Connect - Schneider Electric
Connect - Schneider Electric
Connect - Schneider Electric
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
5 CONSOLIDATED FINANCIAL STATEMENTS<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
2.2 – Other acquisitions during the year<br />
The total amount of acquisitions during the year came to EUR2,873 million, net of cash and cash equivalents acquired.<br />
168 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC<br />
2011 2010<br />
Acquisitions (2,873) (1,762)<br />
Cash and cash equivalents paid (2,953) (1,800)<br />
Cash and cash equivalents paid acquired 80 38<br />
Disposals 6 8<br />
Other operations (6) -<br />
NET FINANCIAL INVESTMENT (2,873) (1,754)<br />
It is mainly related to the acquisition of Telvent (August 30, 2011),<br />
Leader & Harvest (June 9, 2011), Luminous (May 30, 2011),<br />
Summit Energy (March 24, 2011), Steck (July 22, 2011) and Digilink<br />
(March 31, 2011).<br />
The temporary valuation of assets acquired at their fair value<br />
principally led to the recognition of intangible assets in the amount<br />
of EUR432 million (technology, backlog, customer relationships)<br />
and to revaluation of property, plant and equipment in the amount<br />
of EUR4 million; these assets were valued by independent experts.<br />
Contingent liabilities and indemnifi cation assets were recognized<br />
respectively for a total amount of EUR93 million and EUR47 million.<br />
These amounts are before deferred tax impacts.<br />
Note 3 Segment information<br />
The new divisions are organised by business (Power, Infrastructure,<br />
Industry, IT, Buildings).<br />
The fi ve Businesses are:<br />
• Power, which includes the activities of Low Voltage (electrical<br />
distribution), LifeSpace (wiring devices and associated interface<br />
devices) and Renewables (conversion and connection to the grid)<br />
further to the transfer of Medium Voltage to the Energy business in<br />
2011 (see below); the business is in charge of the end-customer<br />
segments Residential and Marine when it relates to solutions<br />
integrating the offers of several activities from the Group;<br />
• Infrastructure, created in 2011 and previously named Energy,<br />
combines all Medium Voltage activities including those from<br />
Areva Distribution, as well as Telvent; the business is in charge<br />
of the end-customer segments Oil and Gaz and Utilities when it<br />
relates to solutions integrating the offers of several activities from<br />
the Group;<br />
• Industry, which includes Automation & Control and three endcustomer<br />
segments: OEMs, Water Treatment and Mining,<br />
Minerals & Metals when it relates to solutions integrating the offers<br />
of several activities from the Group, as well as Custom Sensors &<br />
Technologies business (Sensors & Automatives), grouped under<br />
Industry from 2011;<br />
On December 31, 2011, the main elements of the provisional<br />
computation are:<br />
• contingent liabilities, for the identifi cation of risks is not completed;<br />
• tangible assets, because the estimated fair value of these assets<br />
is in progress;<br />
• intangible assets, because the assumptions used to value these<br />
assets will be refi ned in 2012.<br />
• IT, which covers Critical Power & Cooling Services and two<br />
end- customer segments: Data Centers and Financial Services<br />
when it relates to solutions integrating the offers of several<br />
activities from the Group;<br />
• Buildings, which includes Building Automation and Security and<br />
four end-customer segments: Hotels, Hospitals, Offi ce Buildings<br />
and Retail Buildings.<br />
Data concerning General Management that cannot be allocated to<br />
a particular segment are presented under “Corporate costs”.<br />
Operating segment data is identical to that presented to the<br />
Management Board, which has been identifi ed as the main decisionmaking<br />
body for allocating resources and evaluating segment<br />
performance. Performance assessments used by the Management<br />
Board are notably based on Adjusted EBITA. Share-based payment<br />
is presented under “Corporate costs”. The Management Board<br />
does not review assets and liabilities by Business.<br />
The same accounting principles governing the consolidated<br />
fi nancial statements apply to segment data.<br />
Details are provided in Chapter 4 of the Registration Document<br />
(Business Review).