2010Annual Report - Schneider Electric CZ, s.r.o.

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6 COMPANY FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 232 further 2,151,390 shares were issued as part of the EUR17 million employee share issue while 2,709,882 stock options were exercised for EUR22 million. Own shares In 2010, Schneider Electric SA transferred to employees 33,074 own shares, acquired at a cost of EUR2 million. The total number of own shares held at the reporting date stood at 4,582,476, representing a total of EUR266 million. 7.2 - Additional paid-in capital Additional paid-in capital rose by EUR561 million over the fi nancial year, including EUR295 million from the 2009 stock dividend, EUR127 million from the employee share issue and EUR139 million from the exercise of stock options. 7.3 - Retained earnings Note 8 Provisions for contingencies and pension accruals Pursuant to the third resolution of the Annual and Extraordinary Shareholders’ Meeting of April 23, 2010, EUR12 million of the EUR476 million in 2009 distributable earnings was allocated to the legal reserve. EUR529 million was paid out in dividends (including EUR66 million deducted from retained earnings), EUR199 million of which was in cash. Dec. 31, 2009 Increases Decreases Dec. 31, 2010 Provisions for contingencies Disputes 929 - (914) 15 Other 30 - - 30 Provisions for pension accruals 959 - (914) 45 Pension accruals 31,779 1,900 (1,975) 31,704 8.1 - Contingencies Management is confi dent that overall the balance sheet provisions for disputes of which it is currently aware and in which the Company is involved should be suffi cient to ensure that these disputes do not have a material impact on its fi nancial position or income. This is particularly true of the provisions set aside to cover the potential consequences of a current dispute in Belgium involving former senior executives and managers of the Company. In February 2010, the Company reversed a EUR1 million contingency provision funded in 2002 with respect to a non-trading real-estate company. 2010 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 32,738 1,900 (2,889) 31,749 8.2 - Pension accruals The Company has various obligations towards its current and retired senior executives and managers. Following an actuarial valuation carried out in 2010, the provision for these obligations was increased to EUR32 million. The Company applied the corridor method to the actuarial gains and losses arising from this valuation (see “accounting principles”). At December 31, 2010, cumulative actuarial gains and losses totaled EUR5 million. From 2010, a total of EUR1.3 million, exceeding 10% of the obligation, is being amortised over 10 years.
Note 9 Bonds Share capital COMPANY FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS Dec. 31, 2010 Dec. 31, 2009 Interest rate Maturity Schneider Electric SA 2010 900,000 3.125% Fixed Aug. 11, 2010 Schneider Electric SA 2017 600,000 600,000 4.00% Fixed Aug. 11, 2017 Schneider Electric SA 2011 500,000 500,000 Euribor +0.20% Floating July 18, 2011 Schneider Electric SA 2014 500,000 500,000 4.50% Fixed Jan. 17, 2014 Schneider Electric SA 2015 600,000 600,000 5.375% Fixed Jan. 08, 2015 Schneider Electric SA 2017 125,000 125,000 4.00% Fixed Aug. 11, 2017 Schneider Electric SA 2017 55,000 55,000 4.00% Fixed Aug. 11, 2017 Schneider Electric SA 2016 177,565 177,565 Euribor +0.60% Floating July 25, 2016 Schneider Electric SA 2013 100,000 100,000 CMS +1% Floating July 31, 2013 Schneider Electric SA 2013 487,000 750,000 6.75% Fixed July 16, 2013 Schneider Electric SA 2015 150,000 150,000 5.375% Fixed Jan. 08, 2015 Schneider Electric SA 2017 250,000 250,000 4.00% Fixed Aug. 11, 2017 Schneider Electric SA 2016 300,000 - 2.875% Fixed July 20, 2016 Schneider Electric SA 2016 200,000 - 2.875% Fixed July 20, 2016 Schneider Electric SA 2020 500,000 - 3.625% Fixed July 20, 2020 Legend: Fixed: fi xed rate. Floating: fl oating rate. Schneider Electric SA has made a series of bond issues as part of its Euro Medium Term Notes (“EMTN”) program over the past few years. The issues that had not matured as of December 31, 2010 were as follows: • EUR300 and EUR200 million worth of 2.875% bonds successively issued in July and October 2010 and maturing on July 20, 2016; • EUR500 million worth of 3.625% bonds issued in July 2010 and maturing on July 20, 2020; • EUR150 million worth of bonds issued in May 2009 to top up the EUR600 million tranche at 5.375% maturing on January 8, 2015 and issued in October 2007, thereby raising the total issue to EUR750 million; • EUR250 million worth of bonds issued in March 2009 to top up the EUR780 million twelve year tranche at 4% issued in August 2005, thereby raising the total issue to EUR1.03 billion; • EUR750 million worth of 6.75% bonds issued in January 2009 and maturing on July 16, 2013. In July 2010, this bond was partly redeemed to the amount of EUR263 million, reducing the bond to EUR487 million; • EUR100 million worth of bonds issued in July 2008 at a fl oating rate indexed to the 10 Year CMS (Constant Maturity Swap) and maturing on July 31, 2013; 4,544,565 4,707,565 • EUR177 million worth of fl oating-rate bonds issued in July 2008 and maturing on July 25, 2016; • EUR180 million worth of bonds issued in April 2008 to top up the EUR600 million twelve year tranche at 4% issued in August 2005, thereby raising the total tranche to EUR780 million; • EUR600 million worth of 5.375% bonds issued in October 2007 and maturing on January 8, 2015; • EUR1 billion worth of bonds issued in July 2006, comprising a EUR500 million 5-year fl oating rate tranche and a EUR500 million 7 1/2-year 4.5% tranche; • EUR600 million worth of 4% bonds issued in August 2005 and maturing in August 2017; These bonds are traded on the Luxembourg stock market. The issue premiums and issue costs are amortised in line with the effective interest method. Lastly, the Group redeemed EUR900 million worth of August 2005 bonds at maturity on August 11, 2010. 2010 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 233 6
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2010 Annual Report Schneider Electr
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Registration Document Annual Report
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A signifi cant improvement in profi
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Interview with 2010 marks the retur
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Supervisory Board (as of February 1
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Sales by geographical area 18% Rest
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2010 in brief Growth and acquisitio
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On October 1, 2010 IBM and Schneide
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1 Description of the Group, and its
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1. 3 The emergence of new economies
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DESCRIPTION OF THE GROUP, AND ITS S
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Utilities and Infrastructures: ensu
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2. 3 Leadership in our five sectors
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The Buildings business Number 4 wor
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Panel builders and systems integrat
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3. Innovation and R&D: DESCRIPTION
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3. 4 Partnerships to accelerate pro
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DESCRIPTION OF THE GROUP, AND ITS S
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Rationalisation and optimisation of
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4. 4 Global, selective purchasing P
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The Group’s human resources strat
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on our increased costs to customers
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Insurance Schneider Electric’s st
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2 Sustainable development 1. Sustai
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2 SUSTAINABLE DEVELOPMENT SUSTAINAB
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2 SUSTAINABLE DEVELOPMENT 50 > Zoom
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2 SUSTAINABLE DEVELOPMENT SUSTAINAB
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2 SUSTAINABLE DEVELOPMENT RESPECT F
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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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3 CORPORATE GOVERNANCE SUPERVISORY
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3 CORPORATE GOVERNANCE ORGANISATION
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3 CORPORATE GOVERNANCE ORGANISATION
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3 CORPORATE GOVERNANCE MANAGEMENT I
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3 CORPORATE GOVERNANCE INTERNAL CON
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3 CORPORATE GOVERNANCE APPLICATION
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4 BUSINESS REVIEW TRENDS 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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4 BUSINESS REVIEW 148 2010 REGISTRA
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5 CONSOLIDATED FINANCIAL STATEMENTS
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ANNUAL AND EXTRAORDINARY SHAREHOLDE
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288 PERSONS RESPONSIBLE FOR THE REG
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Schneider Electric SA Headquarters:
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