2016;
•EUR500million worth of 3.50% bonds issued in September2011
and maturing on January22, 2019;
•EUR750million worth of 3.75% bonds issued in July2011 and
maturing on July12, 2018;
•USD300 million for a total amount of EUR232 million worth of
bonds issued in July 2011 at a fl oating rate and maturing on
July1, 2014;
•EUR300 and EUR200million worth of 2.875% bonds successively
issued in Julyand October2010 and maturing on July20, 2016;
•EUR500million worth of 3.625% bonds issued in July2010 and
maturing on July20, 2020;
•EUR150million worth of bonds issued in May2009 to top up
the EUR600million tranche at 5.375% maturing on January8,
2015 and issued in October2007, thereby raising the total issue
to EUR750million;
•EUR250million worth of bonds issued in March2009 to top up
the EUR780million 12year tranche at 4% issued in August2005,
thereby raising the total issue to EUR1.03billion;
•EUR750million worth of 6.75% bonds issued in January2009
and maturing on July16, 2013. In July2010, this bond was partly
redeemed to the amount of EUR263million, reducing the bond
to EUR487million;
•EUR100million worth of bonds issued in July2008 at a fl oating
rate indexed to the 10y ear CMS (Constant Maturity Swap) and
maturing on July31, 2013;
•EUR177million worth of fl oating-rate bonds issued in July2008
and maturing on July25, 2016;
•EUR180million worth of bonds issued in April2008 to top up the
EUR600million 12year tranche at 4% issued in August2005,
thereby raising the total tranche to EUR780million;
•EUR600million worth of 5.375% bonds issued in October2007
and maturing on January8, 2015;
•EUR1 billion worth of bonds issued in July 2006, comprising
a EUR500 million fi ve-year fl oating rate tranche and a
EUR500million 71/2-year4.5% tranche;
•EUR600million worth of 4% bonds issued in August2005 and
maturing in August2017;
These bonds are traded on the Luxembourg stock market. The
issue premiums and issue costs are amortised in line with the
effective interest method.
Lastly, the Group redeemed EUR500 million worth of July 2006
bonds at maturity date on July18, 2011.
Note10 Other borrowings
Other borrowings at December31, 2011 included accrued interest
on bonds and other debt issued by the Company. Following the
issue of EUR1.7billion worth of bonds in 2011, accrued interest
amounted to EUR131million, compared to EUR113million at end
of 2010.
Finally, this line item includes a EUR397 million “Schuldschein”
loan granted by international banks in fi rst-half 2008, comprising
four tranches: a EUR129million sevan-year fl oating-rate tranche,
a EUR55million seven-year fi xed-rate tranche, a EUR195million
fi ve- year fl oating-rate tranche and a EUR18 million fi ve-year
fi xed- rate tranche.
Note11 Interest-bearing liabilities
Interest-bearing liabilities Dec.31, 2010 Increase Decrease Dec.31, 2011
Commercial paper - 3,101,000 (2,911,000) 190,000
Overdrafts 1 61 - 62
Other 2 - - 2
NET 3 3,101,061 (2,911,000) 190,064
At December 31, 2011, Interest-bearing liabilities are mainly composed of a EUR190million of commercial paper to be redeemed in
January2012.