Rueil-Malmaison - May 4, 2012 - The shareholders of
Schneider Electric SA met in the combined ordinary and
extraordinary Annual Meeting, chaired by Henri Lachmann,
Chairman of the Supervisory Board, on May 3, 2012 to hear,
among others, the reports of the Management Board and
Supervisory Board and to approve the financial statements
for 2011.
I. Presentation by the Management Board:
2011 performance, 'Connect' program and long
term targets
During the meeting, Jean-Pascal Tricoire, Chairman of the
Management Board, reiterated the strategy of the Group and
demonstrated its continuous deployment over the past few
years. He showed the strong results achieved under the
'One' company program (2009-2011), that laid a very solid
foundation for our future: One brand, One company for our
customers and employees, One organization everywhere, and a
far higher efficiency than in 2008.
Jean-Pascal Tricoire also presented Schneider Electric's
new company program for 2012 to 2014, called 'Connect'.
Jean-Pascal Tricoire commented: "Connect will extend
the strong foundation of One to all our strategic levers:
products and solutions, mature and new economies, our
people, while continuing to drive efficiency at all
levels."
Tangible examples were used to illustrate the Group's
strategic ambitions, namely:
-
Identify key investment areas in new economies and create
new opportunities in mature countries to be a leader in
both mature and new economies (Connect
Everywhere);
-
Further improve the performance of its business models
and be a leader in products and in solutions (Connect
to Customers);
-
Create a culture and an environment favoring the
development and performance of the Group's employees
(Connect People);
-
Launch a new chapter in the Group's history of profitable
and responsible growth (Connect for Efficiency).
Emmanuel Babeau, Executive Vice-President Finance,
presented the results for 2011. He also commented on the
Group performance for the first quarter of 2012, with sales
showing good growth of +9.4% to €5,411 million.
Like-for-like sales was slightly up at +0.4%.
Regarding its full-year 2012 outlook, Schneider Electric
believes that the uncertainty surrounding the global
economy continues to limit visibility. In this context and
assuming no major change in economic conditions, the Group
continues to expect flat to slightly positive organic
growth for sales and an adjusted EBITA margin between 14%
and 15%.
Emmanuel Babeau also reiterated the Group's long term
financial targets disclosed at Schneider Electric's recent
Investor Day on February 22. The main targets for the
Group's performance across the cycle are: average organic
sales growth of world GDP + 3 points, adjusted EBITA margin
between 13% and 17% and a Return on Capital Employed
between 11% and 15%. The Group's dividend payout policy
remains 50% payout of net income.
II. Key results of the Annual Meeting vote by shareholders:
The quorum of the assembly was 67.1%. Shareholders approved
all of the resolutions recommended by the Management Board,
including:
-
Approval of the 2011 financial statements;
-
Payment of a net dividend of €1.70 per share payable on
May 16;
-
Conventions and regulatory commitments:
-
modification of the top-hat pension plan applicable
to Group senior executives;
-
renewal of certain elements concerning the status of
Mr. Jean-Pascal Tricoire, in accordance with the
provisions of the TEPA act;
-
Renewal of two financial authorizations for:
-
Share buy-back;
-
Capital increase reserved for employees of non-French
subsidiaries of the Group.
The full 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 August 1, 2012.
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 130,000 plus
employees achieved sales of 22.4 billion euros in 2011,
through an active commitment to help individuals and
organizations "Make the most of their energy."
www.schneider-electric.com
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