APC 2013 Annual Report Download - page 259

COMPANY FINANCIALSTATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
Notes to the financial statements 3.
(All amounts in thousands of euros unless otherwise indicated)
Significant events of the financial year
During the financial year, Schneider ElectricSA carried out On May14, 2013, the company booked the merge of its
EUR235million in share capital increases, as follows: investments in Cofibel, for a EUR137million amount with the value
of its investment in Cofimines, that brings to a total investment of
the employee share issue carried out on July11, 2013 as part of
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EUR220million. The company also booked a EUR63million
the worldwide Employee Stock Purchase Plan, for reversal of depreciation of Cofibel investment and a EUR72million
EUR134million; increase in depreciation of Cofimines investment.
the exercise of stock options, for EUR101million.
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On May31, 2013, the company booked a loss on a 2005
The company carried out a bond issue during the financial year for receivable for an amount of EUR45million fully depreciated.
a nominal of EUR600million. The company reimbursed two bonds The company issued commercial paper in 2013 and the
for EUR587million and EUR213million on “Schuldschein” credit corresponding EUR1,205million balance will mature within 2014.
line.
Accounting principles
As in the prior financial year, the financial statements for the also takes account of the acquired business goodwill. For listed
financial year ended December31, 2013 have been prepared in securities, the average stock price over the previous month is
accordance with French generally accepted accounting principles. used. Unrealized gains resulting from such estimates are not
recognised.
Non-current assets
Own shares
Non-current assets of all types are stated at cost.
Treasury stock is stated at weighted average cost.
Intangible assets
In the case of treasury stock held for allocation on the exercise of
stock options, a provision is recorded if the exercise price is lower
than the carrying value of the related treasury shares or if the
Intangible rights are amortized over a maximum of five years.
average stock price for the month previous to the closing is lower
Property, plant and equipment
than the weighted average cost.
Pension obligations
Items of property, plant and equipment are depreciated on a
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straight-line basis over their estimated useful lives, ranging from
The present value of termination benefits is determined using the
three to ten years.
projected unit credit method.
Shares in subsidiaries and affiliates
Provisions are funded for the supplementary pension benefits
provided by the company on the basis of the contractual terms of
top-hat agreements.
Shares in subsidiaries and affiliates are stated at acquisition cost.
The company applies the corridor method to actuarial gains and
Provisions for impairment may be funded where the carrying losses arising from changes in estimates. Under this method, the
amount is higher than the estimated value in use at the end of the portion of net cumulative actuarial gains and losses exceeding
financial year. This estimate is primarily determined on the basis of 10% of the projected benefit obligation is amortized over 10years.
the underlying net assets, earnings outlook and economic
forecasts. For the more recently-acquired investments, the analysis
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2013 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC