APC 2012 Annual Report Download - page 193

2012 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 191
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31, 2012
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The investment in AXA was sold in September2012 for proceeds
net of fees of EUR121million.
The fair value of investments quoted in an active market corresponds
to the price on the balance sheet date. The revaluation of listed
investments over the year has had a negative impact on other
equity reserves of EUR60million before tax.
NVC Lighting investment was acquired in July 2011 in the
framework of a partnership that gives Schneider Electric an
exclusive access to NVC Lighting’s diffused and well established
channels. The cumulated change in fair value of NVC Lighting
investment determined on its price share and corresponding to
a loss of EUR56million at December31, 2012, was recorded in
equity, as “Other Comprehensive Income”. The Group did not
recognize this change in fair value in the income statement at
December31, 2012, because it assessed the Group considers that
the decrease observed of share price is correlated to concerns from
investors point of view about the changes occurred in NVC Lighting
governance in May2012 that had led to a temporary suspension of
trading of the share in July2012. Those governance changes were
solved in the last quarter of 2012 and NVC Lighting share price
is recovering progressively. However, the Group estimates that the
share price does not refl ect the economic intrinsic value of NVC
Lighting yet and will assess the necessity of a potential impairment
through income statement in2013.
15.2 – Other non-current financial assets
Non Current fi nancial assets total EUR108million at December31,
2012.
15.3 – Current financial assets
Current fi nancial assets total EUR127million at December31, 2012
and include short-term investments.
Note16 Deferred taxes by type
Deferred taxes by type can be analyzed as follows:
Dec.31, 2012 Dec.31, 2011*
Deferred tax assets
Tax credits and tax loss carryforwards 354 294
Provisions for pensions and other post-retirement benefi t obligations 615 553
Impairment of receivables and inventory 166 187
Non-deductible provisions for contingencies and accruals 59 84
Other 551 350
TOTAL DEFERRED TAX ASSETS 1,745 1,468
Deferred tax liabilities
Differences between tax and accounting depreciation (82) (113)
Trademarks and other intangible assets (321) (430)
Capitalized development costs (R&D) (60) (55)
Other (551) (346)
TOTAL DEFERRED TAX LIABILITIES (1,014) (944)
* The 2011 fi gures were restated for the item disclosed in note1.2 of the consolidated fi nancial statements.
Deferred tax assets recorded in respect of tax loss carryforwards at December31, 2012 essentially concern France (EUR167million) and
Belgium (EUR77million).