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107
1.1 - Opening balance sheet
Assets
(in millions of euros) Notes
Jan. 1, 2004
Restate-
Jan. 1, 2004
French GAAP
ments
IFRS
Non-current assets
Goodwill, net
2.3-2
3,512.8 3,512.8
Intangible assets
2.3-1
270.7
1.3
272.0
Property, plant and equipment
2.4-3
1,439.1
(9.3)
1,429.8
Assets held for sale
2.4-3
0.0
14.8
14.8
Investments
Investments accounted for by the equity method 60.5 60.5
Available for sale financial assets
2.5
369.6 369.6
Other financial assets 585.4 585.4
Total investments 1,015.5
0.0
1,015.5
Deferred taxes
2.3-4
747.2
175.9
923.1
Other non current assets
2.3-5
315.6
(315.2)
0.4
Total non-current assets 7,300.9
(132.5)
7,168.4
Current assets
Inventories and work in progress
2.3-3
1,124.1
36.2
1,160.3
Trade accounts receivable
2.3-6
1,781.3
(31.6)
1,749.7
Other receivables and prepaid expenses
2.3-1 ; 2.4-5
627.0
(40.4)
586.6
Cash and cash equivalents
2.5
3,087.5 3,087.5
Total current assets 6,619.9
(35.8)
6,584.1
Total assets 13,920.8
(168.3)
13,752.5
6
Reconciliation between
the French GAAP and IFRS accounts
1 - Reconciliation of accounts
The following tables reconcile the 2004 financial
statements prepared in accordance with French gen-
erally accepted accounting principles and rules
(French GAAP) to the 2004 financial statements pre-
pared in accordance with International Financial
Reporting Standards (IFRS).
They show the adjustments made to the opening and
closing balance sheets and the 2004 income state-
ment. The first full set of IFRS financial statements
published by the Group in the format prescribed by
IFRS 1 – First-Time Adoption Of IFRS will concern
the 2005 fiscal year.
June 30, 2005 interim financial statements will be pre-
pared and presented under IFRS.
The IFRS figures presented below are based on the
IFRSs and IASs endorsed by the European Union in
regulations 1725 / 2003, 707 / 2004, 2086 / 2004,
2236 / 2004, 2237 / 2004 and 2238 / 2004 and in the
Accounting Regulatory Committee's opinion dated
December 20, 2004.
The options and exemptions applied here are, in most
likelihood, those that Schneider Electric will use to
establish its initial IFRS financial statements in 2005.
Any eventual changes in IFRS principles in 2005
could lead to modifications in the opening balance
sheet at January 1, 2004 and the full-year 2004 IFRS
accounts when the initial 2005 consolidated financial
statements are published.
I
FRSs / IASs are applicable from either January 1, 2004
or January 1, 2005. In particular, IAS 32 and IAS 39
have not been applied in the 2004 IFRS accounts
because the European regulations referred to above
stipulate that they are applicable on a prospective
basis from January 1, 2005.
Consolidated financial statements