APC 2011 Annual Report Download - page 266

264 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC
ANNUAL AND EXTRAORDINARY SHAREHOLDERS’ MEETING
8SUPERVISORY BOARD’S COMMENTS ONTHEMANAGEMENT BOARD’S REPORT, MODE IN ACCORDANCE WITH ARTICLEL
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2. Supervisory Board’s comments
on the Management Board’s
report, mode in accordance
with articleL . 225- 68
oftheFrench Commercial Code
To the Shareholders,
In our capacity as Statutory Auditors of Schneider Electric SA, we
present below our report on regulated agreements.
Our responsibility is to report to you, based on the information
provided, on the main terms and conditions of agreements that have
been disclosed to us or that we would have discovered at the time
of our work, without commenting on their relevance or substance or
researching the existence of other agreements. Under the provisions
of articles R.225-31 and R.225-58 of the French Commercial Code,
it is the responsibility of shareholders to determine whether the
agreements are appropriate and should be approved.
Furthermore, it is our responsibility, as appropriate, to inform you
of the information set forth in the provisions of articles R. 225-31
and R.225-58 of the French Commercial Code pertaining to the
signing during the past year of agreements already approved by the
Shareholders’ at the Shareholders’ Meeting.
We carried out our work in accordance with French professional
standards. Those standards require that we perform procedures
to verify that the information given to us agrees with the underlying
documents.
The Supervisory Board wishes to congratulate the staff and the
Management Board on the successful conclusion of the One
company programme. But over and above the simple achievement
of their objectives, the Supervisory Board wishes to emphasize
the transformations that Schneider Electric achieved with One that
constitute solid foundations for the future of the Group.
The results for the year ending 31 December 2011 in a particularly
volatile and diffi cult environment clearly show:
•excellent 14% growth driven largely by 8.3% organic growth,
revenues of over EUR22.3billion;
•EBITA before acquisition and integration costs up 7% with a profi t
margin of 14.2%;
•Group share of net income, of EUR1,820million;
•earnings per share of EUR3.39, up 3%, which based on a
50% payout rate, allows a dividend of EUR1.70 per share for
submission to the General Meeting.
These results refl ect the commitment and dedication of all Group
employees, to whom the Supervisory Board offer their thanks.
The Supervisory Board also wishes to express its support for the new
company programme Connect, which as President and CEO Jean-
Pascal Tricoire states, is designed to “add to One’s achievements
and to broaden them to include all our strategic plans, products and
solutions in developed and developing countries, while improving
effi ciency at all levels”.
In conclusion, the Supervisory Board recommends that shareholders
approve the resolutions tabled by the Management Board.
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3. Auditors’ special reports
This is a free translation into English of the Statutory Auditors’ special report on regulated agreements issued in French and it is provided
solely for the convenience of English speaking users.
The Statutory Auditors’ report includes information specifi cally required by French law in such reports, whether modifi ed or not.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards
applicable in France.
Statutory Auditors’ special report on regulated agreements