APC 2015 Annual Report Download - page 266

2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC264
PARENT C OMPANY FINANCIAL STATEMENTS
6NOTES TO THE FINANCIAL STATEMENTS
Note15 Net non-recurring income/(expense)
(in thousands of euros) Full Year 2015 Full Year 2014
Net gains/(losses) on fi xed asset disposals (617) 438,771
Provisions net of reversals (12,273) 4
Other non-recurring income/(expense) (2,000) 8,677
NET NON-RECURRING INCOME/(EXPENSE) (14,890) 447,452
On December31, 2015, EUR13million in depreciation on treasury shares was booked.
Note16 Net income tax benefit
The «income tax expense» line item in the statement of income
mainly consists of the Group tax relief recorded by the tax group
headed by Schneider ElectricSE, net of2015 income tax due, for
EUR106million, which represents a EUR23 million increase on last
year.
Schneider Electric SE is the parent company of the tax group
comprising all French subsidiaries that are over 95%-owned. Tax
loss carry forwards available to the company in this capacity totalled
EUR1,627million at December31, 2015.
Note17 P ension benefit commitment
The company had taken commitments towards its executives,
active managers and retirees. In 2012, the company had closed
the old plan to any new incomer and set up a new plan with a
progressive acquisition of the rights according to the seniority in
the Group and in the Executive Committee. The fi nancing of this
new plan, was then outsourced to AXA France VIE. Further to the
decision of board of directors meeting dated February 18 , 2015
to end to the benefi t of the top hat executive pension plans, the
company reversed a EUR14million provision in 2015.
Note18 Off-balance sheet commitments
18.1 – Partnership obligations
The share of liabilities of «SC» non-trading companies attributable
to Schneider Electric SE as partner is not material.
The share of liabilities of «SNC» fl ow-through entities attributable to
Schneider Electric SE as partner is not material.
18.2 – Guarantees given and received
Commitments given
Counter-guarantees of bank guarantees: None
Other guarantees given: EUR2,628 million, mainly to Group
companies
Commitments received
Bank counter-guarantees: None
18.3 – Financial instruments
Schneider Electric Group hedging transactions, exchange
guarantees and the establishment of fi nancial 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SE.
Schneider Electric SE does not hold any hedging instrument at
December31, 2015.