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6 COMPANY FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 224 Currency risk Where necessary, a contingency provision is in place for unrealised exchange losses. However, where there are unrealised exchange gains and losses on back-to-back transactions in the same currency and with the same maturity, the amount of the provision is then limited to the net loss. Note 1 Non-current assets 1.1 – Intangible assets This item primarily consists of share issue and merger expenses, which are fully amortised. 1.2 – Tangible assets Note 2 Investments 2.1 – Shares in subsidiaries and affiliates Shares in subsidiaries and affi liates Dec. 31, 2010 Additions Disposals Dec. 31, 2011 Cost 4,608,104 21,556 (22,448) 4,607,212 Provisions (17,896) - - (17,896) NET 4,590,208 21,556 (22,448) 4,589,316 The main changes over the fi nancial year are mainly related to the transfer of Digital Holding shares towards Schneider Electric Japan Holding for EUR21 million and to acquisition of Cofi bel shares and Cofi mines shares. On December 29, 2011, the Company carried out the disposal of investments Industrielle de Réassurance for EUR1 million. The main investments at December 31 , 2011 were as follows: 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC Bonds Redemption premiums and issue costs are amortised over the life of the bonds. Tangible assets Dec. 31, 2010 Additions Disposals Dec. 31, 2011 Cost 4,480 - (10) 4,470 Depreciation (290) - - (290) NET 4,190 - (10) 4,180 Shares in subsidiaries and affi liates Carrying value Schneider Electric Industries SAS 4,344,481 Cofi bel 137,210 Cofi mines 82,655 Schneider Electric Japan Holding 21,249 Other (less than EUR20 million) 3,721 TOTAL 4,589,316
2.2 – Other investment securities COMPANY FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS Other investment securities Dec. 31, 2010 Increases Decreases Dec. 31, 2011 Schneider Electric SA shares 48,778 - - 48,778 Other 111,303 - - 111,303 Provisions for other shares (77) - - (77) NET 160,004 - - 160,004 Other investment securities primarily include Schneider Electric SA shares acquired for allocation on the exercise of certain stock options. Schneider Electric SA has not reclassifi ed own shares allocated to this line item as of December 31, 2004. However, since then, all purchases made for allocation to stock option plans have been classifi ed as marketable securities. On September 2, 2011, the nominal value of the shares was divided by two. As a consequence, the number of own shares recognised 2.3 – Advances to subsidiaries and affiliates under “Other investment securities” is 1,994,154 versus 997,077 shares at December 31,2010, representing a gross value of EUR49 million. “Other” shares primarily consist of EUR111 million of AXA shares. The other investments included in this item have been fully written down. Advances to subsidiaries and affi liates Dec. 31, 2010 Increases Decreases Dec. 31, 2011 Cost 3,140,038 548,584 (81,915) 3,606,707 Provisions (61) - - (61) NET 3,139,977 548,584 (81,915) 3,606,646 At December 31, 2011, this item mainly consisted of two loans totaling EUR3 billion granted to Schneider Electric Industries SAS, repayable in 2011 and 2015, of three loans granted to Boissière Finance for a total amount of EUR456 million with maturity date 2016 and of accrued interest of EUR50 million. Note 3 Other receivables Other receivables Dec. 31, 2011 Dec. 31, 2010 Cost 180,085 230,307 Provisions (45,256) (45,260) NET 134,829 185,047 “Other receivables” primarily consist of the EUR280 million in group tax relief, net of EUR210 million in advances to subsidiaries, representing a net amount of EUR70 million. As of December 31, 2011, line item still included EUR45 million in disputed receivables, all fully written down. 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 225 6
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Registration Document 2011 Financia
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Registration Document Financial and
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distinctions that are both an achie
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Interview with Schneider Electric r
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Supervisory Board (as of February 2
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Sales by geography 18% Rest of the
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2011 in brief Growth and acquisitio
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and IT managers will now be able to
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1 Description of the Group, and its
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1.3 The emergence of sustainable ci
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DESCRIPTION OF THE GROUP, AND ITS S
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2. Leader in an industry of the fut
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Specifiers: in search of efficient
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3.2 A platforms strategy The growin
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Diversified partnerships In additio
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4. Organisational simplicity DESCRI
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These procedures include quarterly
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The Group may be exposed to the ris
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Legal risks The Group’s products
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• in North America, a captive ins
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2 Sustainable development 1. Sustai
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Open dialogue with stakeholders Cus
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2 SUSTAINABLE DEVELOPMENT SUSTAINAB
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2 SUSTAINABLE DEVELOPMENT SUSTAINAB
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2 SUSTAINABLE DEVELOPMENT GREEN AND
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2 SUSTAINABLE DEVELOPMENT SCHNEIDER
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2 SUSTAINABLE DEVELOPMENT COMMITTED
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SUSTAINABLE DEVELOPMENT 2 INDICATOR
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2 SUSTAINABLE DEVELOPMENT 106 REGIS
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3 SUPERVISORY CORPORATE GOVERNANCE
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3 CORPORATE GOVERNANCE SUPERVISORY
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3 CORPORATE GOVERNANCE ORGANISATION
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3 CORPORATE GOVERNANCE MANAGEMENT B
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3 CORPORATE GOVERNANCE MANAGEMENT I
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3 CORPORATE GOVERNANCE REGULATED AG
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3 CORPORATE GOVERNANCE INTERNAL CON
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142 2011 REGISTRATION DOCUMENT SCHN
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4 TRENDS BUSINESS REVIEW IN SCHNEID
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4 BUSINESS REVIEW REVIEW OF THE CON
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4 BUSINESS REVIEW REVIEW OF THE CON
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4 BUSINESS REVIEW REVIEW OF THE PAR
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5 CONSOLIDATED CONSOLIDATED FINANCI
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5 CONSOLIDATED FINANCIAL STATEMENTS
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Page 176 and 177: 5 CONSOLIDATED FINANCIAL STATEMENTS
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274 PERSONS RESPONSIBLE FOR THE REG
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Schneider Electric SA Headquarters:
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