APC 2013 Annual Report Download - page 269

COMPANY FINANCIALSTATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
Net income tax benefit Note16
The “income tax expense” line item in the statement of income Schneider ElectricSA is the parent company of the tax Group
mainly consists of the Group tax relief recorded by the tax Group comprising all French subsidiaries that are over 95%-owned. Tax
headed by Schneider ElectricSA, net of2013 income tax due by loss carryforwards available to the company in this capacity totaled
EUR87million, EUR8million less than last year. EUR947million at December31, 2013.
Off-balance sheet commitments Note17
17.1 – Partnership obligations 17.2 – Guarantees given and received
The share of liabilities of “SC” non-trading companies attributable
Commitments given
to Schneider ElectricSA as partner is not material.
Counter-guarantees of bank guarantees: None
The share of liabilities of “SNC” flow-through entities attributable to
Schneider ElectricSA as partner is not material. Other guarantees given: EUR517million
Commitments received
Bank counter-guarantees: None
17.3 – Financial instruments
Schneider Electric Group hedging transactions, exchange guarantees and the establishment of financial 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 fixed-rate/floating-rate interest rate swaps to
hedge certain bond issues, the market value of which is as follows:
Hedging instrument
Underlying (in thousands of euros)
Impact on net
Type Face value Maturity Market valuefinancial income
Bond issue USD300,000,000 July1, 2014 (1,530) (745)
Schuldschein EUR129,000,000 May21, 2015 (5,698) (7,443)
TOTAL (7,228) (8,189)
Other information Note18
18.1 – Workforce 18.3 – Subsequent events
At December31, 2013, the company had two employees. On January20, 2014, Schneider ElectricSA acquired about 26%
6
of Invensys plc through the issuance of 17,207,427 new Schneider
18.2 – Consolidated financial statements
Electric shares. The remaining 74% of Invensys was purchased by
a subsidiary of Schneider Electric SA.
Schneider ElectricSA is the parent company of the Group and
accordingly publishes the consolidated financial statements of the
Schneider Electric Group.
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2013 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC