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          17/02/2011

          2010 Schneider Electric Financial Information

          Record high sales, EBITA and net profit
          Pro-forma sales exceeded €20bn for the first time
          Robust free cash flow at €1.7 bn, net debt down at €2.7bn
          Strong start of Areva Distribution, exceeding expectation
          2011 another year of solid growth and margin improvement


          Rueil-Malmaison (France), February 17, 2011
          – Schneider Electric announced today its fourth quarter sales and full year results for the period ending December 31, 2010.

          Key figures (€ million) 

          Full Year 2009 

          Full Year 2010 

          % change 

          Sales Organic growth EBITA1 before restructuring costs and Areva Distribution integration costs % of sales 

          15,793 2,018 12.8% 

          19,580 3,052 15.6% 

          +24% +9.3% +51% +2.8 pts 

          Attributable net profit 

          824 

          1,720 

          +109% 

          Jean-Pascal Tricoire, President and CEO, comments: “Our teams delivered record high sales and profitability in 2010. Including Areva Distribution on a full year basis, our sales exceeded €20 billion for the first time. All our activities and regions grew in 2010, thanks to improving end-markets, customer¬focused organization, and strong footprint in new economies which represent 37% of our sales in 2010.

          We enter 2011 with a solid momentum. In this new phase of the cycle, we will invest for growth in areas related to energy efficiency, the smart grid and in new economies. In parallel, we want to continue to drive cost efficiency in line with strategic roadmap of our One program. Our solid balance sheet will allow us to pursue value creative external growth and accelerate our strategic deployment.

          For 2011, we target 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 pro-forma basis.”

          Financial Information (p. 2)

          I. Q4 ORGANIC SALES UP 12.1%, LED BY STRONG INDUSTRY, REBOUND IN POWER AND DYNAMIC NEW ECONOMIES


          Fourth quarter 2010 sales reached €5,563 million, up 36.1% on a current structure and exchange rate basis. Like-for-like sales were up 12.1%.

          Organic growth by businesses in the fourth quarter

          € million 

          Full Year 2010 

          % change Full Year (organic) 

          Sales Q4 2010 

          % change Q4 (organic) 

          Power

          10,318

          +5.7%

          2,795

          +10.8%

          Areva Distribution

          1,230

           

          601

           

          Industry

          3,551

          +23.6%

          931

          +20.6%

          IT

          2,646

          +9.6%

          734

          +9.6%

          Buildings

          1,402

          +3.3%

          385

          +9.1%

          CST

          433

          +16.9%

          117

          +9.6%

          Total 

          19,580 

          +9.3% 

          5,563 

          +12.1% 

          Power (50% of Q4 sales) saw a strong improvement in the fourth quarter with sales up 10.8% like¬for-like. Sequential improvement of the medium voltage business was confirmed, aided by better trends of its key markets, in particular the non-residential construction, energy and infrastructure segments. Low voltage continued to accelerate, benefiting from the upturn in trends in most geographies and end-markets. Solutions outgrew products in the quarter, thanks to solid growth of renewable energy projects as well as contracts in the infrastructure and non-residential building end¬markets. While all regions were positive in Q4, Asia-Pacific, Latin America and Russia continued to lead the growth.

          Areva Distribution (11% of Q4 sales) generated sales of €601 million in the quarter, leading to a total of €1,230 million for the June to December period. Details were included in the section “Consolidation Impact” and in section IV.

          Industry (17% of Q4 sales) posted another quarter of strong growth, with sales up 20.6% like-for¬like, even against tougher year-on-year comparison. All business lines benefited from globally strong industrial output. Impact of component shortage that disturbed previous quarters was reduced. The trend of the solution business stayed very strong, reflecting market share gains with OEMs, increasing capital investment of key markets such as mining and water, and successful launches of new offers designed for new economies. The growth was balanced across all regions.

          IT (13% of Q4 sales) sales were up 9.6% year-on-year in this quarter. Growth of the solutions business topped the progression of small systems, confirming the acceleration in demand for complete datacenters solutions on a global basis. Component shortage was still an issue in some places. By region, North America continued to lead while Western Europe improved sequentially. New economies benefited from a strong Russia and good momentum in most part of Asia.

          Financial Information (p. 3)

          Buildings
          (7% of Q4 sales) sales grew 9.1% year-on-year, significantly stronger than previous quarters. The improvement was driven by the recovery of video security products, in particular in new economies, and a further acceleration of the solutions business, thanks in part to energy efficiency contracts won in North America and the Nordic countries, and to robust service activity.

          CST (2% of Group) sales, up 9.6% like-for-like, continued to benefit from the recovery of the truck and automotive markets and globally strong industrial demand. Recovery of the aerospace segment was confirmed. Western Europe was strong and North America slowed somewhat as the region was the first to recover in 2009. CST will be consolidated within the Industry business from 2011 onwards.

          Organic growth by geography1 in the fourth quarter

          € million 

          Sales Full Year 2010 

          % change Full Year (organic) 

          Sales Q4 2010 

          % change Q4 (organic) 

          Western Europe

          6,568

          +6%

          1,893

          +12%

          Asia-Pacific

          4,792

          +22%

          1,369

          +21%

          North America

          4,704

          +5%

          1,223

          +7%

          Rest of the World2

          3,516

          +7%

          1,078

          +9%

          Total 

          19,580 

          +9.3% 

          5,563 

          +12.1% 

          Western Europe (34% of Q4 sales) recorded solid growth, up 12% year-on-year. France further accelerated in the quarter. Germany and Italy stayed strong, benefiting from the sustained OEMs demand and also from solar farm project wins in Italy. Spain and the Nordic countries were back to single digit growth, on still easy comparison.

          Asia Pacific (25% of Q4 sales), now the second largest region of the Group, was up 21% again in this quarter, despite tougher year-on-year comparison. Momentum was robust across the whole region with China, India and the Pacific leading the progression.

          North America (22% of Q4 sales), up 7% year-on-year, was in steady recovery, aided by the strong IT and Industry businesses as well as a stabilising construction-related activity. The solid performance of Mexico and Canada also contributed to the growth of the quarter.

          1 Starting from 2010, the geographical reporting is based on sales by destination as opposed to sales by country of invoicing. This explains why some reporting differences can exist compared to 2009 financial reports.
          2 Note that compared to 2009 reporting, the Rest of the World region includes Eastern Europe, in addition to Middle East, Africa and South America, consistently with Schneider Electric’s new organization.

          Financial Information (p. 4)

          Rest of the World
          (19% of sales) grew 9% year-on-year. The trends continued to be very positive in Eastern Europe and Latin America, offsetting weaker Africa and the Gulf region in the Middle East.

          Sales of new economies were up 15% like-for-like in the fourth quarter and represented 37% of reported full year sales in 2010, including Areva Distribution.

          Including Areva Distribution on a full year basis, total Group sales exceeded the €20 billion for the first time (€20,228 million). The Group saw a progressive shift in weight of the four regions in the past few years. Its footprint is today global and well balanced across regions.

          Consolidation impact -Integration of Areva Distribution

          Acquisitions contributed +15.9% or €648 million in the quarter, of which €601 million was related to the integration of the Areva Distribution business. The rest of the contribution impact includes mainly SCADAgroup and Cimac in Industry and smaller units in Buildings.

          Foreign exchange impacts
          Foreign exchange fluctuations added €297 million, primarily the result of the appreciation of most
          currencies against the Euro, notably US dollar, the Chinese yuan, the Australian dollar, and the
          Japanese Yen.

          II. FULL YEAR 2010 RESULTS

          € million 

          Full Year 2009 reported 

          Full Year 2010 excl. Areva Distribution 

          Full Year 2010 reported 

          % Change vs. reported 

          EBITA before restructuring cost and 

           

           

           

           

          Areva Distribution integration costs 

          2,018 

          2,967 

          3,052 

          +51% 

          % of sales 

          12.8% 

          16.2% 

          15.6% 

           

          Improvement vs. 2009 

           

          +3.4pts 

          +2.8pts 

           

          Areva Distribution integration costs

           

           

          (25)

           

          Restructuring costs

          (313)

           

          (96)

           

          One-off pension gain

          92

           

           

           

          EBITA 

          1,797 

           

          2,931 

          +63% 

          Attributable net profit 

          824 

           

          1,720 

          +109% 

          Earnings per share (€) 

          3.32 

           

          6.59 

          +99% 

          Free cash flow 

          1,971 

           

           

          1,734 

          -12% 


          Financial Information (p. 5)

          RECORD HIGH EBITA, MARGIN REACHED 16.2% BEFORE RESTRUCTURING COSTS AND CONSOLIDATION IMPACT OF AREVA DISTRIBUTION

          EBITA before restructuring costs
          and consolidation impact of Areva Distribution reached €2,967 million, or 16.2% of sales, up 3.4 points. The strong improvement in profitability was the result of solid sales rebound and continuous drive for cost efficiency in line with the strategic roadmap set under the One program.

          Reported EBITA before restructuring costs and non-recurring integration costs of Areva Distribution reached a record high of €3,052 million, or 15.6% of sales.

          The key drivers contributing to the improvement were the following:

          -The strong rebound in volume added €630 million to profitability.

          -Productivity and structural adaptation drove cost down by €580 million. Volume effects, discipline on fixed manufacturing costs, as well as high purchasing efficiency lifted industrial productivity to an impressive level of €505 million savings. Support function costs were reduced by €75 million (before inflation). Continuous cost-cutting in mature markets offset investment in new economies and new market opportunities. Cumulative cost savings exceeded €1.2 billion since the launch of the One program in 2009.

          -Currency impact continued to be positive, adding €192 million to the profit, made up primarily of translation impact, but also partly of transaction impact related to the appreciation of the Australian dollar, the Canadian dollar, and the Brazilian real against the Euro.

          The benefits of the above items were somewhat offset by the following key factors:

          -Mix impact was -€34 million, substantially better than same period last year.

          -Pricing impact was slightly negative at -€41 million, in line with expectations.

          -Raw material headwind, which was significantly higher in the second half of the year, reduced full year profit by €184 million. Production labor inflation was €52 million,a consequence of the strong rebound in activity. Support function cost inflation amounted to €136 million, with the majority of the increase in new economies.

          Lastly, acquisitions net of divestments added €100 million to the profit. Of this total, Areva Distribution contributed €85 million.

          A non-recurring charge of €25 million related to the Areva Distribution acquisition was included in the EBITA before restructuring costs of €3,027 million, but was restated in the operating figures mentioned here for better comparability.
          Reported EBITA reached €2,931 million, or 15.0% of sales. Including the performance of Areva Distribution on a full year basis, EBITA was €2,940 million, or 14.5% of sales.

          Financial Information (p. 6)

          By business, the margin of Power improved by 2.7 point over last year, at 20.1% of sales. Profitability of Industry jumped 8.9 points and reached 18.8% of sales. IT continued its margin progression, up 0.9 points, at 16.9% of sales. CST posted the best margin improvement, up 10.8 points, at 16.4% of sales thanks to volume rebound and continuous restructuring effort. Profitability of Building was flat compared to last year, at 10.3% of sales.

          Certain functions reported at the businesses level in 2009 are now part of the Group global shared services and were consequently booked as corporate costs, in line with the new organization put in place under the One company program. Therefore, the total corporate costs in 2010 amounted to €438 million or 2.2% of sales (excluding the non-recurring charge on Areva Distribution), similar to 2009 level.

          NET PROFIT WAS ABOVE 2008 LEVEL, EARNINGS PER SHARE AT 6.59 EUROS

          The net profit reached €1,720 million, up 109% year-on-year. It includes the amortization and depreciation of intangibles for €228 million, out of which €43 million were related to Areva Distribution and €56 million to the amortization of certain brands following the brand migration policy.

          Financial expenses amounted to €347 million, including the interest component of defined benefit plan costs (for €49 million), a positive currency impact of €25million and a one-off charge of €36 million related to the partial buy-back of the bond maturing in July 2013.

          Income tax amounted to €566 million corresponding to an effective tax rate of 24.0%.

          STRONG OPERATING CASH FLOW, UP 44%, FREE CASH FLOW AT €1.7 BILLION DESPITE PRESSURE ON WORKING CAPITAL RESULTING FROM HIGHER SALES

          Operating cash
          flow was strong and reached €2,468 million, up 44% year-on-year.

          Sales rebound led to an increase in working capital consumption of €206 million, but free cash flow stayed strong and reached €1,734 million, or 8.9% of sales. Cash conversion was at 101%.

          Net investment was €528 million, down €48 million compared to prior year.

          SOLID BALANCE SHEET POST AREVA DISTRIBUTION ACQUISITION, NET DEBT TO EBITDA RATIO REDUCED TO 0.8x

          Schneider Electric’s net debt amounted to €2,736 million (€2,812 million in December 2009) after the payment of the Areva Distribution acquisition. EBITDA was at record high of €3,481 million. The net debt-to-equity ratio was low at 18% as of December 31, 2010. The Group’s net debt to EBITDA ratio was solid at 0.8x.

          Financial Information (p. 7)

          III. PROPOSED DIVIDEND OF 3.20 EUROS

          At the Annual Meeting on April 21, 2011, shareholders will be asked to approve a dividend of €3.20 per share, to be detached and paid on May 4, 2011. The proposed dividend will be paid fully in cash this year.

          The dividend represents a payout of 50% of the 2010 net profit, in line with the policy started with the new² company program in 2005.

          IV. A STRONG START OF AREVA DISTRIBUTION, EXCEEDING EXPECTATIONS

          Areva Distribution
          was consolidated in the second half 2010 for the period from June to December. It generated sales of €1,230 million and EBITA of €85 million, or 6.9% of sales, exceeding the €1.1 billion sales and 5% margin targets set at the beginning of its integration. The transaction was EPS accretive in 2010.

          The integration and separation costs amounted to €25 million for the full year. Additional integration and separation costs of about €25 million are expected for 2011.

          On a full year basis, Areva Distribution generated sales of €1,878 million, overall stable compared to 2009, reflecting lower spending of electrical utilities, notably in the mature countries. EBITA reached €94 million, or 5.0% of sales, corresponding to a typical trough margin for this unit.

          The 2010 sales figure includes approximately €75 million of non-core zero-profit business that will be discontinued.

          Pursuant to the acquisition, a mandatory offer was launched by Alstom and Schneider to acquire an additional 20% share of the listed subsidiary of Areva T&D in India. The offer was completed on December 3, 2010. Post the tender offer, Schneider Electric and Alstom hold 73.4% of the share capital of Areva T&D India Ltd.

          Areva Distribution has now been merged with the Group’s medium voltage activity and will be reported under the “Energy” business from 2011 onwards. The combination is expected to generate synergies of €120 million at the EBITA level by 2014.

          V. UPDATE ON AVAILABLE CREDIT LINES
          The Group finalized on February 16 the implementation of a new credit line of €1.1 billion with 5¬year maturity from a pool of banks. This line replaces part of the lines that were maturing in 2012. Schneider Electric now has credit lines of €2.6 billion, all undrawn, including €2 billion with maturity beyond 3 years.

          Financial Information (p. 8)

          VI. COMPANY GOVERNANCE

          The supervisory board has decided to propose the nomination of Mrs. Betsy Atkins and Mr. Jeong H. Kim as members of the supervisory board at the forthcoming Annual General Meeting.

          Mrs. Atkins, who is 56 years old and of American nationality, is a Company Administrator. Mr. Kim, 49 years old and who is Americano-Korean, is President of Bell Laboratories (Alcatel-Lucent).

          At the Annual General Meeting, the following proposals will also be made:
          - Appointment, as a member of the supervisory board, of Mrs. Dominique Sénéquier, who was appointed
          censor by the board last June.
          - Ratification of Mr. Anand Mahindra’s cooptation.

          These four new members are independent in the sense of the AFEP/MEDEF report.

          Furthermore, on request from the supervisory board, it will also be proposed at the Annual General Meeting that the statutory age limit of 74 be suppressed for board members and that, as from the age of 70, they will henceforth be appointed for renewable periods of office of 2 years only.

          VII. 2011 OUTLOOK

          Schneider Electric expects the overall conditions of its end-markets to improve in 2011. Momentum of shorter cycle Industry and IT businesses is expected to stay solid, but will face more demanding year-on-year comparison. Power should continue to see progressive improvement. On the longer¬cycle businesses, Energy is expected to grow in 2011 aided by gradually improving utility end-market while energy efficiency and better trends in mature markets should be a support to the Buildings business.

          The Group will continue to drive strong industrial productivity which is expected to deliver about €400 million of savings. It will also invest for growth in areas related to energy efficiency, the smart grid and in new economies, but at the same time keep support function costs increase at a rate below the organic sales growth. The Group expects raw material input cost headwind of about €250 million, to be partly offset by price increases of ~1% in 2011.

          Consequently, Schneider Electric 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 pro¬forma basis.

          Financial Information (p. 9)

          The financial statements of the year ending December 31, 2010 were established by Management Board on February 14, 2011, reviewed by the Supervisory Board of Schneider Electric and certified by the Group auditors on February 16, 2011.

