APC 2004 Annual Report Download - page 118

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116
7
Auditors' Report on the Reconciliation
between the French GAAP and IFRS Accounts
Free translation of the original report in French
Year ended December 31, 2004
To the Shareholders of Schneider Electric SA
As requested from us in our capacity as Statutory
Auditors of Schneider Electric SA, we have audited
the accompanying reconciliation tables presenting the
impact of the transition to the International Financial
Reporting Standards (IFRS) endorsed by the
European Union on consolidated shareholders' equi-
ty and consolidated net income for the year ended
December 31, 2004 (the "IFRS reconciliation tables").
The IFRS reconciliation tables were prepared under
the Board of Directors' responsibility, as part of the
transition to the IFRSs endorsed by the European
Union for the preparation of the 2005 financial state-
ments. The reconciliation was based on the financial
statements for the year ended December 31, 2004,
prepared in accordance with French generally accept-
ed accounting principles and standards (French
GAAP) and audited by us in accordance with profes-
sional standards applied in France. Based on our
audit, we expressed an unqualified opinion on these
financial statements. It is now our responsibility to
express an opinion on the IFRS reconciliation tables,
based on our audit.
We conducted our audit in accordance with the pro-
fessional standards applied in France. Those stan-
dards require that we plan and perform the audit to
obtain reasonable assurance about whether the IFRS
reconciliation tables are free of material misstate-
ment. An audit includes examining, on a test basis,
evidence supporting the data provided in the IFRS
reconciliation tables. An audit also includes assessing
the accounting principles used and significant esti-
mates made by management, as well as evaluating
the overall presentation. We believe that our audit pro-
vides a reasonable basis for our opinion.
In our opinion, the IFRS reconciliation tables have
been prepared, in all material respects, in accordance
with the rules described in the accompanying notes.
These notes describe the manner in which IFRS 1
and the other International Financial Reporting
Standards endorsed by the European Union have
been applied and indicate which standards, interpre-
tations, rules and accounting methods management
believes will be applicable to the consolidated finan-
cial statements for the year ending December 31,
2005, based on the IFRSs endorsed by the European
Union.
Without qualifying our opinion, we draw attention to
note 1, which explains why the reconciled financial
data for 2004 to be presented in the consolidated
financial statements for the year ending December
31, 2005 may differ from the accompanying recon-
ciled data.
The accompanying IFRS reconciliation tables have
been prepared in connection with the transition to the
IFRSs endorsed by the European Union for the finan-
cial statements for the year ending December 31,
2005. They do not constitute IFRS consolidated finan-
cial statements giving a true and fair view of the
assets and liabilities, financial position and earnings
of Schneider Electric and its subsidiaries in accor-
dance with the IFRSs endorsed by the European
Union.
Paris and Neuilly-sur-Seine, February 17, 2005
The Statutory Auditors
Mazars & Guérard / Barbier Frinault et Autres /
Mazars Ernst & Young
Pierre Sardet Christian Chochon
Jean-Louis Simon Pierre Jouanne