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5 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL 216 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC % interest Dec. 31, 2011 % interest Dec. 31, 2010 Dexson Electric SA Colombia 100.0 100.0 Schneider de Colombia SA Colombia 85.0 85.0 Schneider Centroamerica SA Costa Rica 100.0 100.0 Delixi Electric Egypt s.a.e Egypt 98.0 98.0 Schneider Electric Distribution Company Egypt 87.4 87.4 Schneider Electric Egypt SA Egypt 91.0 91.0 Schneider Electric Industries Iran Iran 89.0 89.0 Telemecanique Iran Iran 100.0 100.0 Schneider Electric LLP Kazakhstan 100.0 100.0 Schneider Electric East Mediterranean SAL Lebanon 96.0 96.0 Crouzet SA Morocco 100.0 100.0 Delixi Electric Maroc SARL AU Morocco 100.0 100.0 Schneider Electric IT Morocco, SA Morocco 100.0 100.0 Schneider Electric Maroc Morocco 100.0 100.0 Delixi Electric West Africa Ltd Nigeria 100.0 100.0 Schneider Electric Nigeria Ltd Nigeria 100.0 100.0 Schneider Electric Oman LLC Oman 100.0 100.0 Schneider Electric Pakistan (Private) Limited Pakistan 80.0 80.0 Schneider Electric Peru SA Peru 100.0 100.0 Cimac Electrical and Automation W.L.L Qatar 75.0 75.0 EPS Electrical Power Distribution Board & Switchgear Ltd Saudi Arabia 51.0 51.0 Telvent Saudi Arabia Co. Ltd Saudi Arabia 100.0 - Delixi Electric South Africa (Pty) Ltd South Africa 100.0 100.0 Merlin Gerin SA (Pty) Ltd South Africa 80.0 80.0 Schneider Electric IT South Africa (Pty) Ltd South Africa 100.0 100.0 Schneider Electric South Africa (Pty) Ltd South Africa 74.9 74.9 Unifl air South Africa (Pty) Ltd South Africa 100.0 - Schneider Enerji Endustrisi Sanayi Ve Ticaret Turkey 100.0 100.0 DMR Demirbag Elektrik Malzemeleri Ticaret Anonim Sirketi Turkey 100.0 100.0 Metesan Elektric Malzemeleri Ticaret Ve Pazarlama A.S Turkey 100.0 100.0 Schneider Electric Bilgi Teknolojileri Ticaret Ve Pazarlama A.S Turkey 100.0 100.0 Schneider Elektrik Sanayi Ve Ticaret A.S. Turkey 100.0 100.0 Cimac Electrical and Control Systems LLC United Arab Emirates 80.0 80.0 Cimac FZCO United Arab Emirates 100.0 100.0 Cimac LLC United Arab Emirates 49.0 49.0 Clipsal Middle East FZC United Arab Emirates 100.0 100.0 Clipsal Middle East FZCO United Arab Emirates 60.0 60.0 CLS Systems FZCO United Arab Emirates 100.0 100.0 Delixi Electric FZE United Arab Emirates 100.0 100.0 Hunter Watertech Middle East FZE United Arab Emirates 100.0 100.0 Schneider Electric DC MEA FZCO United Arab Emirates 100.0 100.0 Schneider Electric FZE United Arab Emirates 100.0 100.0 Schneider Electric RAK FZE United Arab Emirates 100.0 100.0 APC Uruguay SA Uruguay 100.0 100.0 Schneider Electric Venezuela SA Venezuela 91.9 91.9 Telvent Venezuela SA Venezuela 50.0 -
6. Statutory Auditors’ report on CONSOLIDATED FINANCIAL STATEMENTS STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS the consolidated financial statements This is a free translation into English of the Statutory Auditors’ report on the consolidated fi nancial statements issued in French and it is provided solely for the convenience of English speaking users. The Statutory Auditors’ report includes information specifi cally required by French law in such reports, whether modifi ed or not. This information is presented below the audit opinion on the consolidated fi nancial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain signifi cant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated fi nancial statements taken as a whole and not to provide separate assurance on individual account balances, transactions, or disclosures. This report also includes information relating to the specifi c verifi cation of information given in the management report and in the documents addressed to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Shareholders, In compliance with the assignment entrusted to us by your Annual Shareholders’ Meeting, we hereby report to you, for the year ended December 31, 2011, on: • the audit of the accompanying consolidated fi nancial statements of Schneider Electric SA; • the justifi cation of our assessments; • the specifi c verifi cation required by French law. These consolidated fi nancial statements have been approved by the Management Board. Our role is to express an opinion on these consolidated fi nancial statements based on our audit. I – Opinion on the consolidated financial statements We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated fi nancial statements are free of material misstatement. An audit involves performing procedures, using sampling techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the fi nancial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as well as the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion. In our opinion, the consolidated fi nancial statements give a true and fair view of the assets and liabilities and of the fi nancial position of the Company as at December 31, 2011 and of the results of its operations for the year then ended in accordance with IFRS, as adopted by the European Union. II – Justification of assessments In accordance with the requirements of article L. 823-9 of French Commercial Code (Code de commerce) relating to the justifi cation of our assessments, we bring to your attention the following matters: • Note 1.8 to the consolidated fi nancial statements explains the method for recognizing research and development costs and describes the criteria under which development costs may be capitalized. We reviewed the data and assumptions used to identify projects that qualify for capitalization, as well as the Group’s calculations, and verifi ed that adequate disclosure is made in the notes to the consolidated fi nancial statements. • As explained in notes 1.10 and 8 to the consolidated fi nancial statements, intangible assets and goodwill are tested for impairment at least once a year and when factors exist indicating that the related assets may have suffered a loss of value. We analysed, on a test basis, the indicators of a loss of value and the other information evidencing the absence of any loss of value. We reviewed the data, assumptions used, and calculations made, and verifi ed that adequate disclosure is made in the notes to the consolidated fi nancial statements. • As indicated in notes 1.15 and 16 to the consolidated fi nancial statements, future tax benefi ts arising from the utilization of tax loss carry forwards are recognized only when they can reasonably be expected to be realized. We verifi ed the reasonableness of the assumptions used to produce estimate of future taxable income used to support assessments of the recoverability of these deferred tax assets. • Notes 1.18 and 22 describe the method for valuing pensions and other post-employment obligations. Actuarial valuations were performed for these commitments. We reviewed the data, assumptions used, and calculations made, and verifi ed that adequate disclosure is made in the notes to the consolidated fi nancial statements. • Note 7 “Restructuring costs” states the amount of restructuring costs recorded in 2011. We verifi ed that, based on currently available information, these costs concern restructuring measures initiated or announced before December 31, 2011, for which provisions have been recorded based on an estimate of the costs to be incurred. We also reviewed the data and assumptions used by the Group to make these estimates. These assessments were made as part of our audit of the consolidated fi nancial statements taken as a whole and therefore contributed to the opinion we formed which is expressed in the fi rst part of this report. III – Specific verification As required by law we have also verifi ed in accordance with professional standards applicable in France the information presented in the Group’s management report. We have no matter to report as to its fair presentation and its consistency with the consolidated fi nancial statements. Courbevoie and Paris-La Défense, February 21, 2012 The Statutory Auditors French original signed by Mazars Ernst & Young et Autres David CHAUDAT Yvon SALAÜN 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 217 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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2 SUSTAINABLE DEVELOPMENT SUSTAINAB
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2 SUSTAINABLE DEVELOPMENT 106 REGIS
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3 SUPERVISORY CORPORATE GOVERNANCE
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3 CORPORATE GOVERNANCE ORGANISATION
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3 CORPORATE GOVERNANCE MANAGEMENT B
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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 PAR
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5 CONSOLIDATED CONSOLIDATED FINANCI
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8 ANNUAL AND EXTRAORDINARY SHAREHOL
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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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