Connect - Schneider Electric

4 BUSINESS REVIEW
REVIEW OF THE PARENT COMPANY FINANCIAL STATEMENTS
> 3. Review of the parent company
> 4. Review of subsidiaries
financial statements
Schneider Electric SA posted total portfolio revenues of
EUR1,436 million in 2011 compared with EUR691 million the
previous year. Schneider Electric Industries SAS, the main
subsidiary, paid dividends of EUR1,300 million in 2011 compared
with EUR672 million in 2010. Interest expense net of interest
income amounted to EUR80 million versus EUR177 million the
year before. Non-recurring income amounted to EUR1,336 million
versus EUR497 million in 2010.
On December 30, 2011, Schneider Electric SA invoiced Schneider
Electric Industries SAS a fi nancial compensation for the use of the
trademark Schneider Electric for EUR1.2 billion.
Net profi t stood at EUR2,604 million compared with EUR703 million
in 2010.
Schneider Electric Industries SAS
Revenue totaled EUR3.6 billion versus EUR3.4 billion in 2010.
The subsidiary posted an operating loss of EUR88 million compared
with an operating profi t of EUR22 million in 2010.
Net profi t came to EUR992 million compared with EUR1,502 million
in 2010.
150 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC
Equity before appropriation of net profi t amounted to
EUR11,701 million at December 31, 2011 versus EUR9,738 million
at the previous year-end, after taking into account 2011 profi t,
dividend payments of EUR856 million and share issues in an
amount of EUR215 million.
All trade payables are due before end-January.
Schneider Electric SA proceed to several bond issuances during
the year for a total nominal amount of EUR1.7 billion euros and
repaid the 2006 bond of EUR500 million at the maturity date
(July 18, 2011).
Cofibel
Cofi bel posted a net profi t of EUR2 million, compared with
EUR154 million in 2010 (out of which EUR152 million of capital gain
on sale of Schneider Electric SA shares).
Cofimines
Remuneration and benefits of corporate officers
Cofi mines posted a net profi t of EUR16 million, compared with
EUR34 million in 2010 (out of which EUR29 million of capital gain
on sale of Schneider Electric SA shares).
The remuneration and other benefi ts paid to corporate offi cers are disclosed in Chapter 3, “Corporate Governance”, paragraph 8,
“Management interests and compensation” (page 124 and following).
> 5. Outlook
For 2012, the uncertainty surrounding the global economy limits
visibility. While the Group sees continued strength in new economies
and opportunities from a recovering North America, Western
Europe is expected to weigh on growth.
In this context and assuming no major change in economic
conditions, the Group expects fl at to slightly positive organic growth
for sales and an adjusted EBITA margin between 14% and 15%.