2010Annual Report - Schneider Electric CZ, s.r.o.
2010Annual Report - Schneider Electric CZ, s.r.o.
2010Annual Report - Schneider Electric CZ, s.r.o.
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4. Review of subsidiaries<br />
<strong>Schneider</strong> <strong>Electric</strong> Industries SAS<br />
Revenue totaled EUR3.4 billion versus EUR2.8 billion in 2009.<br />
The subsidiary posted an operating profi t of EUR22 million compared<br />
with an operating loss of EUR58 million in 2009.<br />
Net profi t came to EUR1,502 million compared with EUR672 million<br />
in 2009.<br />
Cofibel<br />
The company’s portfolio historically comprised shares in <strong>Schneider</strong><br />
<strong>Electric</strong> SA; they were sold in 2010, producing a capital gain of<br />
EUR152 million.<br />
BUSINESS REVIEW<br />
OUTLOOK<br />
Cofibel posted a net profit of EUR154 million, compared with<br />
EUR6.7 million in 2009.<br />
Cofimines<br />
Remuneration and benefits of corporate officers<br />
The company also disposed of its <strong>Schneider</strong> <strong>Electric</strong> SA shares,<br />
making a capital gain of EUR29 million. Cofi mines posted a net profi t<br />
of EUR34.4 million, compared with EUR1.4 million in 2009.<br />
The remuneration and other benefi ts paid to corporate offi cers are disclosed in chapter 3, “Corporate Governance”, paragraph 8, “Management<br />
interests and compensation”.<br />
> 5. Outlook<br />
<strong>Schneider</strong> <strong>Electric</strong> expects the overall conditions of its end-markets<br />
to improve in 2011. Momentum of shorter cycle Industry and IT<br />
businesses is expected to stay solid, but will face more demanding<br />
year-on-year comparison. Power should continue to see progressive<br />
improvement. On the longer-cycle businesses, Energy is expected to<br />
grow in 2011 aided by gradually improving utility end-market while<br />
energy effi ciency and better trends in mature markets should be a<br />
support to the Buildings business.<br />
The Group will continue to drive strong industrial productivity which is<br />
expected to deliver about EUR400 million of savings. It will also invest<br />
for growth in areas related to energy effi ciency, the smart grid and<br />
in the new economies, but at the same time keep support function<br />
costs increase at a rate below the organic sales growth. The Group<br />
expects raw material input cost headwind of about EUR250 million,<br />
to be partly offset by price increases of ~1% in 2011.<br />
Consequently, <strong>Schneider</strong> <strong>Electric</strong> targets for 2011 a solid organic<br />
sales growth of 6% to 9% and an EBITA margin of 15.0% to 15.5%<br />
of sales, a raise from the 14.5% level in 2010 on pro-forma basis.<br />
2010 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 147<br />
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