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CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2014

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(e) Reconciliation with cash flow statement

The increase and decrease in provisions retreated at statutory

cash flow were as follows:

Dec.31, 2014 Dec.31, 2013*

Increase of provision 421 482

Utilization of provision (422) (399)

Reversal of surplus provision (129) (184)

Provision variance including tax provisions but excluding employee benefit obligation (130) (101)

(Tax provisions net variance) (4) 77

Provision variance excluding tax provisions and pension benefit obligation (134) (24)

Employee benefit obligation net variance excluding contribution to plan assets 66 (77)

Increase/(decrease) in provisions in cash-flow statement (68) (101)

The 2013 figures were restated from the change in consolidation method disclosed in note1.*

Total (current and non-current) financial liabilities

Note24

Non-current financial liabilities break down as follows:

Dec.31, 2014 Dec.31, 2013*

Bonds 5,405 6,039

Bank and other borrowings 707 942

Lease liabilities 6 10

Employees profit sharing 9 11

Short-term portion of convertible and non-convertible bonds (750) (717)

Short-term portion of long-term debt (350) (363)

NON-CURRENT FINANCIAL LIABILITIES 5,027 5,922

The 2013 figures were restated from the change in consolidation method disclosed in note1.* 5

Current financial liabilities break down as follows:

Dec.31, 2014 Dec.31, 2013*

Commercial paper 760 1,205

Accrued interest 112 147

Other short-term borrowings 461 395

Drawdown of funds from lines of credit - -

Bank overdrafts 212 140

Short-term portion of convertible and non-convertible bonds 750 717

Short-term portion of long-term debt 350 363

Short-term debt 2,645 2,967

TOTAL CURRENT AND NON-CURRENT FINANCIAL LIABILITIES 7,672 8,889

CASH AND CASH EQUIVALENTS (SEE NOTE 20) (2,650) (5,563)

NET DEBT 5,022 3,326

The 2013 figures were restated from the change in consolidation method disclosed in note1.*

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2014 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC