full year 2014 results - schneider electric strategy and business update 19 finance presentation 30...

Full year 2014 Results

1

Full year 2014 Results

February 19, 2015

DisclaimerAll forward-looking statements are Schneider Electric management’s present expectations of future events and are subject to a

number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking

statements. For a detailed description of these factors and uncertainties, please refer to the section “Risk Factors” in our Annual

Registration Document (which is available on www.schneider-electric.com). Schneider Electric undertakes no obligation to publicly

update or revise any of these forward-looking statements.

This presentation includes information pertaining to our markets and our competitive positions therein. Such information is based

on market data and our actual revenues in those markets for the relevant periods. We obtained this market information from various

2Schneider Electric – Investor Relations –Full year 2014 results – 19 February 2015

on market data and our actual revenues in those markets for the relevant periods. We obtained this market information from various

third party sources (industry publications, surveys and forecasts) and our own internal estimates. We have not independently

verified these third party sources and cannot guarantee their accuracy or completeness and our internal surveys and estimates

have not been verified by independent experts or other independent sources.

Strategy and business update4

Finance presentation19

30 Connect Update


32 Full year 2015 Targets

34 Appendices

30 Connect Update

Strategy and business update


Strategy and business update

Solid execution delivered full year targets Invensys integration well on track � Strong H2 performance lifted full year revenues gro wth• Early cycle businesses together with IT drove growth, Infrastructure improved• Improvement in mature countries balance new economies. • Services kept their pace

� Gross margin up, adj EBITA margin improved at consta nt FX1

• Continued strong industrial productivity• Positive net price (price less raw materials impact)

+6.6% in 2014,

+1.4% organically, +3.2% excl. Infrastructure

Gross margin +20 bps, +60 bps excl. FX.

Adj. EBITA margin 13.9%, +40 bps 1 excl. FX


� Invensys integration well on track• Organic growth in revenues, strong margin expansion and cash generation• Highly EPS3 accretive to the Group

Revenues +2% org, adj. EBITA margin +5.5 ptsDouble Digit EPS accretion to the Group

� Net income growth despite unfavorable FX� Solid free cash flow

Net income +3%, c.+11% at constant FX2

Free cash flow of €1.7bn

1 Comparing to Group proforma 2013 of 13.9% , see page 232 Excluding post-tax FX impact on adjusted EBITA and FX gains and losses in financials3 Based on reported EPS

Strong H2 performance drove full year revenues up 1.4% organically, 3.2% excluding Infrastructure

4.33.5

Full year 2014 organic growth, %Group organic growth, %

2.5 2.5

+3.2% organic growth excluding Infrastructure

Group+1.4% org.

Focus on growth initiatives and project execution in a turbulent market


IT Infrastructure

-4.4

Industry

1.1

Buildings & Partner

3.5

1.6

Q2 2014 Q3 2014

-1.1

Q1 2014 Q4 2014

Buildings & Partner kept its growth pace in H2

3.43.5

Organic growth, %

Buildings and Partner

Buildings & Partner H2 performance:

� Dynamic construction and data center markets in the US

� Slowdown in China while Australia and India improved

� Western Europe stabilized

� Rest of the World grew with mixed trends


H2 2014H1 2014Medium range Miniature Circuit Breaker for new

economiesSmart connected

panelboard

Industry continued to grow in H2 though at a slightly lower pace, due to high comparison base

5.1

Organic growth, %

Industry

Industry H2 performance:

� Solid OEM demand in US

� Soft China market offset by growth in Japan and Australia

� Sustained export-oriented OEMs demand in Western Europe


3.5

H2 2014H1 2014

M580: World’s first ePAC1 with built-in

ethernet

Machine Solution –Next Controller

Generation

1 PAC: Programmable Automation Controller

Solid execution in H2 lifted up full year IT growth

3.9

Organic growth, %

IT

IT H2 performance:

� Good growth in the US driven by both products and solutions

� Continued active IT market in Western Europe

� Active IT investments in Australia and South East Asia


-2.0

H2 2014H1 2014 Power Bankfor portable reliability

Prefabricated data centerfor quick deployment

Infrastructure showed signs of improvement towards the end of the year

0.3

Organic growth, %

Infrastructure

Infrastructure H2 performance:

� Utility market remains weak in Western Europe

� Active datacenter and services in the US

� Growth in Australia and India thanks to project execution

� Mixed trends in Rest of the World


-5.8

-8.9

-3.7

Q4 2014Q3 2014Q2 2014Q1 2014 Premset medium voltage switchgear

modular and compact

E-house modular power substationIntegrated solution with complete

Group offers

Mature countries accelerated their growth in H2, balancing the lower growth from new economies

Mature countries’ organic growth, % New Economies organic growth, %

• Slow down in China3

• Mid single digit growth in the US

• Improvement in Western Europe

3


• Slow down in China3

-1

H2 2014H1 2014

2

H2 2014H1 2014

Services continued to be the growth engine thanks to focused investments

2014 investments

� Continued efforts to improve installed base tracking

� Recruitment of around 500 field service experts

� Launch of an Enterprise IoT platform (Schneider

8.0

0.7

2014 organic growth, %


Electric Cloud), a key enabler of digital services

Software as a service

> Weather intelligence for NSTAR, a

U.S. electricity and natural gas utility> Enabling better anticipation of

potential outages & faster power

restoration

Field service

> Modernization & energy

monitoring system for 5-building campus in South Africa

> Uptime improvement & up to

30% energy savings

ServicesRest of Group

Invensys strategic fit confirmed and integration well on track

� Invensys fully integrated in the Industry business

� Value proposition updated for targeted segments

� Reinforce industrial automation capabilities

� Boost Group’s positions in

INTEGRATION HIGHLIGHTSTRATEGIC FIT


� Value proposition updated for targeted segments

to include Invensys offers

� Invensys software embedded in the Group’s offer

(StruxureWare suites & digital service platform)

� Boost Group’s positions in

key electro-intensive segments

� Strengthen software for customer

operational efficiency

The Group is well positioned to generate revenue synergies with Invensys

> Design, start-up & commissioning of Jamnagar Refinery in India for Reliance, a former Invensys customer

> Complete solution for large ammonia compressor machine for a German OEM

Schneider Electric

Foxboro DCS

Triconex safety systemLV/MV power

UPS security system

Invensys Schneider Electric

Eliwell controller

HMIVariable speed drives

Contactors

Invensys

Opportunity examples


> Renovation of one of the top 10 wastewater treatment plant in the world

> Construction of a coal-to-liquids plant for one of China’s top 100 coal enterprise, with 5.4m tons annual output

Triconex safety systemUPS security system

Schneider Electric

Foxboro EVOLV/MV power

Variable speed drives

Invensys

HMIContactorsHMI

Schneider Electric

Foxboro DCS

SISMV power

Invensys

New products and software launches positioned the Group for future growth

Enhanced products thanks to software & connectivity Software for targeted segments is a success

> Recognized highest ranking DCIM solution in Gartner Magic Quadrant (Oct 2014)

> World’s first ePAC1 with built-in ethernet

> Enabling remote real-time monitoring of industrial installations & increased efficiency of maintenance teams

M580 2014 Highlights

Smart Panel

15Schneider Electric – Investor Relations –Full year 2014 results – 19 February 20151 PAC: Programmable Automation Controller

> Micro data center for office buildings

> Quick installation & self-configuration thanks to smart sensors connected to the SE Cloud platform

FlexPod

> Successful implementation in the largest critical care complex in Scotland (Brookfield Multiplex Europe)

> Deployed at Iron Ore Company of Canada (Rio Tinto), producing 22 million tons of iron ore concentrate per year

> Low voltage electrical distribution panel

> Cloud connectivity enabling remote monitoring and control of the meters and breakers built into the panel

We continued to improve our supply chain efficiency

Industrial Productivity (€bn)

€1bn AccumulatedSince 2012

Inventory to Revenues Ratio1 (%)


0.360.36

0.29

201420132012 2014

~2 pts

2011

1 Excluding Invensys

At the end of Connect, our Planet & Society barometer reached 9.52/10

8

6

4

10

3.87

8

3.94

4.94

9.52/10

6.42 6.25 6.09 6.38

Q4 2014 target

5.50

Performance of our Planet & Society barometer 7.51

8.048.85

9.20


2

0

2014

4

2013Q1 Q3 Q4

2012Q1Q2 Q2 Q3 Q1 Q2 Q3 Q4Q4

A performing Planet & Society barometer● With a final score of 9.52/10, the Planet & Society barometer has exceeded by far its 3-year target of 8/10, for the period 2012-2014.● Among the 14 indicators of the Planet & Society barometer, 10 indicators have reached 10/10 and 3 other have reached 8/10.

3.85

See detailed results page 38

Target

Actual

Our performance and commitment have been recognized

Profit

Planet

Q3 2014 Q4 2014

Selected indicators

● 10% CO2 savings on transportation

● 10% energy consumption savings

16%

12.8% 13%

15.4%

Highlights of the yearIndicators and objectives 2014

Member of “The A list”CDP Climate Performance and Disclosure indices 99/100 in disclosure and “A” in performance

“Industry Leader”of the Dow Jones Sustainability World & Europe for the second year


Profit

Selected indicators

● 90% of our recommended suppliersembrace ISO 26000 guidelines

● 300 sites recognized “Cool sites ” 290 355

42.9% 63%

People

Selected indicators

● 30% reduction in the Medical Incident Rate (MIR)

● 63% result in our Employee EngagementIndex

61%

61% 61%

62%Top 10 - Newsweek Green Rankingand 2nd industrial company

Top 10 - Global 100 most sustainable corporations in the worldfor the second year (Jan 2015)

EthisphereWorld's most ethical companiesfor the fourth year

Finance presentation


Finance presentation

2014 revenues up 1.4% with all regions excluding Western Europe showing growth

Analysis of change in Group revenues (in €m)

24,939+6.6%

Fx-2.4%

Scope+7.6%

Organic+1.4%


1 2013 figures were restated for Delixi full consolidation, CST reclassification in discontinued operations and other minor changes

2014

Rest of World+3%

North America+2%

Asia-Pacific+3%

Western Europe-2%

2013 restated1

23,392

Gross margin improved on positive net price and strong productivity

Analysis of change of gross margin (%)

+0.4-0.5 37.7+20bps

-0.4

-0.9+1.4

+0.20.037.5

� Industrial productivity is the key gross margin improvement driver

� Net price contributed 0.2pt


Inflation & Others

Mix 2014CurrencyScopeProductivityNet PriceVolume

0.0

2013 Restated 1

37.5 � Net price contributed 0.2pt

� Negative mix driven by the strong growth of mid-market offers, negative geographical mix notably due to decline in Western Europe and impact of solutions growth in H2

� Invensys contributed positively to Group gross margin, offsetting the negative FX impact


Adjusted EBITA grew high single digit at constant FX despite SFC investments

In €m 2013 Restated1 2014 Change Organic

changeChange at

constant FX


Gross Profit 8,763 9,407 +7.4% +1.7% +10%

Support function costs

(5,407) (5,944) +9.9% +2.4%

Adjusted EBITA 3,356 3,463 +3.2% +0.6% +8%


40 bps Adjusted EBITA margin improvement at constant FX and current scope

+0.4 -0.4

13.913.9

-0.414.3-0.214.5

Analysis of change of adjusted EBITA (%)


2013 Proforma1 Margin improvement

at constant FX

FXInvensys impact

2013 restatedCST & Delixi impact

20142013 reported

1 The Proforma includes the calendarized 2013 results of Invensys, the restatement due to the reclassification of CST in discontinued operations, the full consolidation of Delixi (previously consolidated proportionally at 50%) and some additional scope adjustment

Margin in Industry up excluding Invensys while Infrastructure impacted by low volume and mix

� -0.8 pt , down mainly due to negative FX. Slight impact from unfavorable mix due to mid-market offers and

Buildings & Partner 17.8

18.6

20142013

14%

IT

2014 Revenue by business Adjusted EBITA margin (%) by business1


1 Before corporate costs of €557m in 2014 (€526m in 2013)

mid-market offers and investments in new initiatives

� -1.2 pt , decreased due to low volume and negative mix

� -0.1 pt , resilient 18.8

IT18.9

Infrastructure8.6

9.8

Industry19.9

19.2

Partner 17.8

Infra-structure 21%

Industry

Buildings &Partner

22%

43%€24,939m � +0.7 pt, excluding Invensys,

driven by positive pricing and operational leverage

18.4

Net income is up c. 11% at constant FX and 6% adjusted for Invensys acquisition & integration cos ts

In €m 2013Restated 2014 y-o-y

ChangeChange at

constant FX

Adjusted EBITA 3,356 3,463 +3%Other income and expenses 71 (106)Restructuring (173) (202)

EBITA 3,254 3,155 -3%

Amortization & impairment of purchase accounting intangibles (215) (259)

Decreased cost of debt despite increase

Mainly due to Invensys integration costs


purchase accounting intangibles

Net financial expense (484) (467)Income tax (651) (551)Discontinued operations 61 169Equity investments 20 14Minority interests (97) (120)

Net income (group share) 1,888 1,941 +3% c.+11%

Post-tax Invensys acquisition & integration costs adjustment1 10 62

Net income before Invensys acquisition & integration costs 1,898 2,003 +6%

Effective tax rate 22.7%, benefiting from Invensys

1 costs related to the one-off acquisition and integration costs from Invensys. Calculated post-Tax using each year ETR

debt despite increase in gross debt

Includes mainly the gain on disposal of CST and Invensys Appliance

Free Cash Flow generation at €1.7bn, cash conversion remains high at 96% 2

Stable excluding US office investments in 2014 and one-off building disposal gain in 2013

Analysis of debt change in €m 2013 Restated 2014

Net debt at opening (4,398) (3,326)

Operating cash flow 2,628 2,640

Capital expenditure – net (706) (829)Change in trade working capital 278 (162)Change in non-trade working capital (40) 55

Working capital: the good performance in inventory was


Change in non-trade working capital (40) 55

Free cash flow 2,160 1,704

Free cash flow excluding Invensys integration costs 2,160 1,774

Dividends (1,056) (1,205)Acquisitions – net1 (233) (1,743)Capital increase & Share buybacks 235 (134)Effect of exchange rates and others (34) (318)(Increase) / Decrease in net debt 1,072 (1,696)Net debt at December 31st (3,326) (5,022)

FX-impact increased net debt by €199m

performance in inventory was offset by the decrease of account payables on high comparison base in 2013

1 Includes cash flow from effect of discontinued operations sold in 2014 2 see page 28

Invensys performed strongly in 2014 and contributed double -digit accretion to Group EPS in 2014

1,742

2014 1,683

2013 � Solid revenue growth in systems and software; and regionally in North America and Asia Pacific

� Adjusted EBITA margin up 5.5pts to 14.8% in 2014, driven by gross margin improvement and cost synergies, despite SFC investments

c. €140m

Order intake (€m)

Revenues ( €m)

Invensys performance

c. flat org.excl. unusuallarge orders


159

2014

2013

254

� Strong free cash-flow generation of c. €140m

� Double digit EPS 1 accretion in 2014

� c.€75m cost savings achieved by the end of 2014. €140m total cost savings2 confirmed, targeting c.75% by end of 2015 and 100% by end of 2016

� €500m tax synergies confirmed, of which more than €300m realized by 2016, contributing to 3 to 4 pts reduction in effective tax-rate from 2014 to 2016

� Confirming integration costs of €150m by the end of 2015, out of which €81m were incurred in 2014

Revenues ( €m)

Adjusted EBITA (€m)

Targets achieved in 2014, confirming next 2 years targets

+5.5pts

+2% org.

1,713

1,701

2014

2013

1 Based on reported Earnings per Share2 Including savings from Patriot plan announced by Invensys in 2013

Solid cash conversion and improvement in ROCE despite negative FX impact

116

1069621041

Cash conversion (Free Cash Flow / Net income)

ROCE(in %)

12.1%

� Invensys contributed double-digit ROCE thanks to strong margin improvement and tax-benefit


2014

96

20132012

11.0%

2014

11.7%

2013 proforma

10.9%

2013

12.1%

1 Based on the adjusted net income of €1,996m (before impairment of goodwill)2 Based on net income excluding discontinued operations

ROCE improved 80bps adjusted for FX and by 10bps compared to the 2013 proforma

Dividend history

Proposed dividend up 3% at €1.92, reflecting growth and strong contribution of Invensys

72.0

DPS (€)

Dividend Yield (%) 1


1 Based on share price as of date of dividend payment, or Feb.16 for 2014 dividend2 Subject to shareholder approval on April 21, 2015

2.8%

1.70 1.8721.87

0

1

2

3

4

5

61.5

1.0

0.5

0.0

20142

1.921.65

2006

1.50

2005

1.13

2013

1.87

2012

1.87

2011

1.70

2010

1.60

2009

1.03

2008

1.73

2007

We achieved most of our Connect targets by the end of 2014

Solutions Adj. EBITA

+1 pt vs 2011

Service growth rate

Outgrew rest of group by average 7 points (on organic basis)

+2 ptsvs 2011

+5 ptsp.a. vs rest of Group

Program target End of 2014 achievement


COGS Productivity

Support function costs

EBITA

€1bn of cumulated productivity

Savings from optimizing R&D, maximizing commercial and back office efficiency

partially fund investments

vs 2011

Inventory efficiency ~2 points reduction of inventory to revenues ratio

€1bn to €1.1bn

Continued focus on optimizing R&D, maximizing commercial and

back office efficiency

vs 2011

~2 pts reduction 1

vs 2011

1 Excluding Invensys

Full year 2015 Targets


Full year 2015 Targets

2015 targets

The Group expects North America to continue to grow, while Western Europe could show signs of stabilization.

New economies will show a mixed picture: India should accelerate while Russia will face a difficult environment.

China is expected to have a soft start of the year and should gradually improve during the year. Invensys is

expected to continue to contribute to the Group performance. Group performance in Q1 will be impacted by a

high base of comparison notably in China and for Invensys which may result in like-for-like decline in revenues in

the quarter.


the quarter.

In this context, the Group targets for 2015:

> Low single-digit organic growth in revenues

> Adjusted EBITA margin at 14-14.5% assuming no negative FX impact on margin

> An expected significantly positive FX impact, estimated based on current rates at c. €1.5bn on revenues with

no material impact on the adjusted EBITA margin

Appendices


Appendices

Definitions

● EBITA: EBIT before amortization and impairment of purchase accounting intangibles and impairment of goodwill

● Adjusted EBITA: EBITA before restructuring and other operating income and expenses

● EBITDA: EBIT before depreciation, amortization, provisions and before share-based compensation cost

● Adjusted EBITDA: Adjusted EBITA before depreciation, amortization, provisions and before share-based


● Adjusted EBITDA: Adjusted EBITA before depreciation, amortization, provisions and before share-based compensation cost

● Cash conversion: Free cash flow / Net income (Group share)

● Free cash flow: Operating cash flow less change in working capital less net capital expenditures

● ROCE: Return On Capital Employed

Adjusted EBITA grew mainly thanks to volume, positive net pricing, productivity and scope

Analysis of change of adjusted EBITA (in €m)

255356

105-215

3,356 -59

-129

-67

3,463

27

-166


MixVolume2013 restated

SFCProduction, Labor &

Other costs

Productivity2Net Price1

27

2014Currency effectsNet acquisition impact

Other

1 Net Price includes Price -45 and Raw material +72 2 Of which Purchasing: 239, Lean Manufacturing: 63, Rebalancing: 30, Fixed manufacturing costs: 24

• Net price positive• Continued investment in

services, R&D, and geographic coverage

• FX negatively impacted adj. EBITA margin by 40bps• Negative mix driven by the

strong growth of mid-market offers, negative geographical mix notably due to decline in Western Europe and impact of solutions growth in H2

ROCEAfter-tax adjusted EBITA / Average Capital EmployedROCE calculation

2013 2014P&L items Reported Reported

EBITA (1) 3,309 3,155Restructuring costs (2) -176 -202Other operating income & expenses (3) 73 -106= Adjusted EBITA (4) = (1)-(2)-(3) 3,412 3,463x Effective tax rate of the perio (5) 25.0% 22.7%= After-tax Adjusted EBITA (A) = (4) x (1-(5)) 2,559 2,678


2013 2014 2013 2014Balance sheet items Reported reported Avg of 4

quartersAvg of 4 quarters

Shareholders' equity 17,363 20,151 (B) 16,963 19,070Net financial debt 3,331 5,022 (C) 4,532 5,847Adjustment for Associates and Financial assets (at historical value) -326 -600 (D) -408 -476- Electroshield Samara (before 100% consolidation) 0 0 67 0

- Sunten Electric Equipment (40% stake) 65 65 80 65

- Fuji Electric FA Components & Systems (36.8% stake) 84 84 84 84

- NVC Lighting (9.2% stake) 115 115 115 115

- CST Holding 75 0 38

- Other non-current financial investments 62 261 62 175

= Capital Employed 20,368 24,573 (E) = (B)+(C)+(D) 21,088 24,441

= ROCE (A) / (E) 12.1% 11.0%

The Planet & Society barometerOur 2012-2014 detailed sustainability scorecard

The Planet & Society Barometer(objectives for 2014)

Overall score (out of 10)

Start01/2012

-

63%

-

3.00

Target12/2014

8/10

Pla

net

10% CO2 savings on transportation

75% of our product revenue achieved with Green Premium

10% energy consumption savings

Carbon

Products & Solutions

Energy

10%

75%

10%

9.20

15.4%

73.2%

12.8%

Results Q3 2014

9.52

16%

79%

13%

ResultsQ4 2014


Peo

ple

Safety

Engagement

Diversity

Training

Access to energyCommunities

30% reduction in the Medical Incident Rate (MIR)

63% result in our Employee Engagement Index 1

30% women in the talent pool (~ 2,500 people)

1 day of training for each employee every year

30,000 people at the BoP trained in energy management

300 missions achieved with the “Schneider Electric Teachers ” NGO

Profit

Pro

fit

7 pts growth revenue with EcoXperts above Group growth revenue

1 million households at the Base of the Pyramid have access to energy

90% of our recommended suppliers embrace ISO 26000 guidelines

3 major ethical stock market indices choose Schneider Electric

300 sites recognized “Cool sites ”

Green growth

Access to Energy

Suppliers

Governance

Best practices

-

0

0

3

0

7 pts

1,000,000

90%

3

300

-

-

23%

-

0

0

30%

63%

30%

100%

30,000

300

The arrow shows if the indicator has risen, stayed the same or fallen compared to the previous quarter. The colour shows if the indicator is above or below the objective of 8/10. 1: New objective set in January 2014

