APC 2012 Annual Report Download - page 156

2012 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC154
BUSINESS REVIEW
4REVIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS
EBITA and Adjusted EBITA
We defi ne EBITA as earnings before interest, taxes and amortization
of purchase accounting intangibles. EBITA comprises operating
profi t before amortization and impairment of purchase accounting
intangible assets and before goodwill impairment.
We defi ne adjusted EBITA as EBITA before restructuring costs
and before other operating income and expenses, which includes
acquisition, integration and separation costs.
Adjusted EBITA amounted to EUR3,515million for the year ended
December31, 2012, compared to EUR3,190million for the year
ended December31, 2011, an increase of 10.2%, as the result of
effective cost control and continuous focus on price actions. As a
percentage of revenues, adjusted EBITA increased from 14.3% for
the year ended December31, 2011 to 14.7% for the year ended
December31, 2012.
EBITA increased 10.0% from EUR3,037million for the year ended
December 31, 2011 to EUR3,341 million for the year ended
December 31, 2012, thanks to the strong increase of Adjusted
EBITA and despite the increase of restructuring costs in line with
initiatives from Connect program. As a percentage of revenues,
EBITA increased to 14.0% for the year ended December31, 2012
(13.6% for the year ended December31, 2011).
EBITA and Adjusted EBITA by business segment
The following table sets out EBITA and adjusted EBITA by business segment:
(in millions of euros) Power Infrastructure Industry IT Buildings Corporate costs Total
Full year 2012
Revenues 8,738 5,366 4,483 3,677 1,682 - 23,946
Adjusted EBITA* 1,813 575 823 698 107 (501) 3,515
Adjusted EBITA (%) 20.7% 10.7% 18.4% 19.0% 6.4% - 14.7%
Other operating income and expense 17 (6) (2) (3) (3) (13) (10)
Restructuring costs (84) (32) (21) (4) (12) (11) (164)
EBITA 1,746 537 800 691 92 (525) 3,341
EBITA (%) 20.0% 10.0% 17.8% 18.8% 5.5% 14.0%
* Adjusted EBITA: EBITA before restructuring costs and before other operating income and expenses
(in millions of euros) Power Infrastructure Industry IT Buildings Corporate costs Total
Full year 2011*
Revenues 8,262 4,897 4,397 3,237 1,552 - 22,345
Adjusted EBITA** 1,705 511 774 523 145 (468) 3,190
Adjusted EBITA (%) 20.6% 10.4% 17.6% 16.2% 9.3% 14.3%
Other operating income and expense 49 (27) 4 (17) (8) (9) (8)
Restructuring costs (75) (19) (24) (9) (11) (7) (145)
EBITA 1,679 465 754 497 126 (484) 3,037
EBITA (%) 20.3% 9.5% 17.1% 15.4% 8.1% 13.6%
* The 2011 fi gures were restated for the item disclosed in note1.2 of the consolidated fi nancial statements, thus EUR42million for the
Group out of which EUR35million
for Power and EUR7million for Industry as a reduction of revenues, EBITA and Adjusted EBITA.
** Adjusted EBITA: EBITA before restructuring costs and before other operating income and expenses.
Restructuring costs
For the year ended December 31, 2012, restructuring costs
amounted to EUR164million compared to EUR145million for the
year ended December31, 2011. These costs related to industrial
and support functions restructurings.