APC 2003 Annual Report Download - page 137
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135
Auditors' report on the proposal
to reduce the capital by canceling
shares
To the Shareholders,
In our capacity as Statutory Auditors of Schneider
Electric SA and as required by Article L.225-209,
paragraph 4, of the Commercial Code in the case of
a capital reduction carried out by canceling shares
bought back by the issuer, we present below our
report on our assessment of the reasons for the pro-
posed capital reduction and the terms and conditions
of the operation.
We carried out our work in accordance with the pro-
fessional standards applied in France. Those stan-
dards require that we perform procedures to obtain
assurance concerning the reasonableness of the
decision to reduce the capital and of the terms and
conditions of the proposed operation.
The proposed capital reduction will concern shares
representing up to 10% of the Company's capital
bought back pursuant to Article L.225-209, para-
graph 4, of the Commercial Code. At the Annual
Meeting, Shareholders will be asked to give an 18-
month authorization to the Company to implement
the buyback program.
The Board of Directors is seeking a 24-month autho-
rization to cancel shares representing up to 10% of
the Company's issued capital bought back under the
shareholder-approved buyback program.
We have no matters to report concerning the rea-
sons for and the terms and conditions of the pro-
posed capital reduction, the implementation of which
is conditional upon Shareholders authorizing the
buyback program.
Paris and Neuilly-sur-Seine, February 19, 2004
The Statutory Auditors
PricewaterhouseCoopers Audit Barbier Frinault et Autres / Ernst & Young
Anne Monteil Christian Chochon / Pierre Jouanne