APC 2015 Annual Report Download - page 186

2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC184
BUSINESS REVIEW
4REVIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS
2.10 Net financial income/loss
Net fi nancial loss amounted to EUR446million for the year ended
December 31, 2015, compared to EUR467 million for the year
ended December31, 2014. The decrease of the net fi nancial loss
is mainly explained by the decrease of the cost of net fi nancial
debt from EUR312million for year ended December31, 2014 to
EUR295 million for year ended December 31, 2015 thanks to a
lower average interest rate. The other fi nancial incomes and costs
are stable from a net expense of EUR155 million for year ended
December31, 2014 to a net expense of EUR151million for year
ended December31, 2015.
2.11 Tax
The effective tax rate was 21.8% for the year ended December31,
2015, decreasing compared to 22.7% for the year ended
December 31, 2014. The corresponding tax expense decreased
from EUR551 million for the year ended December 31, 2014 to
EUR389million for the year ended December31, 2015. The tax
expense included in 2015 a EUR115million deferred tax income
related to the impairment of Pelco trademark.
2.12 Discontinued operations
The net effect of discontinued activities totalled EUR169 million
for the year ended December31, 2014, including profi t over six-
months from the Appliance activity of Invensys, sold in June2014,
and over nine-months from CST business, sold on October 1,
2014, as well as the corresponding gain on sale.
There were no segments reported as discontinued activities in
2015.
2.13 Share of profit/(losses) of associates
The share of profi t of associates increased from EUR14million for
the year ended December31, 2014 to EUR109million for the year
ended December31, 2015 mainly thanks to a non recurrent gain
realized on sale of assets reported by CST.
2.14 Non-controlling interests
Minority interests in net income for the year ended December31,
2015 totalled EUR96million, compared to EUR120million for the
year ended December31, 2014. This represented the share in net
income attributable, in large part, to the minority interests of certain
Chinese companies.
2.15 Profit for the period
Profi t for the period attributable to the equity holders of our
parent company amounted to EUR1,407 million for the year
ended December 31, 2015, that is a 27.5% decrease over the
EUR1,941 million profi t for the year ended December 31, 2014,
mainly due to signifi cant losses on sales of business, impairments
and higher restructuring costs higher than in 2014.
2.16 Share of profit for the period attributable tothe equity holders of the parent
company on continuing operations
The share of profi t for the period attributable to the equity holders of
our parent company of continuing operations (profi t for the period
attributable to the equity holders of our parent company excluding
discontinued operations) amounted to EUR1,407 million for the
year ended December31, 2015, compared to EUR1,772million for
the year ended December31, 2014, decreasing by 20.6%.
2.17 Earnings per share
Earnings per share decreased from EUR3.39 for the year ended December31, 2014 to EUR2.47 for the year ended December31, 2015.