Rueil-Malmaison - April 22, 2011 – The shareholders of Schneider Electric SA met in the Annual and Extraordinary Meeting, chaired by Henri Lachmann, Chairman of the Supervisory Board, on April 21, 2011 to hear, among others, the reports of the Management Board and Supervisory Board and to approve the financial statements for 2010.
During the meeting, Jean-Pascal Tricoire, Chairman of the Management Board, presented the strategy of the Group, as the global specialist in energy management. He focused on the growth drivers of the Group: energy efficiency, the smart grid and the robust new economies.
Jean-Pascal Tricoire also presented Schneider Electric’s offers with the best-in-class technologies and also the Group’s ability to bring high value-added solutions to answer the specific needs of its 5 end-markets: utilities and infrastructure, industries and machines builders, non-residential buildings, residential and data centres. Finally, Jean-Pascal Tricoire concluded by highlighting the ONE company program which was launched in January 2009 and is a key driver of the Group’s solid and profitable growth.
Emmanuel Babeau, Executive Vice-President Finance, presented the results for 2010, a year of record in terms of sales and profits. Including Areva Distribution on a full-year proforma basis, sales exceeded €20 billion. All activities and regions grew in 2010, thanks to improving end-markets, customer-focused organization, and strong footprint in new economies. EBITA reached €3 billion and free cash flow €1.7 billion against strong sales rebound.
Emmanuel Babeau also commented on the Group performance for the first quarter of 2011, with sales in strong progression and reached €4,944 million, up 26.5% on a current structure and exchange rate basis. Like-for-like sales were also up 11.8%.
Q1 sales performance supports Schneider Electric’s targets for 2011: a solid organic sales growth of 6% to 9% and an EBITA margin of 15.0% to 15.5% of sales, a raise from the 14.5% level in 2010 on proforma basis.
Shareholders approved all of the resolutions, including:
- The approval of the 2010 financial statements,
- The payment of a net dividend of €3.20 per share payable on May 4, 2011 in cash,
- The ratification of cooptation and nomination of new Supervisory Board members: Mrs Betsy Atkins, Mr. Anand Mahindra, Mr. Jeong H. Kim and Mrs Dominique Sénéquier,
- Change in company by-laws including the division of the nominal value of shares by two and the removal of the statutory age limit of supervisory board member
- Renewal of financial authorizations to increasing capital, up to a maximum of 36.8% of capital
- Renewal of the financial authorizations, in favor of employees: for the attribution of options and free shares subject to performance conditions, and for reserved capital increase.
With a quorum of 66.2%, the resolutions were adopted with a majority vote of between 72.58% and 99.92%. The results of the vote are posted on the Group website www.schneider-electric.com
The presentation and the replay of the video webcast of the Annual Shareholders’ Meeting are available on our website at www.schneider-electric.com/finance
Half-year financial results and second quarter sales will be released on July 29, 2011.
About Schneider Electric
As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centres/networks, as well as a broad presence in residential applications. Focused on making energy safe, reliable, and efficient, the company's 110,000 plus employees achieved sales of 19.6 billion euros in 2010, through an active commitment to help individuals and organizations “Make the most of their energy.”