consolidated financial statements - schneider electric .the consolidated financial statements have

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  • Consolidated financial statements December 31, 2016

  • SCHNEIDER ELECTRIC 2016 1

    CONTENTS

    Consolidated statement of income ........................................................................................................... 2 Other comprehensive income ............................................................................................................................................... 3

    Consolidated statement of cash flows ..................................................................................................... 4 Consolidated balance sheet ...................................................................................................................... 5 Consolidated statement of changes in equity ......................................................................................... 7 Notes to the consolidated financial statements ...................................................................................... 8

    Note 1 Accounting Policies ............................................................................................................................................... 8 Note 2 Changes in the scope of consolidation ................................................................................................................ 16 Note 3 Segment information ........................................................................................................................................... 17 Note 4 Research and development ................................................................................................................................. 18 Note 5 Depreciation and amortization expenses ............................................................................................................. 18 Note 6 Other operating income and expenses ................................................................................................................ 19 Note 7 Restructuring costs .............................................................................................................................................. 19 Note 8 Amortization and impairment of purchase accounting intangibles ........................................................................ 19 Note 9 Other financial income and expense .................................................................................................................... 20 Note 10 Income tax expense ............................................................................................................................................ 20 Note 11 Goodwill .............................................................................................................................................................. 21 Note 12 Intangible assets ................................................................................................................................................. 22 Note 13 Property, plant and equipment ............................................................................................................................. 24 Note 14 Investments in associates.................................................................................................................................... 26 Note 15 Financial assets................................................................................................................................................... 27 Note 16 Deferred taxes by type ........................................................................................................................................ 28 Note 17 Inventories and work in progress ......................................................................................................................... 28 Note 18 Trade accounts receivable................................................................................................................................... 29 Note 19 Other receivables and prepaid expenses ............................................................................................................. 29 Note 20 Cash and cash equivalents.................................................................................................................................. 30 Note 21 Equity .................................................................................................................................................................. 30 Note 22 Pensions and other post-employment benefit obligations .................................................................................... 36 Note 23 Provisions ........................................................................................................................................................... 41 Note 24 Total (current and non-current) financial liabilities ................................................................................................ 42 Note 25 Other non-current liabilities .................................................................................................................................. 44 Note 26 Financial instruments........................................................................................................................................... 45 Note 27 Employees .......................................................................................................................................................... 49 Note 28 Related party transactions ................................................................................................................................... 50 Note 29 Commitments and contingent liabilities ................................................................................................................ 50 Note 30 Subsequent events .............................................................................................................................................. 51 Note 31 Statutory auditors fees ........................................................................................................................................ 51 Note 32 Consolidated companies ..................................................................................................................................... 52

    Review of the consolidated financial statements .................................................................................. 62 Review of business and consolidated statement of income ................................................................................................ 62 Changes in revenue by operating segment ........................................................................................................................ 62 Gross profit ........................................................................................................................................................................ 63 Support Function Costs: research and development and selling, general and administrative expenses .............................. 63 Other operating income and expenses ............................................................................................................................... 63 Restructuring costs ............................................................................................................................................................. 64 EBITA and Adjusted EBITA ................................................................................................................................................ 64 EBITA and Adjusted EBITA by business segment .............................................................................................................. 64 Operating income (EBIT) .................................................................................................................................................... 65 Net financial income/loss .................................................................................................................................................... 65 Tax 65 Share of profit/(losses) of associates .................................................................................................................................. 65 Non-controlling interests ..................................................................................................................................................... 65 Profit for the period ............................................................................................................................................................. 65 Earnings per share ............................................................................................................................................................. 66 Consolidated cash-flow ...................................................................................................................................................... 66

    Outlook ...................................................................................................................................................... 67 Statutory auditors report on the consolidated financial statements .................................................. 68

  • SCHNEIDER ELECTRIC 2016 2

    Consolidated statement of income

    (in millions of euros except for earnings per share) Note Full year 2016 Full year 2015

    Revenue 3 24,693 26,640

    Cost of sales (15,303) (16,795)

    Gross profit 9,390 9,845

    Research and development 4 (535) (565)

    Selling, general and administrative expenses (5,375) (5,639)

    EBITA adjusted* 3,480 3,641

    Other operating income and expenses 6 (63) (522)

    Restructuring costs 7 (313) (318)

    EBITA** 3,104 2,801

    Amortization and impairmen

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