APC 2012 Annual Report Download - page 158

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2012 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC156
BUSINESS REVIEW
4REVIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS
Earnings per share
Earnings per share increased to EUR3.39 for the year ended
December31, 2012 from EUR3.34 for the year ended December31,
2011 (taking into account the division of the nominal value of the
shares by two, effective as of September2, 2011).
Before goodwill impairment of Buildings CGU of EUR183million
after tax effect in2012 (and EUR15million of goodwill impairment
in 2011), earnings per share amounted to EUR3.73 for the year
ended December 31, 2012, an increase of 11.0% compared to
EUR3.36 for the year ended December31, 2011.
Consolidated cash-flow
Operating Activities
Net cash provided by operating activities before changes in operating
assets and liabilities reached EUR2,802million for the year ended
December31, 2012, up 10.4% compared to EUR2,537million for
the year ended December 31, 2011, and represented 11.7% of
revenue in2012 compared with 11.4% in2011.
Change in working capital requirement consumed EUR1 million
in cash in the year ended December 31, 2012, compared
to EUR285 million in consumption in the year ended
December 31,2011, in the framework of Connect initiatives to
improve inventory management.
In all, net cash provided by operating activities increased 24.4%
from EUR2,252million in the year ended December31, 2011 to
EUR2,801million in the year ended December31, 2012.
Investing Activities
Net capital expenditure, which included capitalized development
projects, decreased 3.6% to EUR719 million for the year ended
December 31, 2012, compared to EUR746 million for the year
ended December31, 2011, and represented 3.0% of revenues.
Our acquisitions represented a cash outfl ow, net of cash acquired,
of EUR242 million for the year ended December 31, 2012,
corresponding partially to M&C, compared to EUR2,873 million
in the year ended December 31, 2011 corresponding mainly to
acquisitions of Telvent, Luminous, Leader&Harvest and Summit.
The proceeds from sale of fi nancial assets in2012 correspond to the
proceeds net of fees of the sale of AXA shares in September2012.
Financing Activities
The bond issuance of EUR601 million corresponds to a
USD800 million bond issue in September 2012 due 2022 in
the United States, by way of a private placement to institutional
investors only (including to qualifi ed institutional buyers in the United
States) at 2.95% fi xed rate.
The net decrease in other fi nancial debts amount to
EUR585 million during the year ended December 31, 2012,
compared to an increase of EUR432million during the year ended
December31,2011. The dividend paid by Schneider Electric was
EUR919million the year ended December31, 2012, compared
with EUR856million the year ended December31, 2011.