Schneider Electric to review assets worth up to EUR 2bn; partnerships, disposals among options
15 FEB 2019
Listed France-based automation and energy management specialist Schneider Electric [EPA:SU] announced its fourth quarter revenues and full year results for the period ending on December 31, 2018, and an increase in the level of assets under review from EUR 0.5bn to c. EUR 2.0bn in revenue terms.
The company said it will review these assets, identified as less strategic and in some cases lower performing, and take required actions, which may include partnerships and disposals, over a period of next 3 years.
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Edited Press Release:
The Group has identified several assets generating revenues of c. EUR 1.5-EUR 2.0bn as less strategic and in some cases lower performing, to be reviewed with potential actions ranging, among others, from partnerships to disposals over the coming 3 years. This includes the c. EUR 0.5bn of revenues identified previously in Medium Voltage and announced in H1 2018.
This process may result in net capital losses or asset impairment of up to several hundred million euros. Given their non-cash nature, such potential net capital losses or asset impairments would be excluded from the net income used as a base of calculation for the progressive dividend.