          The full year 2010 consolidated financial statements and the result presentation are available at

          www.schneider-electric.com

          First-quarter 2011 sales will be released on April 20, 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.”

          www.schneider-electric.com

          Financial Information (p. 10)

          Appendix – Sales breakdown by business Fourth-quarter 2010 sales by business were as follows:

          € million 

          Sales Q4 2010 

          % change Q4 (organic) 

          Changes in scope of consolidation 

          Currency effect 

          % change Q4 (current) 

          Power

          2,795

          +10.8%

          +0.1%

          +7.8%

          +18.7%

          Areva Distribution

          601

           

           

           

           

          Industry

          931

          +20.6%

          +5.2%

          +8.2%

          +34.0%

          IT

          734

          +9.6%

          -0.0%

          +9.0%

          +18.6%

          Buildings

          385

          +9.1%

          +2.4%

          +8.7%

          +20.2%

          CST

          117

          +9.6%

          +0.0%

          +6.6%

          +16.2%

          Total 

          5,563 

          +12.1% 

          +15.9% 

          +8.1% 

          +36.1% 

          Full year 2010 sales by business were as follows:

          € million 

          Sales Full-year 2010 

          % change Full-year (organic) 

          Changes in scope of consolidation 

          Currency effect 

          % change Full-year (current) 

          Power

          10,318

          +5.7%

          +0.1%

          +5.9%

          +11.7%

           

          1,230

           

           

           

           

          Industry

          3,551

          +23.6%

          +3.3%

          +6.4%

          +33.3%

          IT

          2,646

          +9.6%

          +0.7%

          +6.3%

          +16.6%

          Buildings

          1,402

          +3.3%

          +1.5%

          +5.8%

          +10.6%

          CST

          433

          +16.9%

          +0.0%

          +4.3%

          +21.2%

          Total 

          19,580 

          +9.3% 

          +8.7% 

          +6.0% 

          +24.0% 

          Financial Information (p. 11)

          Appendix – Breakdown by geography
          Fourth-quarter 2010 sales by geographical region were as follows:

          € million 

          Sales Q4 2010 

          % change Q4 (organic) 

          % change Q4 (current) 

          Western Europe

          1,893

          +12%

          +33%

          Asia-Pacific

          1,369

          +21%

          +55%

          North America

          1,223

          +7%

          +21%

          Rest of the World

          1,078

          +9%

          +39%

          Total 

          5,563 

          +12.1% 

          +36.1% 

          Full-year 2010 sales by geographical region were as follows:

          € million 

          Sales Full-year 2010 

          % change Full year (organic) 

          % change Full year (current) 

          Western Europe

          6,568

          +6%

          +18%

          Asia-Pacific

          4,792

          +22%

          +45%

          North America

          4,704

          +5%

          +12%

          Rest of the World

          3,516

          +7%

          +28%

          Total 

          19,580 

          +9.3% 

          +24.0% 

          Starting from 2010, the geographical reporting is based on sales by destination as opposed to sales by country

          Financial Information (p. 12)

          Appendix -Results breakdown by division

          € million  

          Sales  

          EBITA1 before restructuring and one-off items2  

          Margin in % of sales  

          EBITA1  

          Margin in % of sales  

          FY 2010

           

           

           

           

           

          Power

          10,318

          2,074

          20.1%

          2,032

          19.7%

          Areva Distribution

          1,230

          85

          6.9%

          85

          6.9%

          Industry

          3,551

          668

          18.8%

          634

          17.9%

          IT

          2,646

          448

          16.9%

          443

          16.7%

          Buildings

          1,402

          144

          10.3%

          135

          9.6%

          CST

          433

          71

          16.4%

          64

          14.8%

          Holding

          -

          (438)

          -

          (437)

          -

          Total  

          19,580  

          3,052  

          15.6%  

          2,956  

          15.1%  

          FY 2009

           

           

           

           

           

          Power

          9,233

          1,602

          17.4%

          1,535

          16.6%

          Industry

          2,665

          264

          9.9%

          198

          7.4%

          IT

          2,270

          363

          16.0%

          334

          14.7%

          Buildings

          1,268

          132

          10.4%

          121

          9.5%

          CST

          357

          20

          5.6%

          (4)

          (1.1%)

          Holding

          -

          (363)

          -

          (387)

          -

          Total  

          15,793  

          2,018  

          12.8%  

          1,797  

          11.4%  

          1 EBITA: EBIT before amortization and impairment of purchase accounting intangibles and impairment of goodwill.
          2 Excluding Areva Distribution integration charges of €25 million in 2010 booked in Holding Excluding a one-off profit from pension curtailment of €92 million in 2009 (€81 million in Power, €11 million in Industry)