Connect - Schneider Electric
Connect - Schneider Electric
Connect - Schneider Electric
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2.1 – Acquisition of Areva T&D’s Distribution business in 2010<br />
CONSOLIDATED FINANCIAL STATEMENTS<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
In accordance with standard IFRS 3 R, <strong>Schneider</strong> <strong>Electric</strong> valued the assets acquired and liabilities assumed at their fair value on the date of<br />
acquisition. The fi nal allocation of the acquisition price breaks down as follows:<br />
Before allocation of Allocation of After allocation of<br />
Areva Distribution<br />
acquisition price acquisition price acquisition price<br />
Acquisition price 1,208<br />
Cash and cash equivalents 33 - 33<br />
Current assets 992 (23) 969<br />
Non current assets 437 139 576<br />
Total assets 1,462 116 1,578<br />
Financial liabilities 45 - 45<br />
Non-current liabilities excluding debt 167 156 323<br />
Current liabilities excluding debt 799 67 866<br />
Non-controlling interests 34 (18) 16<br />
Total liabilities 1,045 205 1,250<br />
GOODWILL 880<br />
The valuation of the assets acquired at their fair value led<br />
principally to the recognition of intangible assets in the amount of<br />
EUR159 million (technology, backlog, inventories and customer<br />
relationships) and to revaluations of property, plant and equipment<br />
in the amount of EUR26 million; these assets were valued by<br />
independent experts. Contingent liabilities were recognised for a<br />
total amount of EUR199 million. The goodwill is not tax-deductible.<br />
On December 31, 2010, the main elements of the provisional<br />
computation were:<br />
• contingent liabilities, for the identifi cation of risks, particularly<br />
tax, was not completed at the close of business on<br />
December 31, 2010;<br />
Group<br />
excluding Areva<br />
Distribution<br />
• tangible assets, because the estimated fair value of these assets<br />
was in progress;<br />
• intangible assets, because the assumptions used to value the<br />
technology has been refi ned in 2011.<br />
On December 31, 2010, the Distribution business of Areva<br />
T&D’s, had been included to the scope of consolidation from the<br />
acquisition date, i.e. June 7, 2010. If Distribution business of Areva<br />
T&D’s had been acquired from January 1, 2010, then the effect on<br />
the consolidated income statement i n 2010 would have been as<br />
follows:<br />
Contribution of<br />
Areva D since<br />
acquisition<br />
Group<br />
published<br />
Areva D from<br />
January 1, to<br />
Jun. 7<br />
Group including<br />
Areva D since<br />
January 1<br />
Revenue 18,350 1,230 19,580 648 20,228<br />
EBITA 2,846 85 2,931 9 2,940<br />
% 15.5% 6.9% 15.0% 1.4% 14.5%<br />
Restructuring costs (96) (96) (5) (101)<br />
Other operating income and expenses 8 8 8<br />
Adjusted EBITA* 2,934 85 3,019 14 3,033<br />
% 16.0% 6.9% 15.4% 2.2% 15.0%<br />
* Adjusted EBITA: EBITA before Restructuring costs and Other income and expenses (of which Costs of acquisition, integration<br />
and separation).<br />
Comparative data in 2010 did not require a change in 2011 because the impacts related to changes in fair value recognized as part of the<br />
acquisition were not signifi cant across the <strong>Schneider</strong> Group balance sheet and income statement also.<br />
2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC<br />
167<br />
5