10.47 pts

1,018,765

42.9%

3

290

62%

61%

28%

63%

50,050

338

10.48 pts

1,095,806

63%

3

355

61%

61%

28%

79%

60,232

460

Q4 revenues details


Q4 revenues details

Analysis of change in Group revenues (€m)

6,954+12.5%

Fx+2.3%Scope

+7.7%

IT+6.5%

Infrastructure+0.3%

IndustryBuildings &

Partner

Organic+2.5%

Organic growth for all businesses in Q4


Q4 2014

+6.5%+0.3%+1.8%Partner+2.7%

Q4 2013

6,181

Fx+3.5%

Scope+3.0%

2,890+9.2%

Organic+2.7%

Analysis of change in Q4 Revenues (€m)

Buildings & Partner grew driven by US while China slowed down

� North America achieved good growth, benefiting from dynamic construction and data center market in the US and some recovery in Mexico.

� Western Europe was slightly up, driven by focused execution in France and Germany.

� Asia-Pacific was flat with mixed trends. China was down


Q4 2014

+2.7%

Q4 2013

2,647� Asia-Pacific was flat with mixed trends. China was down

reflecting continued weakness in construction market, while Australia and India grew.

� Rest of the World was solid, driven by Africa, Middle East and Russia.

41% of Q4 revenues

Scope+46.6%

Fx+2.3%

1,466+50.7%

Industry grew thanks to good performance in OEMs and services

� Industry grew at a slower pace compared to previous quarter, due to the slowdown in China and high base of comparison. Rest of Asia-Pacific was up, driven by South-East Asia, Australia and Japan.

� Western Europe was slightly down due to weak French market, while demand from export-oriented OEMs continued to be active in Germany, Spain and Italy.



973

Q4 2014

Organic+1.8%

Q4 2013

in Germany, Spain and Italy.

� North America experienced lower growth compared to last quarter. While U.S. OEM market remained robust, investment in unconventional oil & gas slowed down in the region.

� Rest of the World was strong, benefiting from OEM demand and project execution.

� Services were strong across the board.21%

of Q4 revenues

1,684 Fx-0.6%

1,640-2.6%

Scope-2.3%

Organic+0.3%

Infrastructure was flat as utility market in Wester n Europe stabilized but remained weak

� Performance was mainly penalized by continued weak utility market in Western Europe.

� Asia-Pacific was flat as slowdown in China and South-East Asia was offset by growth in India.

� North America performed well driven by growth in the US in data centers and services.



Q4 2014Q4 2013

centers and services.

� Rest of the World was flat as growth in Russia and Middle East was dragged down by decline in South America.

� Services continued to perform strongly in the quarter.

24% of Q4 revenues

958+9.3%

Fx+5.0%Scope

-2.2%Organic+6.5%

IT performed well driven by demand in mature markets

� North America performed well thanks to good growth in products business and mid-sized datacenters investments. Large and extra-large data centers market remained active, benefiting IT and other businesses.

� Western Europe posted good growth, driven by continued IT investments in datacenter systems and service.

� Asia-Pacific was down as China faced a high base of



Q4 2014Q4 2013

877 � Asia-Pacific was down as China faced a high base of comparison.

� Rest of World was up driven by growth in the Middle East.

� Services continued to grow well in the quarter.

14% of Q4 revenues

Q4 revenues by geography

Analysis of change in Group revenues (€m)

6,95412.5%

Fx+2.3%Scope

+7.7%

Rest of WorldNorth America

Organic+2.5%

Western Europe

26%

Q4 revenues


Q4 2014

Rest of World+5%

North America+8%Asia-Pacific

-1%Western Europe

-1%

Q4 2013

6,181Europe

AsiaPacific

North America

Rest of the World

26%

28%

26%

20%

Contacts & agendaAnthony Song – Head of Investor Relations

Tel: [email protected]

Alexis Denaud – Senior Investor Relations Manager Tel: +33-1-41-29-51-24

[email protected]


Apr 21, 2015 Q1 2015 Revenues and Annual General Meeting

Conference call and Meeting

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