APC 2012 Annual Report Download - page 247

Download and view the complete annual report

Please find page 247 of the 2012 APC annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 320

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252
  • 253
  • 254
  • 255
  • 256
  • 257
  • 258
  • 259
  • 260
  • 261
  • 262
  • 263
  • 264
  • 265
  • 266
  • 267
  • 268
  • 269
  • 270
  • 271
  • 272
  • 273
  • 274
  • 275
  • 276
  • 277
  • 278
  • 279
  • 280
  • 281
  • 282
  • 283
  • 284
  • 285
  • 286
  • 287
  • 288
  • 289
  • 290
  • 291
  • 292
  • 293
  • 294
  • 295
  • 296
  • 297
  • 298
  • 299
  • 300
  • 301
  • 302
  • 303
  • 304
  • 305
  • 306
  • 307
  • 308
  • 309
  • 310
  • 311
  • 312
  • 313
  • 314
  • 315
  • 316
  • 317
  • 318
  • 319
  • 320

2012 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 245
COMPANY FINANCIAL STATEMENTS
6
NOTES TO THE FINANCIAL STATEMENTS
Note16
Net income tax benefit
The “income tax expense” line item in the statement of income
mainly consists of the Group tax relief recorded by the tax group
headed by Schneider ElectricSA, net of2012 income tax due by
EUR95million, EUR185million less than last year.
Schneider Electric SA is the parent company of the tax group
comprising all French subsidiaries that are over 95%-owned. Tax
loss carryforwards available to the Company in this capacity totaled
EUR481million at December31, 2012.
Note17
Off-balance sheet commitments
17.1 – Partnership obligations
The share of liabilities of “SC” non-trading companies attributable to
Schneider ElectricSA as partner is not material.
The share of liabilities of “SNC” fl ow-through entities attributable to
Schneider ElectricSA as partner is not material.
17.2 – Guarantees given and received
Commitments given
Counter-guarantees of bank guarantees: None
Other guarantees given: EUR488million
Commitments received
Bank counter-guarantees: None
17.3 – Financial instruments
Schneider Electric Group hedging transactions, exchange guarantees and the establishment of fi nancial instruments are carried out by
the manager of the Group cash pool, Boissière Finance, a wholly-owned subsidiary of Schneider Electric IndustriesSAS, which in turn is
wholly-owned by Schneider ElectricSA. Nevertheless, Schneider ElectricSA has arranged fi xed-rate/fl oating-rate interest rate swaps to
hedge certain bond issues, the market value of which is as follows:
Underlying Hedging instrument
(in thousands of euros)
Type Face value Maturity Impact on net
fi nancial income Market value
Bond issue USD300,000,000 July1, 2014 (1,377) (2,093)
Schuldschein EUR195,000,000 May21, 2013 (7,709) (3,367)
Schuldschein EUR129,000,000 May21, 2015 (5,042) (13,103)
Private placement (CMS) EUR100,000,000 July31, 2013 (4,230) (2,760)
Private placement (CMS) EUR100,000,000 July31, 2013 3,357 2,283
Bond issue 2013 EUR475,000,000 July16, 2013 11,395 6,785
TOTAL (3,607) (12,257)
Note18
Other information
18.1 – Workforce
At December31, 2012, the Company had two employees.
18.2 – Consolidated financial statements
Schneider Electric SA is the parent company of the Group and
accordingly publishes the consolidated fi nancial statements of the
Schneider Electric Group.