APC 2013 Annual Report Download - page 296

8SHAREHOLDERS’ MEETING
REPORT OF THE BOARD OF DIRECTORS TO THE COMBINED ANNUAL AND EXTRAORDINARY SHAREHOLDERS’ MEETING
Report of the board of directors 1.
tothecombined annual and
extraordinary shareholders’
meeting
Ordinary meeting
Approval of financial statements
The dividend will be paid on May 19, 2014, according to the
following schedule:
– First resolution –
Dividend ex-date Wednesday, May 14, 2014
We request that you approve the transactions and financial
statements for the year 2013, as presented, which show a loss of
Date of approval of the positions Friday, May 16, 2014
EUR132.8million. This loss results from the ambition of the
Dividend payment date Monday, May 19, 2014
company, which has more than EUR10 billion in equity, not to
receive dividends from its wholly owned subsidiary Schneider
Electric Industries SAS. Because the latter directly and indirectly For individual shareholders resident for tax purposes in France, a
holds all of the entities constituting the Schneider Electric Group, it social security tax of 15.5% will be charged on the gross amount.
seemed appropriate to strengthen its equity, to leave dividends Dividends are required to be subject to the progressive income tax
and other financial income it received in 2012 from Group rate.
subsidiaries at their same level.
After applying a 40% (uncapped) allowance, only 60% of the
Approval of the consolidated
dividend amount will be included in taxable income, less any
deductible charges and expenses, notably including social security
financialstatements
tax.
– Second resolution –
The full dividend will be eligible for the 40% allowance. No amounts
We request that you approve the transactions and consolidated eligible or not eligible for the 40% deduction provided for in
financial statements for the year 2013, as presented, which show a article158-3-2 of the French Tax Code will be distributed, other
net profit for the Group of EUR1,888million. than the dividend described above.
Distribution: Appropriation of profit,
The dividends are subject to a mandatory non-definitive levy at
source of 21%. This levy will be charged on the income tax that will
be due in 2015 for income earned in 2014. If it exceeds the income
withholding on share premiums and setting
tax due, the surplus will be paid back.
ofadividend of 1.87 euro per share
Nevertheless, individuals belonging to a tax household whose
– Third resolution –
taxable income for the penultimate year is less than EUR50,000
with the status of single, divorced or widowed taxpayer, and
We recommend a dividend of EUR1.87 per EUR4 par value share.
EUR75,000 for couples who file a joint tax return, can request
This dividend represents a distribution rate of 56,7% of the
exemption from this levy.
Group's net profit. The dividend will be paid on May19, 2014 on
579,167,716 shares with dividend rights on January1, 2013 that To this end, under their responsibility, they should submit their
made up the capital on January17, 2014. No dividend will be paid application for exemption to the paying entity, in the form of a
on shares held in treasury by the company on the payment date; sworn statement indicating that their reference taxable income
the corresponding amounts will be allocated to retained earnings. listed on their tax form established under income for the
penultimate year preceding the payment of the revenues, shows
The dividend will be paid out of distributable earnings, consisting
income lower than the thresholds indicated above. This application
of:
must be filed no later than November30 of the year preceding that
retained earnings from the previous financial year of(i)
of the payment.
EUR973,551,474,73;
the allocation of the loss for the fiscal year amounting to
(ii)
EUR132,771,491.80 on the retained earnings;
less the charge of EUR2,216,403.60 to reconstitute the legal
(iii)
reserve;
less the charges of EUR244,480,049.59 on issue premiums
(iv)
relating to the transfer of Legrand shares;
and amounting to EUR1,083,043,628.92.
294 2013 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC