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6 COMPANY FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 232 Note 14 Net financial income 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC Dec. 31, 2011 Dec. 31, 2010 Dividends 1,436,419 691,233 Net interest income (expense) (80,404) (177,272) Other (3,789) (4,484) NET FINANCIAL INCOME 1,352,225 509,477 The main 2011 dividends received by Schneider Electric SA were paid by its subsidiaries Schneider Electric Industries SAS (EUR1,300 million), Cofi bel (EUR79 million) and Cofi mines (EUR50 million). The Schneider Electric Industries SAS subsidiary paid a dividend of EUR672 million in 2010. Note 15 Net non-recurring income/(expense) Dec. 31, 2011 Dec. 31, 2010 Net gains/(losses) on fi xed asset disposals 1,190,413 (2,081) Provisions net of reversals (16,889) 1,499 Other non-recurring income/(expense) (859) 1,173 NET NON-RECURRING INCOME/(EXPENSE) 1,172,864 592 The EUR1.2 billion net gain on fi xed assets disposals is mainly related to the sale of Schneider Electric trademark to Schneider Electric Industries SAS. In December 2011, the Company registered a EUR17 million provision related to the allocation of own shares to stock grants plan n°5 and 8. 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 SA, net of 2011 income tax due by EUR159 million. Group relief totalled EUR280 million in 2011, up on the EUR73 million the prior fi nancial year. Schneider Electric SA is the parent company of the tax group comprising all French subsidiaries that are over 95%-owned. Tax loss carryforwards available to the Company in this capacity totaled EUR704 million at December 31, 2011.
Note 17 Off-balance sheet commitments 17.1 – Partnership obligations The share of liabilities of “SC” non-trading companies attributable to Schneider Electric SA as partner is not material. The share of liabilities of “SNC” fl ow-through entities attributable to Schneider Electric SA as partner is not material. 17.3 – Financial instruments Underlying Type Face value Maturity COMPANY FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 17.2 – Guarantees given and received Commitments given: Counter-guarantees of bank guarantees: None Other guarantees given: EUR504 million Commitments received: Bank counter-guarantees: None 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 SA. Nevertheless, Schneider Electric SA has arranged fi xed-rate/fl oating-rate interest rate swaps to hedge certain bond issues, the market value of which is as follows: Hedging instrument (in thousands of euros) Impact on net fi nancial income Market value Bond issue USD300,000,000 July 1, 2014 (745) (1,466) Schuldschein EUR195,000,000 May 21, 2013 (6,552) (9,765) Schuldschein EUR129,000,000 May 21, 2015 (4,277) (14,646) Private placement (CMS) EUR100,000,000 July 31, 2013 (3,584) (6,143) Private placement (CMS) EUR100,000,000 July 31, 2013 2,728 4,770 Bond issue 2013 EUR475,000,000 July 16, 2013 7,466 14,320 TOTAL (4,964) (12,930) Note 18 Other information 18.1 – Workforce At December 31, 2011, the Company had two employees. 18.2 – Consolidated financial statements Schneider Electric SA is the parent company of the Group and accordingly publishes the consolidated fi nancial statements of the Schneider Electric Group. 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 233 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 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 REGULATED AG
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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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Connect - Schneider Electric

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