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5 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL Note 27 Employees 27.1 – Employees The average number of permanent and temporary employees was as follows in 2010 and 2011: (number of employees) 2011 2010 Production 70,610 61,911 Administration 69,881 61,571 TOTAL AVERAGE NUMBER OF EMPLOYEES By region: 140,491 123,482 EMEAS* 68,392 60,937 North America 27,245 26,324 Asia-Pacifi c 44,854 36,221 * Europe, Middle-East, Africa, South America. The increase in the average number of employees is primarily linked to the 2011 acquisitions. 27.2 – Employee benefits expense Note 28 Related party transactions 204 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 2011 2010 Payroll costs (5,362) (4,649) Profi t-sharing and incentive bonuses (70) (65) Stock options (51) (31) WESOP (9) (3) EMPLOYEE BENEFITS EXPENSE (5,492 ) (4,748) 27.3 – Benefits granted to senior executives In 2011, the Group paid EUR0.57 million in attendance fees to the members of its Supervisory Board. The total amount of gross remuneration, including benefi ts in kind, paid in 2011 by the Group to the members of Senior Management excluding members of the Management Board totaled EUR12 million, of which EUR4.9 million corresponded to the variable portion. During the last three periods, 559,000 stock options and 528,482 stock grants have been allocated to members of Senior Management. 28.1 – Associates Companies over which the Group has signifi cant infl uence, accounted for by the equity consolidation method. Transactions with these related parties are carried out on arm’s length terms. Related party transactions were not material in 2011. Since December 16, 2011, 100% of stock grants and/or stock options are conditional on the achievement of performance criteria for members of the Executive Committee. Amounts here above have been restated to refl ect the division by half of the nominal amount of the stock that occurred on September 2, 2011. Pension obligations with respect to members of Senior Management amounted to EUR76 million at December 31, 2011 versus EUR73 million at December 31, 2010. Please refer to Chapter 3 Section 8 of the Registration Document for more information regarding the members of Senior Management. 28.2 – Related parties with significant influence No transactions were carried out during the year with members of the Supervisory Board or Management Board. Compensation and benefi ts paid to the Group’s top senior executives are described in note 27.3.
Note 29 Commitments and contingent liabilities 29.1 – Guarantees and similar undertakings CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL Dec. 31, 2011 Dec. 31, 2010 Market counter guarantees (1) 934 880 Pledges, mortages and sureties (2) 15 17 Endorsements and guarantees - 6 Other commitments given (3) 318 175 GUARANTEES GIVEN 1,267 1,078 Endorsements and guarantees received 71 80 GUARANTEES RECEIVED 71 80 (1) On certain contracts, customers require a guarantee from a bank that the contract will be fully executed by the Group. For these contracts the Group gives a counterguarantee to the bank. If a claim occurs, the risk linked to the commitment is assessed and a provision for contingencies is recorded when the risk is considered probable and can be reasonably estimated. (2) Certain loans are secured by property, plant and equipment and securities lodged as collateral. (3) Other guarantees given comprise guarantees given in rental payments. 29.2 – Purchase commitments Shares in subsidiaries and affiliates Commitments to purchase equity investments correspond to put options given to minority shareholders in consolidated companies or relate to earn-out payments. The amount of these commitments was not material at December 31, 2011. Information technology services The Group is party to an agreement with Capgemini providing for outsourcing (facilities management) of certain of its information technology functions in Europe and deployment of a system of shared SAP management applications. The fi rst pilot version of the global system was implemented in India in April 2007 and the second version was deployed in mid-2008 in several European pilot countries. At the end of 2011, Schneider Electric had capitalised total costs (net of impairment) of EUR142 million. The costs are progressively amortised with effect from 2009, over a seven-year rolling calendar and based on the number of users connected worldwide as the system is deployed. Note 30 Subsequent events For 2011 , the contractual facilities management costs amount to EUR100 million including the volume and indexing factors provided for by the contract (EUR103 million for 2010). 29.3 – Contingent liabilities Senior Management believes that the provisions recognised in the balance sheet, in respect of the known claims and litigation to which the Group is a party, should be adequate to ensure that such claims and litigation will not have any substantial impact on the Group’s fi nancial position or results. This is notably the case for the potential consequences of a current dispute in Belgium involving former senior executives and managers of the Group. The Group has entered into a company-wide agreement in respect of individual training entitlement. It has applied the French accounting treatment recommended by opinion 2004-F issued by the CNC’s urgent issues committee. Expenditure on individual training is written off as an expense during the period and therefore no provision is made for it. As of December 31, 2011, rights accrued but not used by employees of French entities of the Group corresponded to around 1,643,000 hours. On February 13, 2012, we received notice that a tax litigation in Spain was settled in favor of Schneider Electric for an amount of EUR20 million excluding late payment interests. This potential tax income was not recorded in 2011 consolidated fi nancial statements. 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 205 5
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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 GREEN AND
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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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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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8 MANAGEMENT ANNUAL AND EXTRAORDINA
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ANNUAL AND EXTRAORDINARY SHAREHOLDE
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274 PERSONS RESPONSIBLE FOR THE REG
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Schneider Electric SA Headquarters:
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