APC 2014 Annual Report Download - page 181

BUSINESS REVIEW
REVIEW OF THE PARENT COMPANY FINANCIAL STATEMENTS
Review of the parent company 3.
financialstatements
Schneider ElectricSE posted total portfolio revenues of Net profit stood at EUR341 million compared with a net loss of
EUR1million in 2014 compared with EUR10 million the previous EUR133 million in 2013.
year. Schneider Electric Industries SAS, the main subsidiary, did Equity before appropriation of net profit amounted to
not pay dividends in 2014, nor in 2013. Interest expense net of EUR10,806million at December 31, 2014 versus
interest income amounted to EUR119 million versus EUR10,303million at the previous year-end, after taking into
EUR158million the previous year. account 2014 loss, dividend payments of EUR1,069 million and
Current loss amounted to EUR144 million in 2014 compared to a share issues in an amount of EUR1,228 million.
current loss of EUR165 million in 2013.
In 2014, Schneider Electric SE invoiced to Schneider Electric
Industries SAS a EUR442 million consideration for the use of
Schneider Electric brand, recognized as non-recurring income.
Review of subsidiaries 4.
Schneider Electric IndustriesSAS
4
Revenue totaled EUR3.4billion in2014 (EUR3.5billion in2013).
The subsidiary posted an operating loss of EUR136million in2014 compared with an operating loss of EUR233million in2013.
Net profit amounted to EUR174million in2014 compared with EUR948of net profit million in2013.
Outlook 5.
The Group expects North America to continue to grow, while In this context, the Group targets for 2015:
Western Europe could show signs of stabilization. New economies • Low single-digit organic growth in revenues
will show a mixed picture: India should accelerate while Russia will • Adjusted EBITA margin at 14-14.5% assuming no negative FX
face a difficult environment. China is expected to have a soft start impact on margin
of the year and should gradually improve during the year. Invensys
• An expected significantly positive FX impact, estimated based
is expected to continue to contribute to the Group performance.
on current rate at c.€1.5bn on revenues with no material impact
Group performance in Q1 will be impacted by a high base of
on the adjusted EBITA margin.
comparison notably in China and for Invensys which may result in
like-for-like decline in revenues in the quarter.
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